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Only 458 insurance actuaries in India, need at least 1,200: IRDA Chief
Actuaries play a big role in pricing the products in such a way that it provides protection to public at large and takes care of solvency of the insurance company
Aprajita Sharma March 10, 2021 | Updated 16:09 IST
The number of full-fledged insurance actuaries in India grew by just 19 in 2020 compared to the last year. There are only 458 actuaries compared to 439 in 2019, says IRDA Chief Subhash C. Khuntia as he sheds light on the growing requirement of them not just in the insurance industry but also in banking and other financial fields. At present we only have 458 full-fledged actuaries, 165 associates and 7,500 student members. These figures need to go up considering the number of insurance companies and the size of insurance business, which is 1.7 per cent of the global industry, says Khuntia.
Irdai wants to move to a ‘use and file’ system where insurers can market products without first obtaining an approval from the regulator, said Chairman Subhash Chandra Khuntia. This is in contrast to the current ‘file and use’ system where if an insurer wishes to introduce a new product, it has to file an application with the Insurance Regulatory and Development Authority of India (Irdai) and can sell the product only after getting all the regulatory approvals. “We have already started this in some of the segments and we would like to go further. Unfortunately, this experiment which we tried sometime back, we found that some of the ‘use and file’ products did not live up to the regulatory requirement,” he said at the Virtual Actuarial Conclave 2021.
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