The delegates know better than I do that actuarial science has a wide application. It is a combination of mathematics, economics and business understanding, under which financial risk can be managed soundly and practically. Certainly, risk management is nothing new. As you are all familiar with, it has its root in the insurance field.
After years of development, it has become an indispensable tool to different sectors of the economy, be it an individual, a specific product category or a particular industry. Its extensive use is apparent in areas such as insurance, social security, financial products, investment and wealth management etc.