News Non-Life14 Jun 2019

Indonesia:General insurance sector lacks actuarial expertise

14 Jun 2019

The number of actuaries for the insurance industry as a whole in Indonesia is deemed sufficient, according to Mr Fauzi Arfan, chair of the Indonesian Actuary Association (PAI). He said that there are around 650 actuarial personnel in the country.

Of these, PAI noted that 296 members had earned the title of actuary or Fellows of the Society of Actuaries of Indonesia (FSAI) and 290 members were acting actuaries or associates of the Society. The remaining persons are Certified Non-Life Analysts.

He said that currently PAI members are dominant in the life insurance sector. On the other hand, it is a challenge to find actuaries for the general insurance industry, reported Bisnis.

"The issue now is not that the total number of actuaries is lacking but, instead, whether existing actuaries want to work in general insurance," said Mr Fauzi. According to him, the hurdle is that the general insurance sector has many lines of business with different degrees of complexity.

Mr Fauzi said that PAI continues to encourage actuarial personnel to enter the general insurance industry, including those pursuing actuarial studies.


 

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