Started from a group of young actuaries educated in UK and US, the Cyprus Association of Actuaries (CAA) was organised in 1991 and formally established in 1993. For Cyprus, the third largest island in the Mediterranean at 9250 sq.m, the actuarial profession, practically speaking, did not exist. None of the local insurance companies had an internal actuary, and insurance companies and pension funds mainly contracted any actuarial related work to UK-based consulting firms.
Once preparations began, the association received vital support from several sources. The Government Actuary’s Department of the UK and in particular the Government Actuary generously offered his valuable time and advice in all aspects of formation. In addition, Cypriot professionals with extensive insurance and/or actuarial qualifications were eager to assist and join the new association. Also, external professional actuaries, mostly from the UK who were familiar with the Cyprus market, were delighted to help further the actuarial profession.
On the 25th of October 1991, the Chartering Meeting was held to celebrate the formation of the CAA and for each of the founding members to sign the First Charter document. In due course, the association became one of the founders of the International Forum of Actuarial Associations (IFAA) in 1995 which was reverted back as International Actuarial Association (IAA) of which CAA became a full member in 1998, and an associate member of Groupe Consultatif Actuariel Europeen (GC) in 1999 and now eventually with Cyprus formally becoming an EU state member in May 2004, a full member of this body