It’s the actuaries who make the insurance sector sing | Business - The Daily Star

MetLife Bangladesh has taken a set of initiatives to popularise the actuarial profession with a view to making the inert insurance sector vibrant, said Andrew D Rallis, global chief actuary of the American insurer by AKM Zamir Uddin.

Photo: Andrew D Rallis

"Insurance is an important part of the economy, so there is an urgency to develop the actuarial profession," he told The Daily Star in an interview recently.  Rallis, who is based in the US, called in to Bangladesh earlier this month.

Inclusive economic growth of a nation has strong links with the insurance sector. As Bangladesh's economy is growing fast, the insurance sector should get a better shape.

There is an operational and business risk for insurance companies if they set premiums and reserves for clients without calculations by an actuary...

The number of actuary depends on the volume of a country's insurance industry.

Actuary is the core theme to develop the insurance sector because everything is dependent on data. Analysing data and statistics is an essential part for insurance companies.

"Everyone needs to understand the importance of insurance in order to realise the merit of the actuarial profession."
Read more...

Source: The Daily Star