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The Actuary The magazine of the Institute & Faculty of Actuaries
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Indian actuaries to work longer

The Insurance Regulatory and Development Authority (Irda) has said that a shortage of actuaries in India compelled the regulator to allow them to function until 70 years of age. Speaking at a function organised by the Insurance Institute of India on casualty actuarial science, Irda member KK Srinivasan said one of the issues facing the insurance industry was the non-availability of actuaries. The regulator has, therefore, allowed them to operate until they are 70 years old. He said it was mandatory for a life insurance company to have an appointed actuary. Non-life companies are advised to have consultant actuaries but this is not a compulsory requirement.

R Kannan, president of the Actuarial Society of India, said there was a surge in the number of students appearing for actuarial examinations. The number has risen to 4,986 in August 2005 from a meagre 675 in March 1999. Of the 207 qualified actuaries, 95 are over 60 years. Mr Kannan said the tapering off of interest was the result of various factors including quick burnout, unsustainable commitment, lack of time for coaching classes, and non-availability of senior actuaries for handholding.