Staff Reporter :
The Insurance Development and Regulatory Authority (IDRA) has taken significant steps to tackle the acute shortage of actuarial professionals in Bangladesh’s insurance industry and develop skilled talent for the future.
As part of this effort, the regulator has drafted the “Actuarial Ordinance 2025”, proposing the formation of three key institutions: the Actuarial Institute, the Actuarial Board of Standard Setting, and the Actuarial Council.
These bodies will oversee education, certification, and professional standards for actuaries, pending approval from the Financial Institutions Division of the Ministry of Finance.
The announcement was made by IDRA Chairman Dr. M Aslam Alam on Wednesday during a seminar titled “Employment of Youth in the Insurance Industry: Development and Potential of the Actuarial Profession” held at the Institution of Diploma Engineers, Bangladesh.
He noted that only four to five actuaries currently work across the entire insurance sector, with just two based in the country. “For sustainable growth in the insurance sector, actuarial expertise is essential,” he said, adding that actuarial skills also support wider financial sector stability.
Speakers at the event highlighted that actuaries apply mathematics, statistics, and economic models to assess future risks and uncertainties a critical foundation for product pricing, premium calculation, and claims management. Globally, actuarial science is regarded as a prestigious and well-paid profession.
Keynote speaker Dr. Mohammad Sohrab Uddin said Bangladesh has lost potential actuaries due to limited recognition and career opportunities, urging insurance companies to actively support IDRA’s initiatives.
Actuary Afrin Haque stressed raising awareness about the profession at school and college levels to attract young talent.
IDRA has already launched a programme to train three actuarial trainee officers, aimed at nurturing the next generation of actuarial experts.
