Traditionally actuaries in Asia have largely been employed for statutory purposes. Consequently actuaries often had a very technical, back office role. However, as the Asian insurance industry and actuarial profession continues to develop, there has become a huge demand for actuaries to be involved in a much wider range of duties, often in front office commercial roles (e.g. Distribution, Risk Management, Capital/Solvency II...). The issue many companies are facing in Asia though, is that they struggle to find this skill set within the local markets.
This article compares actuaries' roles in Asia and Europe, provides an overview of Asian market conditions and offers advice to businesses looking to recruit skilled actuaries in the Asia market.