Actuarial Valuation

This page of the Workspace details progress in the actuarial valuations, the supporting policy and technical notes and related training and knowledge transfer activities.

A.  Undertaking and delivery of the Eleventh Actuarial Valuation of ESSS 

This report was completed in March 2022 with a transfer of the calibrated ILO valuation model to SOCSO together with training

B.  Undertaking and delivery of the First Actuarial Valuation of SESSS 

This report was completed in April 2022 and can be found under Tab Resources

C. Supporting analysis

Two additional reports on extension of coverage and reform of Act 4 were published. 

D. Training

Training on the ILO’s valuation models and methodology. To ensure understanding of the latest valuation report and introduce the ILO models, methodology and some of the background theory, the SOCSO actuarial unit received 10 training sessions:

• Week 1: ILO Report – 16th November 2021
• Week 2: ILO Report – 1st December 2021
• Week 3: Data Issues – 7th December 2021
• Week 4: ILO Population model – 14th December 2021
• Week 5: Economic Framework Development – 4th January 2022
• Week 6: Recap and more on assumption setting – 11th January 2022
• Week 7: ILO Report continued - frequency and severity – 25th January 2022
• Week 8: Bringing the models together – 8th February 2022
• Week 9: Benefits modelling and VB code – 15th February 2022
• Week 10: Final session – 1st March 2022