Top actuaries, China’s insurers have jobs for you, 96 of them
China’s non-life insurers and reinsurers are being forced to hire a chief actuary by the end of 2019 in an apparent regulatory ramp up in corporate governance levels across the sector
All of China’s major non-life insurers and reinsurers are being required to hire a chief actuary by the end of 2019, in an apparent regulatory ramp up in corporate governance, according to an official government notice posted on Wednesday.
China’s existing 84 non-life general insurers, and 12 reinsurers – or insurers of insurers – must have their chief actuary in place by January 1, 2020, said the China Insurance Regulatory Commission (CIRC), the mainland’s top insurance watchdog. All newly established insurers will also be required to have such as post created in time.
China’s life insurers currently operate under senior management mechanisms that generally already have chief actuaries within their top ranks, but other types of insurers were not required by law to have one until now.
Non-life insurers and reinsurers had combined assets worth 2.9 trillion yuan (US$439 billion) by the end of October. While the assets at the nation’s life insurers sat at 13.1 trillion yuan.
Actuaries are essential to the insurance industry as they use statistics and financial theory to analyse the financial cost of risk and uncertainties, during policy development and premium calculation, and that solvency and fiscal budget management and assets-liabilities match.
