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Indonesia: Shortage of actuaries keenly felt

Source: Asia Insurance Review | Feb 2018

Indonesia Risk Management

The increase in the number of actuaries has failed to keep pace with the growth of the insurance industry in Indonesia, according to the Chairman of the Society of Actuaries of Indonesia (Persatuan Aktuaris Indonesia, PAI), Mr Rianto Ahmadi Djojosugito.
   He said that currently, there are only 500 actuaries in Indonesia, consisting of 250 actuarial associates and 250 actuarial fellows. “This number is unable to meet the need for actuaries in the 80-90 insurance companies that exist,” he said.
   Ideally, the number of actuaries in Indonesia in the near future should be at least 1,500, reported Bisnis, citing Mr Rianto. The shortage of actuarial expertise is felt more in general insurance than in life insurance.
   PAI, founded in 1964, says that it is taking several steps to encourage more people to take up the actuary profession. One measure is to increase linkages with universities. For instance, the Surabaya Institute of Technology will have an actuarial course, while Gadjah Mada University, Padjadjaran University and Bandung Institute of Technology will commence an actuarial studies programme.
   “With more actuarial courses, it’s easier to get 30-40 new actuaries each year,” said Mr Rianto. A 
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