Overview of AAFA educational and scientific activities

Educational activity is performed in the form of lectures and seminars in AAFA. Lecture-seminars are divided in two groups: preparatory courses for students and professional trainings for insurance industry representatives and other persons.

Student preparatory courses cover the following: probability theory, demography, statistics, risk theory and basics of insurance.

As for the professional trainings, they are held according to the special educational programs created according to the International Actuarial Association experience and Georgian insurance market situation. So, the following special educational courses were set up:

  • Actuarial accounting basic course in life and pension insurance;
  • Actuarial accounting basic course in non-life insurance;
  • Actuarial accounting advanced course in life and pension insurance;
  • Actuarial accounting advanced course in non-life insurance;

Apart from this, AAFA science and research committee periodically gives scientific seminars, where actuarial literature and new works of the field are discussed.

Since the founding, as a result of the active collaboration with Tbilisi State and Georgian Technical Universities scientific works on actuarial modelling and financial analysis have been written and articles published. Besides, with the help of the fund “Eurasia” several books were published (you can find them and other literature in the site library).

The first actuarial training in Georgia “Basic course in life and pension insurance” was held in 2005. It was attended not only by the members of the association, but insurance companies, Insurance State Supervision Service of Georgia and Insurance Association representatives.

Basic Course of Non-Life Insurance Actuarial Accounting was held in 2006-2007. The course lasted for 3 months and it covered the following main topics:

  • Risk theory and mathematical statistics;

  • Insurance products in non-life insurance;
  • Actuarial forecasting of a company loss dynamics (risk individual and collective models);
  • Premium definition principles;
  • Reinsurance and its different forms;
  • Reservation;
  • Risk process and bankruptcy probability;
  • Use of Excel in actuarial calculations.

After the course successful graduation, attendants were given appropriate certificates.

After doing the course, those who wanted to get general insurance actuary title passed a qualification exam.