The Canadian Institute of Actuaries (CIA) is pleased to announce the appointment of Steve Prince, FCIA, as its new President for the 2023-2024 term, effective July 1, 2023. With a wealth of experience in actuarial services and a strong background in the industry, Steve is well equipped to lead the Canadian profession and drive its development and evolution.
Throughout his career, Steve has made significant contributions to the actuarial field. He has authored numerous publications for the CIA, focusing on areas like modelling, valuation, allocation processes and fairness. In recognition of his work, Steve was honoured with the CIA’s Award of Excellence in June 2021, acknowledging his outstanding contributions as a volunteer.
As a partner specializing in actuarial services at RSM Canada LLP, Steve leads the stochastic modelling unit, where he has demonstrated expertise in developing and implementing effective stochastic models. His extensive experience spans insurance, investment and risk management, enabling companies to analyze and mitigate potential exposures in a range of scenarios. Additionally, Steve’s qualifications as a life valuation actuary and his expertise in financial reporting, pricing and independent actuary opinions further enhance his ability to drive excellence in the industry.
Steve has been a qualified actuary since 1984, distinguishing himself as one of the early actuaries in Canada to obtain an MBA. Throughout his career, he has divided his time equally between insurance companies and consulting, positioning himself at the forefront of emerging issues within the profession. His active involvement on various CIA committees showcases his commitment to shaping the industry’s future with his extensive board experience – both within and outside the actuarial world – adding to his leadership portfolio.
Beyond his professional achievements, Steve possesses a background in music. He enjoyed playing in bands with his siblings during his childhood and – at one point – was simultaneously part of four different bands, often collaborating with his father while playing different instruments.
In his own words, Steve emphasizes the challenges facing the actuarial profession.
“The challenges facing the actuarial profession continue to evolve. Canadian actuaries are well respected, but the world doesn’t appreciate how much more we have to offer.”
In an era marked by the rapid growth of artificial intelligence and enhanced data analytics, some professionals fear their roles may be threatened. However, Steve perceives this as an opportunity for actuaries to demonstrate their value. He firmly believes that the vast availability of data empowers actuaries to provide insightful analysis, uphold professional integrity and offer meaningful contributions beyond just the manipulation of numbers or algorithms.
As the new CIA President, Steve assumes a crucial role in guiding the profession and shaping its future trajectory. With his extensive experience, unwavering passion for the actuarial field and dedication to promoting the profession’s value, Steve is poised to lead the CIA in addressing emerging challenges and advancing the actuarial profession’s global recognition.