More, in this interesting report of the Edelman Trust Barometer 2008.
What about the trust in Lawyers or accountants?
These are the Coredata results:
Pity an actuary isn't reviewed. So, what about the credibility of an actuary?
In short: It's at steak!
These are the recommendations the "Task Force On Actuarial Credibility"
as advised in a October 2007 presentation, based on the original CAS report 2005.
Task Force Recommendations
- Enhance transparency of the actuary’s conclusions by identifying differences between the “best estimates” of management and the actuary.
- Enhance the public’s understanding of actuarial estimates and to refine actuarial methodologies.
- To improve the transparency of actuarial estimates by providing the changes from one reporting period to the next within the actuarial report.
- To enhance the quality of corporate governance for property/casualty insurers by educating audit committees and/or boards of directors on the roles and responsibility of the appointed actuary.
- To enhance self-governance of the actuarial profession with respect to reserve opinions by requiring the appointed actuary to provide an explanatory document with the ABCD whenever the change in the actuary’s reserve estimate over a defined period of time exceeds certain predetermined thresholds.
- Incorporate the actuarial statement with the Jurat page of each property/casualty insurance company’s Annual Statement.