IRDA steps in to curb the shortfall of actuaries
Concerned over the shortage of actuaries, Insurance Regulatory Development Authority (IRDA) has started a two-year course for training actuaries in collaboration with the Andhra Pradesh Government.
By PTI |
MUMBAI: Concerned over the shortage of actuaries, Insurance Regulatory Development Authority (IRDA) has started a two-year course for training actuaries in collaboration with the Andhra Pradesh Government.
"Government of Andhra Pradesh and IRDA have set up Institute of Insurance and Risk Management(IIRM) in Hyderabad that offers a two-year course in actuaries to aspiring graduates," IRDA's Director General D V S Sastry said recently during a seminar on Corporate governance here.
"There is a shortage of Actuaries in insurance sector and IRDA is trying to sensitise the issue," Sastry said.
Actuary is a person who designs the insurance products of the insurance companies and also gives insurers the estimates of actual liability to be paid when claims are made.
IRDA, which approves the proposals for fresh products filed by insurance companies, is also facing the problem as the clearance of new products is taking longer duration.
"The shortage of actuaries have led to very high average age of the practising actuaries in India," he said, adding the shortage had led to persons of very old age being burdened with the responsibility.
Talking about global shortage of actuaries Sastry said, "South-East Asia is looking at India to outsource actuaries."
Global actuarial recruitment firm D W Simpson substantiates global shortage with the firm's website full of details of insurance firms from Hong Kong, Seoul, Tokyo, Sri Lanka, Singapore, Bangkok, Malaysia among others seeking appointment of actuaries immediately.
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