My Actuarial Working Life

When I went through a few chapters of " Catastrophe, Injury, Insurance: The Impact of Catastrophes on Workers Compensation, Life, and Health Insurance " published by Risk Management Solutions (RMS) in 2006, two paragraph about nuclear power stations and tsunami caught my attention - the first paragraph commented the chances of a major radioactivity release from the nuclear power station: Scenarios that fall into these plausible mass casualty events but are improbable include a large-scale accidental release of radioactivity from a nuclear power station. Estimates suggest that such an event could affect several million people and make many hundreds of thousands sick. Operating safety standards for nuclear power stations require that the chances of a major radioactivity release are maintained at below 1 in 10,000. The second paragraph commented large-scale tidal waves: A tsunami or coastal tidal wave affecting a major stretch of coastline on either the Atlantic seaboard o

The Prime Minister’s Department presented the following government bills for first reading at Dewan Rakyat of Parliament Malaysia on 8 November 2011, which related to the retirement benefits (including pension) for the government servants: Pensions (Amendment) Bill 2011 Statutory and Local Authorities Pensions (Amendment) Bill 2011 Pensions Adjustment (Amendment) Bill 2011 Judges’ Remuneration (Amendment) (No.2) Bill 2011 As revealed in the recent Budget 2012, the retirement age of the government servants will be extended to  60 years old starting next year (2012). Currently, the retirement age is at 58 years old - although they can opt to retire earlier at age 55 or 56. Furthermore, in the event of a retiree passes away during 20 years (previously 12.5 years) after his retirement, his family members will continue to receive the full amount of his pension and other relevant retirement benefits. According to Budget 2012, the government expenditure on pensions and gratuities co