Insurance actuaries still need 400

JAKARTA. The insurance industry is still shortage of actuaries. Head of the Insurance Bureau of Capital Market Supervisory Agency and Financial Institution Supervisory Agency (Bapepam-LK) Rachmatarwata Isa said the number of insurance companies and actuaries power has not been balanced.

In fact, the Bureau of Insurance has designed the rules on the marketing of insurance products. One of its contents requires the use of actuarial services. In the draft new rules, each company must involve product development steering committee for the marketing of insurance products. One member of the committee is an actuary.

Isa said the actuaries who have signature authority of the insurance company actuarial reports only about 150 actuaries at this time. "The rest is still an associate, they have the technical capability but can not be held responsible for his signature," said Isa.

According to Jesus, the existence of an actuary is very important for the insurance industry. They have the technical ability in mathematics, finance, economic statistics to see the economy forward. Even an assessment of what will happen in the hands of actuaries. "But the level of fellow, not the associate level," continued Jesus.

Actuary needs depending on the size of the insurance company. Small companies with products that are not too varied, for example, insurance companies with insurance products and insurance vehicles housing just simply an actuary.

The more varied the products offered, such as insurance off shore and on shore, order ships, and aviation needs more than one actuary. Currently there are 85 general insurance, reinsurance 4, and 45 life insurance. If an insurance company needs a minimum of two actuaries, the actuary needs of 268 people.

Isa added that ideally the number of actuaries more than that number. Because the insurance industry needs an independent actuary to perform the evaluation. "Say the same amount of insurance in two or three years, 300-400 people need to be undertaken," said Isa.

Executive Director of the General Insurance Association of Indonesia (AAUI) Julian Noor also expressed concerns about the limited number of actuaries.

Chairman of the Actuarial Association of Indonesia (PAI), Budi Tampubolon acknowledged, the number of actuaries are still limited. There are currently 350 members of the PAI. Only 150 were entitled to sign the actuarial report. Most of them work in life insurance. "Moreover, the insurance will be needed," he explained. Budi said, ideally the number of actuaries in the company of more than one.

Budi said it is ready to anticipate the needs of actuaries. PAI has issued a Certified Non-Life Analys. Certificate holder simply pocketed the five courses that requirement to be an actuary. PAI also working with the University of Indonesia, UGM, ITB, ITS, and IPB because it has the same subjects with PAI.

To be akturis fellow, actuaries have pocketed the 10 required courses plus one seminar. "This is to accelerate and anticipate two more years, but they have to take another condition," said Budi.