Local insurance industry needs more actuaries

JAKARTA (JP): Indonesia needs to double the number of actuaries in the country to support the rapid development in pension funds and insurance companies, a senior government official said yesterday.

The director of insurance in the Finance Ministry, Suyoto, said yesterday there were only about 129 actuaries in the country.

"The amount cannot supply the number of insurance companies and pension funds in the country," Suyoto said at the launch of the University of Indonesia's postgraduate actuary program.

He said there were over 60 insurance companies in the country, and the number would increase by about 10 this year.

There are over 200 pension funds in the country and the government expects it to grow to 300 next year.

Suyoto said one problem faced by insurance companies was human resources, including the lack of actuaries.

He said Malaysia in comparison had hundreds of actuaries, although it had far less insurance companies than Indonesia.

The state-owned University of Indonesia is offering a postgraduate program for the Magistrate Management in Actuary, in cooperation with the Financial Sector Reform Project of the Canadian International Development Agency.

The two-year program will be divided into six quarters and will start in September. (das)