Summary
The initiative’s vision for Nepal is a strong and sustainable supply of actuarial capacity along with an increasing demand for that actuarial capacity, adding strategic value within an effective regulatory environment. Given the scarcity of actuarial resources in the local Nepalese market, a key component of the road map is the formation of an actuarial analyst position within insurer organisations. Multiple road map interventions were agreed by key stakeholders with a focus on building actuarial capacity by working with:
- Universities to continue a supply of actuarial candidates and to explore a pathway for accreditation with an international actuarial body
- Supervisory authorities to encourage or require permanent in-house actuarial capacity within insurers and within the supervisory authority
- Insurers to employ actuarial analysts and build a supportive work environment with best practices for actuarial employees
- Actuarial practitioners to bridge the gap in capacity though work applications and learning
- Social protection systems and other risk financing groups to improve the pricing of risk financing measures
A long-term vision – develop a robust, independent and sustained market in 10+ years
During the facilitation mission of 8-15 November 2022, stakeholders discussed a vision for the future of the actuarial profession in Nepal. The graphic in Figure 1 illustrates the aspects considered in formulating the interventions.
Figure 1: Aspects considered in interventions
The table in Figure 2 details a summary of the interventions identified to achieve the objectives.
Figure 2: Interventions identified
| GOAL 1: Continuing supply of actuaries | • Exam-focused tutorials and exam-related interventions • University in Nepal working towards being accredited by the Institute and Faculty of Actuaries (IFoA) • Provide career support and guidance to actuarial professionals through mentorship program |
| GOAL 2: Demand for actuaries | • Best practices in place for employers to support and retain actuaries • Webinar for senior management on application of actuarial skill sets and value of actuarial expertise • Work application training through a panel of experts • Establish in-house actuarial analyst functions |
| GOAL 3: Regulatory environment | • Establish In-house actuarial capacity at Nepal Insurance Authority • Incorporate a regulatory recommendation that employers establish an Actuarial Analyst function over the next three years to build capacity for in-house signatory function in the long run |
For more information about the UNDP-Milliman Global Actuarial Initiative, please visit our main page or the programme fast facts.
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