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VietNamNews

Non-life insurance firms lack qualified actuaries

Update: June, 19/2015 - 09:41
The workshop, held by the association in co-operation with the International University-HCM City and Viet Nam Insurance Association, provided information about a relatively new statistical method called chain ladder. Photo Coutersy of International University-HCM City. — VNS Photo

HCM CITY (VNS) — Non-life insurance companies in the country are faced with a shortage of actuaries who meet national standards, according to the deputy general secretary of Viet Nam Insurance Association.

Beginning in January next year, non-life insurance companies are required to use actuaries who meet national standards, including being a fellow of international actuary societies, having at least five years of work experience and at least two certificates in the field issued by international actuary societies.

Only one actuary in the country meets these standards, according to Ngo Trung Dung, deputy general secretary of Viet Nam Insurance Association.

He spoke at a workshop held yesterday at the International University-HCM City. The country has 30 non-life insurance companies, 17 life insurance companies and two reinsurance companies, Dung said.

No university in the country offers training in actuary, he said, adding that the International University-HCM City should be a pioneer in training.

It should co-operate with other international universities to offer training, he said, adding that incomes of actuaries are high.

The country's insurance market has seen rapid development. Within the last five years, the market's growth rate reached 16 per cent, including 11.9 per cent for non-life insurance.

Last year, the total revenue from insurance was around US$2.6 billion. The total assets of insurance companies were $7.7 billion.

The workshop, held by the association in co-operation with the International University-HCM City and Viet Nam Insurance Association, provided information about a relatively new statistical method called chain ladder. This method is used to estimate outstanding claims, whereby the weighted average of past claim development is projected into the future. — VNS

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