AKM Elias Hussain President Actuarial Society of Bangladesh Elias Actuarial Society of Bangladesh Fields of activities The profession is still at an infant stage Elias Actuarial Society of Bangladesh ID: 201317
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BUILDING UP THE ACTURIAL PROFESSION IN BANGLADESH
A.K.M. Elias HussainPresidentActuarial Society of Bangladesh
Elias- Actuarial Society of Bangladesh.Slide2
Fields of activities
The profession is still at an infant stage.Elias- Actuarial Society of Bangladesh.Slide3
The traditional areas
Life InsuranceReinsuranceNon-Life InsuranceHealth Insurance
Defined benefit superannuation (pensions)
Investments/Fund Management
Elias- Actuarial Society of Bangladesh.Slide4
Non-traditional areas
Banking and FinanceCapital MarketEnterprise Risk ManagementEnvironmental Finance
Defined contribution superannuation
Wealth management and financial planning
Social Security
Media effectiveness
Health financing
Elias- Actuarial Society of Bangladesh.Slide5
Actuaries in Bangladesh
Fellow 1 from SOAAssociate
2 From UK
Partly qualified
19 + 2
Enrolled & waiting for exam.
42
Trained in Actuarial work
5
University Degree from UK & Canada
2+1
(Two working another searching)
Elias- Actuarial Society of Bangladesh.Slide6
Insurance Sector Overview
Number of Insurance Companies & Line of Business
Today
Pre-1985
Life Insurance
19
3
Non-Life
43
1
Health Insurance
None
None
Re-insurance
None
None
Total62
Elias- Actuarial Society of Bangladesh.Slide7
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.Slide8
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;
Elias- Actuarial Society of Bangladesh.Slide9
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.Slide10
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.Slide11
Free assistance activitiesCounseling &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.Slide12
Limitation
Actuarial Society of Bangladesh could generate significant growth in actuarial study program in Bangladesh if they would have strong financial background.Elias- Actuarial Society of Bangladesh.Slide13
Planned role of the SocietyPromote 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.Slide14
Looking for the Development in Actuarial education, including plans for an International Actuarial Educational Program.
Elias- Actuarial Society of Bangladesh.Slide15
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.Slide16
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.Slide17
Thank you very much for your attentionA.K.M. Elias Hussain
Actuarial Society of Bangladesh.Elias- Actuarial Society of Bangladesh.