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And so the story begins
In 1884, the UK Institute of Actuaries received their Royal Charter entry for the Fellowship exam. This meant that aspiring actuaries from across the world would need to undertake the long sea voyage to the UK to undertake the exam for a chance to gain a Fellowship. Taking matters into their own hands, the Victoria Insurance Institute held local exams for prospective actuaries. -
In the interest of actuarial science
AML actuarial trainee William Reginald Day writes to all actuaries in Sydney with a lifechanging proposal: to create a society in the “interests of Actuarial Science in Sydney”. On 19 October 1897, Day is joined by 16 others for the first inaugural meeting of the Actuarial Society of NSW – the precursor of today’s Institute of Actuaries. -
A historic pass
James Fulton Little becomes the first Australian-born person to complete all the exams for the Fellowship of the Institute of Actuaries. James was an adventurous actuary who later became the elected President of the American Institute of Actuaries. -
Membership grows
The Institute’s membership reaches 49 members joining at a cost of five shillings per head. -
A premium on patriotism
With the outbreak of World War I disrupting the lives of many, the Actuarial Society of NSW sets premium loadings for members of the armed forces and begins running offices with reduced staff. -
Broadening our reach, changing our name
With more and more members outside of NSW joining the Actuarial Society of NSW, a change was made to the name to be more inclusive for the new members. The Actuarial Society of NSW becomes the Actuarial Society of Australasia. -
Showing the world just how instrumental actuaries can be
From 1922 to 1932, Commonwealth Statistician and fellow actuary Charles Wickens becomes an instrumental force in developing the Bureau of Census and Statistics. -
Attracting new talent
To attract new talent to an ageing profession, young members of the Victorian Branch of the Society host a competition for the ‘Best Paper,’ contribution. Huntly Walker wins the prize for his work, ‘Loans on policies and investment for Australian life office funds.’ -
Life insurance changes shape
After stalling for decades due to World Wars and the Great Depression, the long-awaited legislation for life insurance was passed. The legislation was drafted by two actuaries, Walter Bamford – a Commonwealth actuary – and Les Oxby – a solider seconded from his service in the RAAF. This Act required that life offices submit returns to the Life Insurance Commissioner, a newly created position that was combined with the Commonwealth Actuary. Balmford held this position until 1957. -
Introducing the Bulletin
The first ‘Bulletin’ was published, incorporating matters of actuarial interest. A tradition that carries on today via electronic direct mail. -
Meeting our New Zealand counterparts
Actuaries from Australia and New Zealand come together to meet at a three-day convention in Sydney. -
An influential calculation
Council approves the decision to incorporate at the Canberra convention. Two years later the Society was reconstituted and incorporated as ‘The Institute of Actuaries of Australia and New Zealand.’ Actuaries Geoff Lane and Garth Ward pioneer the use of early computers in the effects of different models and bases in actuarial valuations. Their work would become very influential well into the 1970s. -
The decision to incorporate
The A M Parker Fund was established in 1963 with a donation from Mr A M Parker, FIA, FSS. The Council of the Institute are permitted to allocate money from the income of the Fund:
(a) to providing a prize for the author or authors of a paper presented to the Institute, or
(b) to paying a sum towards the expenses incurred by a member or members in undertaking original research of an actuarial nature. -
Pioneering new techniques and solutions
Australian actuaries pioneer new investment structures providing access to Equities, Fixed Interest and Government Bonds, (EFG), through National Mutual in 1965. This unitised approach has become the norm for investment products around the world. -
Establishing our own degree
Professor Alfred Pollard established the first actuarial degree in Australia that covered the first part of the London Institute’s syllabus at Macquarie University in 1968. The model quickly became an international benchmark for similar qualifications. -
The H M Jackson Memorial Prize is established
The H M Jackson Memorial Prize was established by Mrs. C E Jackson in loving memory of her late husband, H M Jackson, FIA. Institute members could be awarded prizes from the income of the fund for any published articles other than those papers eligible for the A M Parker Fund Award. -
Becoming strategic in an emerging discipline
In the 1970’s, a few pioneering members of the Institute establish a professional position in the new discipline of general and health insurance. -
Prime leading the way
Catherine Prime becomes the first woman to gain Fellowship in Australia. Catherine is subsequently awarded Actuary of Year in 1988 and becomes President in 1991. -
