Debasish Prusty, Additional Secretary, DFS, Ministry of Finance
Institute of Actuaries of India(IAI) launched its job portal, a dedicated platform designed to connect actuarial professionals and talent with relevant career opportunities, while strengthening engagement between employers and the actuarial community
Mumbai: The Department of Financial Services is closely coordinating with the Institute of Actuaries of India to bring certain amendments to the Actuary Act, 2006, a senior government official said on Friday.
The official said the insurance sector had attracted close to Rs 90,000 crore in total foreign investment, including foreign reinsurance branches, as of April 2026. The figure included around Rs 16,000 crore of signed capital for foreign reinsurance branches.
“We are actively, as the Department of Financial Services, coordinating with the institute for bringing certain amendments to the Actuary Act of 2006,” Debasish Prusty, Additional Secretary, DFS, Ministry of Finance, said while addressing(vurtually) the Actuaries Day 2026 conference by the Institute of Actuaries of India (IAI).
He said the proposed amendments will soon be discussed by the competent authorities.
“And very soon it is going to be discussed by the competent authorities and we will see that the latest innovations can be driven through certain set of amendments,” he said.
The official also highlighted the expanding role of actuaries amid changes in the insurance and financial sectors.
L to R-Asha Murali, honorary secretary, IAI,Preeti Chandrashekhar, president,IAI, Anurag Rastogi, actuary, on Friday,are launching IAI’S Brand Bible, establishing a unified framework for the Institute’s identity, messaging and communication.
Actuaries are increasingly moving beyond traditional areas such as life and general insurance pricing, reserving and risk mathematics into health insurance analytics, pension and retirement system design, climate and catastrophe risk modelling, artificial intelligence and machine learning-driven risk assessment.
The Institute of Actuaries of India’s Education Policy 2026 has also broadened the curriculum to include data science, artificial intelligence, banking, climate risk and ESG.
He said actuaries would play a pivotal role in achieving “insurance for all” by designing affordable and sustainable insurance products, including microinsurance, for low-income groups, informal and gig workers, rural enterprises and women.
India’s insurance penetration stood at 3.7 per cent of GDP in 2024-25, compared with a global average of 7 per cent, while insurance density was close to USD 100 against a global average of around USD 1,000, he said.
According to Prusty, the country has around 1000 fully qualified actuaries while IAI’s total membership has reached 12,186 as of March 2026, its highest ever. The actuarial students base currently stands at 10,500 and the institute is targeting 30,000 members by 2031.
The number of institutions offering actuarial education has grown from 10 to 30, with a target of 100 by 2031.
Addressing the event, Mike Lombardi, president, International Actuarial Association, said insurance and pensions remain essential areas of actuarial work, but actuaries are also contributing in fields such as health, finance, climate risk, data science, and public policy.
“The greatest opportunities will often arise where these areas intersect. Artificial intelligence, or AI, is already changing how organisations analyse information and make decisions.Actuaries should be active participants in that change. We understand models, but also their limitations. We know they must be tested, explained, and used properly and responsibly,That combination of technical knowledge and professional judgement is increasingly valuable.” explained Lombardi.
Climate change presents another major challenge affecting economies, institutions, and communities. Actuaries can help governments and businesses understand these risks, assess possible responses, and plan over time horizons that extend beyond the next quarter or the next election, stated Lombardi.
India is particularly well placed to help shape the future of the profession. It has a growing actuarial community, a dynamic economy, and strong capabilities in technology and data. Its students and younger actuaries will play an important role in determining how the profession develops, both within India and internationally.The profession needs actuaries who can connect technical expertise with practical action, elaborated Lombardi.
Preeti Chandrashekhar, president, IAI, said,“As India expands its safety nets and seeks long-term fiscal and financial sustainability, actuarial expertise becomes central to informed decision-making and public trust. Actuaries operate at the intersection of economics, finance, demography, and risk. We shape frameworks that protect livelihoods, strengthen institutions, and advance India’s journey toward Viksit Bharat 2047 since today’s progress should not become tomorrow’s vulnerability. One profession that truly holds endless possibilities and infinite impact.”
As part of the celebrations, IAI launched its Brand Bible, establishing a unified framework for the Institute’s identity, messaging and communication. The Brand Bible brings together the principles and standards that will guide how IAI presents itself consistently across its stakeholders and communication platforms.
IAI also launched its job portal , a dedicated platform designed to connect actuarial professionals and talent with relevant career opportunities, while strengthening engagement between employers and the actuarial community.
The IAI has also signed a memorandum of understanding (MoU) with Bhimtech to strengthen collaboration and knowledge exchange in the emerging areas of carbon markets and carbon credits.