The demand for actuaries in Kenya is projected to expand following the implementation of the International Financial Reporting Standard 17 (IFRS 17), the Insurance Regulatory Authority (IRA) has said.
The National Administration of Financial Regulation (NAFR) and the Ministry of Human Resources and Social Security issued jointly the "Regulations on the Professional Qualification of Actuaries" and the "Implementation Measures for the Professional Qualification Examination of Actuaries" (hereinafter referred to as "" Qualification Regulations, "Implementation Measures"), which took effect on 17 July 2023, the date of promulgation.
The Financial Services Authority (OJK) has noted that there are still 30 insurance companies in the country which have yet to hire actuaries.
The Indian government has started looking for suitable candidates to fill the positions of two members - Finance and Investment and Actuary - for the IRDAI) nearly six months in advance.
The number of professionals in the field of insurance has increased as of the end of March 2023, compared to 12 months previously.
Changes in regulatory policies and market demand have led to higher requirements for talent in the mainland Chinese insurance market.
The CBIRC and the Ministry of Human Resources and Social Security have proposed regulations setting out the requirements that have to be met to obtain actuarial qualifications.
The General Arab Insurance Federation (GAIF) has announced the establishment of the Association of Arab Actuaries (AAA) on 17 March with the founding meeting held in Lebanon which was hosted by the Association of Insurance Companies in Lebanon.
The General Arab Insurance Federation (GAIF) has announced plans to establish an association of Arab actuaries, in line with the objectives of the federation to be supportive of the development and integration of the Arab insurance industry.
The actuarial profession will play an increasingly important role as governments and the public grapple with the challenges posed by mega trends such as artificial intelligence and climate change, according to Ms Naomi Edwards, who has been appointed President of the Actuaries Institute for 2023.