Welcoming our first cohort
In the 1970s, Macquarie University welcomes the first cohort of actuarial students. -
Membership grows
The Institute of Actuaries of Australia and New Zealand reaches 500 members. -
Introduction of the Appointed Actuary
The Appointed Actuary becomes a statutory role required under section 39 of the Insurance Act 1973 (Insurance Act). Actuarial advisors become increasingly sought in the general insurance space during a time of high inflation. -
First Mortality Table published
The Institute publishes its first mortality table designated IA64-70 derived from data related to the years 1964-70 inclusive. -
Reflecting change with a new name
New Zealand based actuaries agree to create their own society. The Australian Institute’s name is changed to ‘The Institute of Actuaries of Australia’ at the EGM held in Sydney on 2 May 1977. To stimulate discussion among the members of the Institute
and the role that the Institute played in accrediting actuaries across Australia, C.J. White, FIA and ASA submitted the paper, ‘Accreditation of Actuaries in Australia.’ -
First Australian Fellowship exams
The first-ever Australian Fellowship examinations are held. Through the introduction of local exams, Australian-based actuaries no longer needed to pass the UK final examinations to qualify. This marked a new maturity for the actuarial profession in Australia. -
Paying tribute to Andrew W Prescott
Friends of the late Andrew W Prescott BA, FIA, establish the Andrew Prescott Memorial Prize in 1980. Prizes from the income of the fund are awarded to members for outstanding performance in the Institute’s examinations. Subject prizes can be awarded to the actuary obtaining the highest mark in a subject while merit prizes can be awarded to a person completing the examination with outstanding overall results. -
Hard work and dedication pays off
Meredith Brooks becomes the first female student to win both a subject and major award from the Andrew Prescott Memorial Prize Fund. -
A new rule for Fellowship
A new rule is introduced. Applicants wanting to obtain a Fellowship must complete the Institute’s examination process. -
ICA hosted at the Opera House
In 1984, the 22nd International Actuarial Congress was held in Sydney at the iconic Opera House. Over 800 actuaries travelled from overseas to join 200 Institute members to connect, network and discuss the 191 papers that were submitted. -
Preparing to be better
The original preparation of the book Actuarial Practice of General Insurance begins. This book is created as a resource for actuarial students. -
Membership climbs to 1,000
The Institute reaches 1,000 members. -
Introducing Actuary of the Year
The Actuary of the Year award is first introduced, with Martin Spry being the first recipient of this prestigious award. -
Providing more places for students to pursue their actuary dreams
The Australian National University Actuarial Studies course is accredited by the Institute. -
The Actuary Australia hits the newsstand
In October 1990, the newsletter titled, ‘The Actuary Australia’, is first published. -
First female President appointed
Catherine Prime is elected as first female President. -
Tig Melville awarded Life Member
Leslie Galfreid (Tig) Melville elected as a Life Member of the Institute for his profound influence on the actuarial profession in Australia and overseas. -
Growing accreditation of universities
Melbourne University joins Macquarie University and the Australian National University in having an accredited Actuarial Studies course. -
Women take out the prestigious Prescott Prize
Megan James, Pauline Blight and Michele Wong are awarded the prestigious Prescott Prizes showcasing the trailblazing capabilities of women in the profession. -
Encouraging professionalism
The Professionalism Course is first introduced, and the age requirement for Fellows to be aged 23 or above is dropped. -
The Melville Prize Fund is introduced
The Melville Prize Fund – is established by Tig Melville in appreciation for the benefits he has received from the profession and as a tribute to his father. The Melville Prize Fund is used to support the biennial Melville Practitioners Award and to supplement existing prizes awarded by the Institute. A portion of the amount is also made available every second year to support a Special Biennial Lecture. -
Establishing the Banking Committee
Under the convenorship of Bruce Edwards, a Banking Committee is established to explore and promote opportunities for actuarial involvement within the banking industry. -
The Actuarial Control Cycle
The first Actuarial Control Cycle is introduced to students as a way to teach them that actuarial techniques are not confined to narrow practice areas but rather can be easily adapted to many area beyond life insurance, general insurance and superannuation. -
Joining the IAA
The Institute is admitted as an association of the International Forum of Actuarial Associations (IFAA). IFAA goes on to become the International Actuarial Association in 1998 at the International Congress of Actuaries in Birmingham. -
Celebrating 100 years!
