BUILDING UP THE ACTURIAL
PROFESSION IN BANGLADESH
A.K.M. 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.
The traditional areas
 Life Insurance
 Reinsurance
 Non-Life Insurance
 Health Insurance
 Defined benefit superannuation
(pensions)
 Investments/Fund Management
Elias- Actuarial Society of Bangladesh.
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.
Actuaries in Bangladesh
Fellow
Associate
Partly qualified
Enrolled & waiting for exam.
Trained in Actuarial work
University Degree from UK
& Canada
1 from SOA
2 From UK
19 + 2
42
5
2+1 (Two working
another searching)
Elias- Actuarial Society of Bangladesh.
Insurance Sector Overview
Number of Insurance Companies
& Line of Business
Today
Pre-1985
19
3
43
1
Health Insurance
None
None
Re-insurance
None
None
Life Insurance
Non-Life
Total
62
Elias- Actuarial Society of Bangladesh.
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.
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.
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.
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.
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.
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.
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.
Looking for
the Development in Actuarial
education, including plans for an
International Actuarial Educational
Program.
Elias- Actuarial Society of Bangladesh.
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.
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.
Thank you very much for your attention
A.K.M. Elias Hussain
Actuarial Society of Bangladesh.
Elias- Actuarial Society of Bangladesh.