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DW Simpson
10-05-2005, 08:23 AM
economictimes.indiatimes.com/articleshow/1251196.cms

Actuarial aspirants jump 10-fold over last five years

TIMES NEWS NETWORK[ TUESDAY, OCTOBER 04, 2005 01:14:02 AM]

MUMBAI: One of the outcomes of liberalisation has been the revival of the actuarial profession in the country. The number of aspiring actuaries in the country has risen tenfold since 00, the year the government opened up the insurance sector.

Compared with 471 students registering with the Actuarial Society of India in 00, 4,980 had registered in August 05. Given its capability to generate a large number of qualified professionals global search firms have set up shop in India to recruit actuaries for the international market. DW Simpson is the largest firm dedicated to actuarial search and has a working relationship with most firms that employ actuaries.

However, the industry is expected to continue facing a shortage for a few years as aspirants take up to seven years to attain fellowship. The Actuarial Society even has a special award for students who complete their course within five years. At present, there are only 207 fellows of the Actuarial Society of India. Of these, only 112 are below the age of 60. There are still several actuaries above the age of 60 who continue to practice as consultants. Besides, of the 207 members, 75 have moved overseas.

Insurance regulations mandate that every insurance company should have a qualified appointed actuary who is a member of the Actuarial Society of India. As nearly all the actuaries were employed with Life Insurance Corporation, LIC turned out to be a fertile poaching ground for private companies. No sooner did a student complete his fellowship than he was immediately snapped up by private players. To stem the outflow, LIC has decided to introduce a generous allowance for all actuaries in the corporation.

Meanwhile, the Actuarial Society of India itself is in the throes of change. The ASI recently got its new president on September 17, when R Kanan, actuary of SBI Life Insurance, was elected president in place of veteran Liyaquat Khan, who held office for three years. At its meeting, the ASI has amended rules to admit as associate member, fellows from other Actuarial Societies.