Centenary celebrations of the Actuaries Institute are held as we appoint our first overseas Ambassadors including Racheal Eagleton, Sai Cheong Foong, Rudy Chan and Jenni Sparks to promote the Institute in countries like Hong Kong, Malaysia, Singapore
and Japan. -
Rewarding outstanding contribution with a gold medal
The first-ever Institute of Actuaries Gold Medal is awarded to Dr Greg Taylor for his ‘outstanding contribution nationally and internationally to the theory and practice of actuarial science.’ -
Jock Rankin becomes CEO
Former Chief Executive of the Financial Planning Association (FPA) Jock Rankin is appointed as the Actuaries Institute CEO. Rankin’s wide political connections pave the way for actuaries becoming more widely known and respected within business and government circles. -
Membership numbers rise to 2,000
The Institute reaches 2,000 members. -
Greenhouse Gases and Energy Markets Practice Committee
The Greenhouse Gases and Energy Markets Practice Committee is first established. -
UNSW starts teaching actuarial studies
UNSW starts teaching actuarial studies. -
The Institute's first female CEO is appointed
Catherine Beall becomes the Institute's first female CEO. -
Expanding our reach
10% of Actuaries Institute members are based in Asia. To meet the growing needs of Asia-based members, the Institute set up an office in Hong Kong in July 1999. -
Prime becomes President of the IAA
Catherine Prime becomes the first Australian, first female, and first non-French speaking President of the International Actuarial Association (2000), and also goes on to chair the IAA China Subcommittee in 2003. -
Overseas membership increases
Over 20% of the Institute's members are based overseas. -
The Actuarial Control Cycle is translated
The 'Actuarial Control Cycle' is translated and published in Chinese in 2004, by the Renmin University Press. -
The Actuaries Institute’s 2020 Vision is published
The Actuaries Institute publishes its long-term scanning of what the future of the profession could look like in 2020. -
Memberships numbers continue to climb
The Institute reaches 3,000 members. -
Catering for all members
Two new programs – the Senior Actuaries’ Forum and Young Actuaries’ Program are introduced to cater for these segments within the Institute’s membership. The inaugural event for the Young Actuaries was held in September and featured a presentation by John Maroney titled, ‘Maximising Your Career Potential.’ Over 100 actuaries attended the event and attendees appreciated the opportunity for networking during the event. -
Joining forces with the East Asian Actuarial Congress (EAAC)
At the 14th East Asian Actuarial Conference in Tokyo, the Institute joins the East Asian Actuarial Congress (EAAC). The EAAC is comprised of actuarial associations from 11 locations across the Asia Pacific, with an aim to further develop international collaboration within the actuarial field. In 2014, the Congress is renamed to the Asian Actuarial Congress (AAC). -
Improving the Actuarial Practice of General Insurance
After extensive revision, the 7th Edition of the ‘Actuarial Practice of General Insurance’ is published. The commitment and dedication of the authors to improve and update the Actuarial Practice of General Insurance from the last 20 years, produces an extremely valuable resource for actuarial students and general insurance practitioners, in Australia and overseas. -
Taking action when the world needs it most
The Institute creates a Global Financial Crisis Taskforce to monitor global and local developments as the financial crisis unfolds. -
Because risk management matters
The first creation of the Chartered Enterprise Risk Actuary (CERA) designation is noted with involvement from Australians. -
Monash University starts teaching actuarial studies
Monash University starts teaching actuarial studies. -
Curtin University becomes accredited
Curtin University becomes accredited. -
The Katherine Robertson Prize is introduced
The Katherine Robertson Prize is introduced. The prize is awarded to the student who obtains the highest marks in the General Insurance Part III subject. -
Matching a modern world
The Institute is rebranded as Actuaries Institute with a fresh, new corporate identity to match a modern world. However, the purpose of the Institute remains the same – to represent and support its members and the actuarial profession. The Twitter account @ActuariesInst is launched. -
We continue to grow in numbers
The Institute reaches 4,000 members. -
Offering support through mentorship
The Mentoring Program is established as an effort to continually improve the profession. After comprehensive feedback from participants in 2014, the program continues to focus on supporting mentor/mentee relationships and encouraging mentees to take initiative in organising and managing the process. -
Bond University starts teaching actuarial studies
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Leading the way in Data Science
The Data Analytics Working Group (DAWG) is established with the goal to equip actuaries with a wider knowledge base so to lend their expertise to new and emerging industries. In 2022, it was renamed the Data Science Practice Committee. -
A new IAA President is announced
Institute member Fred Rowley becomes President of the International Actuarial Association. -
Futureproofing our educational offering
The Institute’s new inhouse Actuarial Education Team kicks off their operations with the launch of two new subjects the following year. -
Agile response to COVID-19
As the COVID-19 pandemic hits Australia, the Actuaries Institute springs into action to ensure the safety of members and staff and holds its first exams online. -
Another membership milestone is reached!
The Actuaries Institute membership reaches 5,000. -
A new President is elected
Hoa Bui becomes the first Asian-born and seventh-female President. -
Accredited Actuarial courses available in Wellington
The University of Victoria (Wellington) becomes accredited. -
Horizon 2035 Scan Report published
‘Horizon Scan 2035’ Report published. -
Indigenous engagement journey
Started important journey to deepen our engagement with Australia’s First Peoples, to increase our understanding of Australia’s ancient cultures and to contribute actively to reconciliation. -
Using data for good
‘Actuaries Use Data for Good’ campaign launched to enable members to explain in a clear and compelling way, what actuaries do and why it matters. -
Finding gold after four decades of outstanding work and dedication
2018 Actuary of the Year, Ian Laughlin is awarded the Actuaries Institute Gold Medal in recognition of his more than four decades of outstanding work in serving the community, the actuarial profession, business and government. -
The new strategy is released
The Institute's 2022-24 Strategy – Seizing Opportunities is published. -
The Carol Dolan Actuaries Summit prize
The Carol Dolan Actuaries Summit Prize is established in her memory by her husband. The prize is awarded to the paper or presentation that most advances the actuarial theory and practice of general insurance. -
Membership continues to grow
The Institute reaches 5,500 members. -
Building a bridge to tomorrow
The 2023 International Congress of Actuaries will be hosted in Sydney. ICA2023 will bring actuaries from around the globe together to share their challenges and triumphs, their expertise and insights and their plans for a better future so we – as individuals and as a collective profession – can build a bridge for tomorrow.