Three organisations have signed a five-year agreement aimed at enhancing the actuarial skills of supervisory authorities worldwide.

The International Association of Insurance Supervisors (IAIS), Its associated organisation the Access to Insurance Initiative and the International Actuarial Association signed the deal at the IAIS Annual Conference in Kuala Lumpur.

The partnership will develop and deliver supervisory capacity-building training programs on actuarial services.

All three organisations say they recognise the need to develop actuarial skills in supervisors, particularly those from emerging markets and developing economies.

“Actuarial skills are essential to the prudential supervision of insurers in such matters as determining and managing policy liabilities, setting appropriate premiums and managing capital requirements,” a statement from the groups says.

“This skillset provides support for enterprise-wide risk management in financial services and more widely for long-term policyholder protection.”