Actuaries Without Borders Seeks P/C Actuary for Volunteer Opportunity in Nepal
The following Actuaries Without Borders volunteer opportunity in Nepal may be of particular interest to CAS members. It should be noted that the volunteer must be an AWB Section member. Thus, if you are not currently an AWB Section member and are the successful candidate for this opportunity, you would need to join the AWB Section and pay the required $50 section membership fee. Thank you for your interest.
Actuaries Without Borders (AWB) is pleased to announce a volunteer opportunity in Nepal for an actuary with property and casualty experience. This opportunity will require the chosen volunteer to participate in a two day seminar in English in Kathmandu on April 15 and 16, 2012. Arrival a few days beforehand is required for meetings with the local regulator (Beema Samiti). Local accommodation and other incidental costs are expected to be met by Beema Samiti and international travel costs (restricted to economy airfare and related travel costs) to a maximum of US$2,000 will be met by AWB. Because of the short time until the volunteer must leave for Nepal, your expression of interest must be received by March 30, 2012.
Beema Samiti is organizing an actuarial seminar on 15th April to 16th April, 2012 in Kathmandu. The seminar will involve two actuaries from India to cover reserving and capital modelling respectively and the AWB presenter is to cover non-life rate-making and analysis. The property and casualty business in Nepal is not dominated by any one line of business (approximately 40% auto and 60% other) so the AWB volunteer should cover this rate-making topic in a generic manner in two to three hours of lectures at the seminar. In addition, the AWB volunteer will spend a day or two before the actuarial seminar with Beema Samiti to better understand the non-life insurance sector in Nepal and to describe to Beema Samiti the nature and regulation of the insurance marketplace in other countries. The AWB volunteer will then be expected to comment at the April 15/16 seminar on how the Nepalese insurance marketplace and its regulation compares to insurance markets in other countries. This assignment should be seen as an important first step in developing AWB's relationship with the developing Nepalese actuarial profession and local insurance regulators.
The Nepalese Insurance and Actuarial Environment
- There are 25 insurers; 16 non-life, 8 life, 1 composite. Capital requirements are low (approx US$ 4 million) and not risk-based.
- Actuarial work, primarily on reserving, is usually outsourced to firms in the Indian sub-continent.
- Some Nepalese actuaries are members of the Indian actuarial profession and have taken exams at Indian centers (free entry; no visa, which makes movement easy). The Indian actuarial profession is likely to have an exam center in Kathmandu.
- There is interest from the regulator's office to develop actuarial talent. A scholarship program was being discussed.
- More students are expected to enroll in the actuarial profession. It is expected that there would be 30 or so serious non-life staff (finance, actuarial and operations) for the April 2012 training session.
We are looking for volunteer actuaries who are knowledgeable in property and casualty rate-making and have a good understanding of the regulatory environment for such coverages.
If you are interested in this opportunity, please send an email to AWB-Nepal@actuaries.org by March 30, 2012. Along with their emails, volunteer candidates should provide any additional information that they feel is relevant for this particular opportunity. All candidate names will be submitted to the project team which will then make its selection.