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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.
March 10, 2021
Subash Chandra Khuntia, Chairman, IRDAI×
Insurance firms should champion adoption of IFRS17 and actuaries should play a role here: Subash Chandra Khuntia India should aspire to have atleast 1,000-1,200 actuaries as quickly as possible given the huge requirement of such professionals in the country, IRDAI Chairman Subash Chandra Khuntia said on Wednesday.
“This is the minimum we should target because the present number of 458 is not adequate for a large country like India. Also, the addition in the number of actuaries between 2019 and 2020 is only 19, which is too small”, he said at a virtual Actuarial Conclave 2021 organised by the Institute of Actuaries of India (IAI).
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