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BUILDING UP THE ACTURIAL PROFESSION IN BANGLADESH BUILDING UP THE ACTURIAL PROFESSION IN BANGLADESH

BUILDING UP THE ACTURIAL PROFESSION IN BANGLADESH - PowerPoint Presentation

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Uploaded On 2015-11-22

BUILDING UP THE ACTURIAL PROFESSION IN BANGLADESH - PPT Presentation

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

bangladesh actuarial elias society actuarial bangladesh society elias actuaries amp development insurance profession education program management lack assistance institute classes promote seeking

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Slide1

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.