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Asia: Actuaries urged to broaden horizons

Source: Asia Insurance Review | Dec 2016

To foster a promising ecosystem for newly qualified actuaries, there is a need to push the boundaries of the profession beyond traditional areas where actuarial expertise is of significance, said Mr Rajesh Dalmia, Chairman of the 20th Asian Actuarial Conference (AAC) and past President of the Institute of Actuaries of India (IAI).
 
   Other areas where actuarial expertise is sought after include investments and banking, given actuaries’ understanding of risks in these fields.
 
   Mr Dalmia was speaking at AAC held in Gurgaon on 9-12 November, that had for its theme “Changing Asian Societies: Challenges and Opportunities”. 
 
   Outlining the state of the actuarial profession in India, Mr Sanjeeb Kumar, IAI President, highlighted strategies being adopted to attract and nurture talent to the industry. “The Indian actuarial profession consist of over 10,600 members who include over 330 Fellows and over 160 associate members. We have about 35 newly qualified actuaries in FY 2016, and over the next few years, we aim to have over 100 newly qualified actuaries each year,” he said.
 
   In Asia, the actuarial profession has gained some momentum over the past few years with local actuarial bodies promoting it among the young.
 
   Mr T S Vijayan, IRDAI Chairman, pointed out that 60% of world’s population resides in Asia and their contribution towards the global economy was close to 33%. “As the economic growth rates of Asian countries are significantly higher than the developed economies of the West, this presents greater opportunities for the insurance and actuarial profession,” he said.
 
   This year’s AAC was attended by 700 delegates from 27 countries. The next AAC will be held in Beijing in 2017.
 
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