“The United States has more than 40 fellow actuaries per million people and the United Kingdom more than 250, while India has fewer than one per million. Compounding this, IAI’s(Institute of Actuaries) total membership has fallen from around 12,000 in 2011 to approximately 9,700 in 2025. This gap is urgent. India needs more qualified actuaries to strengthen financial protection, especially when we are moving towards adopting risk-based capital and converging to international financial reporting standards,’’ Ajay Seth, chairman, IRDAI

Mumbai:Highlighting the growing gap in the demand and supply of actuaries in the country, that needs to be addressed urgently,Ajay Seth, chairman,IRDAI, suggested the actuarial community to focus on three priorities.

First, capacity building and tail-end development, especially in data science, climate risk, health analytics and enterprise risk management. Second, integration with responsibility, ensuring product design and pricing that promote inclusion while safeguarding long-term sustainability. Third, strengthening of public trust by placing policyholder interest at the centre of every decision,’’ he said while virtually addressing the 25^th Global Actuarial Conference(GCA), with a theme “Actuarial Pathways to Vixit Bharat, Managing Risks for Social and Economic Growth”, held in Mumbai, on Tuesday.

“The United States has more than 40 fellow actuaries per million people and the United Kingdom more than 250, while India has fewer than one per million. Compounding this, IAI’s total membership has fallen from around 12,000 in 2011 to approximately 9,700 in 2025. This gap is urgent. India needs more qualified actuaries to strengthen financial protection, especially when we are moving towards adopting risk-based capital and converging to international financial reporting standards,’’ he highlighted.

General insurance faces increasing exposure to climate risks, natural disasters and cyber risks. Addressing these challenges demands careful product designing, robust pricing, prudent reserving and long-term strategic planning, areas where actuarial expertise is decisive. Capacity building is therefore critical, particularly as India faces a continuous shortage of qualified actuaries, observed Seth.

.As India collectively aspires to be Vixit Bharat by 2047, the role of risk management, financial stability and inclusive insurance, protection and pensions become central to this vision. Actuaries stand at the heart of this ecosystem, stated Seth.

In a country as diverse as India, risk manifests in many forms, health, climate, longevity, cyber and systemic risk. Actuaries are uniquely positioned to model these uncertainties and design solutions that are both financially viable and socially impactful. The path to mix in Bharat requires not only economic growth but also resilience of households, businesses and institutions, outlined Seth.

Traditionally associated with life insurance and pensions, the actuarial profession has expanded significantly.Today, actuarial expertise is integral to general insurance, health insurance, banking, investment management and enterprise risk management. With emergence of big data, artificial intelligence and advanced analytics, actuarial science is moving beyond structured historical data towards interpreting large volumes of real-time information, added Seth.

“This shift offers unprecedented opportunities for more accurate risk assessment and innovative product design. Legislative and regulatory developments have also expanded the statutory responsibilities of actuaries. The enactment of the Sabka Bhima Sabki Raksha Act has strengthened India’s insurance ecosystem and enhanced the formal role of actuaries,” he expaned.

This is significant at a time when the industry itself faces pressing challenges. For many citizens, life insurance is perceived primarily as a savings vehicle rather than a risk protection tool. However, real returns on savings-oriented life insurance products remain a concern when adjusted for inflation, rising metal cost, pressure, health insurance affordability and sustainability, pointed out Seth.