The Central Government of India is talking with Institute and Faculty of Actuaries (IFoA), the global actuarial professional body based in U.K. for introduction of a specialized actuarial course in the National Insurance Academy (NIA), in Pune, India, in the next academic session.
The move is in the backdrop of the huge demand for specialized actuaries the country is anticipated to have in near future following the increase in FDI from 26% to 49% in the insurance sector. Sushobhan Sarkar, Director of National Insurance Academy in an interview with PTI told that efforts were on to start specialized actuarial courses at the NIA in collaboration with IFoA with effect from the next academic session. He expressed inability to throw more light on the topic as the Institute is still busy preparing course materials. However, he added, this course will be unique and different from all existing courses and programmes.
Derek Cribb, Chief Executive of IFoA told PTI that he had an interaction with Anup Wadhwa, the Chief Secretary, Ministry of Finance, India, and that they discussed the ways and means to meet the actuarial requirements of the country. They also talked on the role of Certified Actuarial Analysts (CAA) introduced by IFoA last year in August in this venture. He further added that Wadhwa was very keen on promoting the NIA to introduce the course.
Cribb further said that he suggested a 2-year post graduate diploma in the actuarial science at the NIA. He expressed optimism over the introduction of this course at NIA, in India in near future. A CAA course is likely cost 380 pounds as fees, and he put the country’s requirements at 1000 full-fledged actuaries and 10000 CAAs in times to come. Globally, there are 200 students studying CAA course out of which 150 belong to U.K., Cribb said. According to Paul Reynolds, Director of Public Affairs, negotiations are going on with several Indian Universities for the introduction of CAA course, but the talks are in nascent stage at the moment. He added that there was a plan to rope in Indian Statistical Institute in this pursuit.