Building up the Actuarial Profession in Bangladesh: Challenges and Opportunities

The Actuarial Society of Bangladesh is working towards developing the actuarial profession in the country. They focus on traditional areas like insurance and pensions, as well as non-traditional areas including risk management and wealth planning. Despite facing challenges such as regulations and a lack of qualified experts, the society is dedicated to promoting the growth of the profession. Actuaries in Bangladesh are trained in actuarial work and hold degrees from prestigious universities. The insurance sector overview reveals the number of companies and lines of businesses in the industry. The sector faces issues like inefficiencies and a lack of data sharing. 3 . Tags: Actuarial profession, Bangladesh, Insurance sector, Challenges, Opportunities

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

2. Fields of activities The profession is still at an infant stage. Elias- Actuarial Society of Bangladesh.

3. The traditional areas Life Insurance Reinsurance Non-Life Insurance Health Insurance Defined benefit superannuation (pensions) Investments/Fund Management Elias- Actuarial Society of Bangladesh.

4. 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 Elias- Actuarial Society of Bangladesh.

5. Actuaries in Bangladesh Fellow Associate Partly qualified Enrolled & waiting for exam. 42 Trained in Actuarial work University Degree from UK & Canada 1 from SOA 2 From UK 19 + 2 5 2+1 (Two working another searching) Elias- Actuarial Society of Bangladesh.

6. Insurance Sector Overview Number of Insurance Companies & Line of Business Life Insurance Non-Life Health Insurance Today 19 Pre-1985 3 1 43 None None None None Re-insurance Total 62 Elias- Actuarial Society of Bangladesh.

7. 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 ; Elias- Actuarial Society of Bangladesh.

8. 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 expertiseis a severe constraint on Bangladesh insurance sector development; Elias- Actuarial Society of Bangladesh.

9. 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 Elias- Actuarial Society of Bangladesh.

10. 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 Elias- Actuarial Society of Bangladesh.

11. 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. Elias- Actuarial Society of Bangladesh.

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

13. 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. Elias- Actuarial Society of Bangladesh.

14. Looking for the Development in Actuarial education, including plans for an International Actuarial Educational Program. Elias- Actuarial Society of Bangladesh.

15. 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; Elias- Actuarial Society of Bangladesh.

16. 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. Elias- Actuarial Society of Bangladesh.

17. Thank you very much for your attention A.K.M. Elias Hussain Actuarial Society of Bangladesh. Elias- Actuarial Society of Bangladesh.