Actuaries to Help Government in Risk Management says Anurag Singh Thakur

MUMBAI:
Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs, Government of India, Chief Guest of the final day of the Virtual Actuarial Conclave (VAC 2021) held from 10th – 13th March 2021 organised by the Institute of Actuaries of India (IAI). Over 1900 delegates registered for the event.

Anurag Singh Thakur appreciated the contribution of the Actuarial Profession towards accelerating country’s vision of Atmanirbhar Bharat and would like to have valuable feedback from IAI on how GOI can continue and expand the reforms that are underway. He called out to actuarial professionals for suggestions on concerns like risk management and help the government to build a conducive ecosystem for entrepreneurs, professionals and small businesses to co-exist with large giants. Thakur while covering the important points of the Union Budget highlighted government’s continued focus on initiatives like healthcare and farming. He exuded confidence that the recent increase in FDI limit for insurance companies will result in a much-needed fresh capital infusion and bring in the global best practices to the industry.

In session on Government Actuarial Department, Charles Daykin, the past president of the Institute and Faculty of Actuaries (IFoA) discussed in detail about the UK Government Actuarial Department (GAD) and the role of UK Government Actuary in terms of the role and responsibilities. The session was moderated by Dakshita Das, Additional Member, Finance, Ministry of Railways, and Government of India.

Subhendu Kumar Bal, President, Institute of Actuaries of India and Chief Actuary & Chief Risk Officer, SBI Life Insurance Company Limited said “Internationally the concept of government actuarial department is prevalent in several countries, including the US, the UK, Australia, Japan and Canada. South Africa is now looking to set up a government actuary department. IAI is also in talk with Department of Financial Services in Ministry of Finance to set up an Actuarial Department”.

There may be more demand on actuaries due to implementation of IFRS 17 and also requirement in wider field area such as data science, banking etc. Chairman, IRDAI also in his inaugural speech has mentioned the requirement of more than 1,000 actuaries looking at the number of insurance companies and the size of insurance business in India.

Subhendu Bal, President, IAI said that “To meet the ever increasing demand of actuaries, the Institute has taken initiatives and efforts to increase awareness of actuarial science with several educational institutions. Further, Institute is providing coaching and counselling support to student to qualify faster without compromising the quality of education.”

The four day event ended with presentation of Academic Excellence awards, cultural performances by members and valedictory ceremony.

President, IAI thanked all the participants, speakers, chief guests, sponsors and all other people involved in this signature event to make a huge success.