LIAM-Nanyang Siang Pau Roundtable Forum: Shortage of Actuaries in the Malaysian Life Insurance Industry

LIAM-Nanyang Siang Pau Roundtable Forum: Shortage of Actuaries in the Malaysian Life Insurance Industry

Most of us generally know that actuaries work in the insurance industry but what does an actuary really do? In order to shed some light to its readers on this question, Nanyang Siang Pau once again jointly collaborated with LIAM to hold a roundtable forum to discuss on the “Shortage of Actuaries in the Malaysian Life Insurance Industry”.

The Forum, held on 28 April 2011, was participated by representatives from the Actuarial and Human Resources Department of LIAM member companies. It saw an active discussion on the various topics which included the pre-requisite qualifications for an Actuary or Appointed Actuary, the examples of the scope of actuarial work, career options available to actuaries, the global demand on senior and experienced Malaysian actuaries resulting in a current shortage etc.

About an Actuary

An actuary is a financial expert who applies mathematical and statistical methods to assess financial and other risks relating to various contingent events and then arrives at the rate or premium that a person should pay to get a particular insurance cover. For this, the actuary studies data such as the age profile of the insured, the geographical location and the income group etc.
Traditionally, actuaries worked only in the insurance industry. However, with the growing acknowledgement and recognition of actuarial skills today across the various financial sectors, the job scope of an actuary has expanded to encompass banks, investment companies, security and commodity broker firms, regulators and even lecturing in the education sector. With such demand, there is an ever-increasing need for actuaries all around the world.