Pakistan currently has an insurance rate of 0.7pc of national GDP, pointing to significant room for growth in the insurance sector and opportunities for actuaries. This was among the key takeaways from the Society of Actuaries’ (SOA) Actuaries Connect in Karachi, which brought together hundreds of actuarial students, university faculty and industry experts from consulting, finance and insurance.
Zain Ibrahim, ASA, SOA Regional Director, Middle East, Africa and South Asia, said awareness of actuarial science remains a challenge despite greater access to information and education. “Lack of awareness around actuarial sciences is still low – even today, despite greater opportunities to access knowledge around actuarial sciences, the students still do not know enough about actuarial sciences. The SOA is trying to change that by enabling students, faculties, and educational systems to know about the highly rewarding career that students can pursue as actuaries. The work they do, changes the way businesses and governments conduct their operations and risk assessments, not just here in Pakistan, but also globally.”
Speakers noted that actuarial expertise increasingly spans product development, risk assessment, life and health insurance, motor insurance, mergers and acquisitions, and climate and sustainability. Industrial expansions and climate-related risks are creating further opportunities, while artificial intelligence is transforming routine actuarial tasks and is expected to play a growing role in modelling, problem-solving and risk assessment.
Usama Dangra, President, Pakistan Society of Actuaries, said the SOA has been a preferred credentialing body for Pakistani students for two decades. “This is a profession with a high potential in Pakistan, but beyond that, the cross-skill domain knowledge that students acquire as actuaries is also unparalleled. Many actuaries go beyond their traditional knowledge models to execute the same skill set and knowledge across STEM, finance, and sociological frameworks.”
The event underscored critical milestones for students aiming to pursue actuarial careers through the Associate of Society of Actuaries (ASA) pathway, as well as the Fellow of the Society of Actuaries (FSA) designation, through a series of interactive sessions and professional demonstrations on career journeys from industry pioneers in the country.
Zahny Almany, FSA, CERA, General Manager, Head Actuarial Services and ERM, EFU Life Insurance, said actuaries needed to develop expertise beyond their traditional discipline. “As an actuary, going beyond the actuarial sphere is a critical part of becoming a professional with a widespread impact – business decisions, policy experiments that extend to non-actuarial fields – are what help one become a well-rounded actuarial practitioner with cross-disciplinary, cross-cultural knowledge of its practitioner space.”
The event also highlighted the SOA’s education pathways and the global demand for qualified actuaries. SOA credentials are globally-recognized, with members working and based locally in Pakistan as well as in international markets.
