BUILDING UP THE ACTURIAL PROFESSION IN BANGLADESH A.K.M. Elias Hussain President Actuarial Society...

Elias- Actuarial Society of Bangladesh.

BUILDING UP THE ACTURIAL PROFESSION IN BANGLADESH

A.K.M. Elias HussainPresident

Actuarial Society of Bangladesh


Fields of activities

The profession is still at an infant stage.


The traditional areas Life Insurance Reinsurance Non-Life Insurance Health Insurance Defined benefit superannuation

(pensions) Investments/Fund Management


Non-traditional areas Banking and Finance Capital Market Enterprise Risk Management Environmental Finance Defined contribution superannuation Wealth management and financial planning Social Security Media effectiveness Health financing


Actuaries in Bangladesh

Fellow 1 from SOAAssociate 2 From UKPartly qualified 19 + 2Enrolled & waiting for exam. 42Trained in Actuarial work 5University Degree from UK & Canada

2+1 (Two working another searching)


Insurance Sector OverviewNumber of Insurance Companies & Line of Business Today Pre-1985Life Insurance 19 3

Non-Life 43 1

Health Insurance None NoneRe-insurance None None

Total 62


Facing problems• Highly regulated leading to inefficiencies, high

cost, lack of product and price differentiation;

• Many companies do not have economy of scale;

• Prescribed Solvency Margin is simplistic and may lead to false sense of security and inefficient use of capital;

• Lack of qualified actuaries and other experts will make it difficult to introduce internal based model for RBC as well as impede product development ;


Contd.

• Data centers are inefficient and data sharing is limited;

• Asset liability matching and risk management systems are not in standard practice;

• Lack of actuarial skills and expertise is a severe constraint on Bangladesh insurance sector development;


Development of Actuarial Education in Bangladesh

• Surprisingly to mention here that there are about 62 Universities are operating here but no one University conducts whole range of Actuarial studies.

• Actuarial Society of Bangladesh (ASB) established in July2007 to assist students in the course of their actuarial studies


The Actuarial Society of Bangladesh has been established here with the objectives

To promote the study program on the

actuarial, economic and allied aspects of insurance, employee retirement benefits, Social Security, finance and investment and any other areas of application where actuarial principles are applicable, with particular reference to Bangladesh


Free assistance activities

• Counseling &Group discussion;• Instruction classes services from

partly qualified ;• Coaching classes by hiring resource

persons from abroad;• Working day long library facilities.


Limitation

Actuarial Society of Bangladesh could generate significant growth in actuarial study program in Bangladesh if they would have strong financial background.


Planned role of the Society

• Promote the profession in Bangladesh and raise the public esteem of the profession;

• Advance the knowledge of Actuarial Science;• Promote professionalism to its members;• Conduct Actuarial Science Courses;• Provide a forum for discussion on Actuarial

matters;• To become a professional body in the long run.


Looking for the Development in Actuarial

education, including plans for an International Actuarial Educational

Program.


University Pre-Qualifying Actuarial Programs

• Seeking cooperation from universities in improvising curriculum in Actuarial education to be in line with minimum IAA guidelines;

• Seeking World Bank/Asian Development Bank’s assistance in assessing needs of university actuarial programs and possibly providing technical assistance;


Contd.

• Seeking support of resource person for coaching classes from Institute & Faculty of Actuaries, UK , Society of Actuaries , USA , Institute of Actuaries of Australia. Canadian Institute of Actuaries. Casualty Actuarial Society, USA.


Thank you very much for your attention

A.K.M. Elias HussainActuarial Society of Bangladesh.

BUILDING UP THE ACTURIAL PROFESSION IN BANGLADESH A.K.M. Elias Hussain President Actuarial Society...

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