Munich Re has launched a bold programme to address the chronic shortage of actuaries in the rapidly expanding Chinese life insurance market, offering paid internships for 35 youngsters interesting in a career in the field.
At present, there are 500 qualified actuaries in China, just one-10th of the number Munich Re estimates the country will require over the coming decade as it emerges as the world’s third-largest insurance market.
Joachim Wenning, member of Munich Re’s Board of Management and responsible for life reinsurance business, said: “China’s insurance market is developing at a phenomenal pace, growing faster than the economy itself. With a tenfold increase in the premium volume in China between 2000 and 2010, it is no wonder good talent is in great demand.”
A total of 645 students with an interest in insurance and the actuarial profession from close to 100 universities in and outside China applied for the 35 internship positions and participated in the Munich Re Cup – 2012 National College Student Actuarial Mathematics Competition earlier this month.
The 35 best-performing entrants will be offered a paid three-month position at Munich Re Beijing, during which they will receive a wide range of training in crucial insurance and reinsurance skills, including basic reinsurance knowledge, as well as an insight into pricing, underwriting and bancassurance.
Steve Zhang, Munich Re’s managing director of life operations in Greater China, said: “Insurance is a people business and there is a shortage of talent in China. I believe this situation will become worse in the coming years.
“China’s insurance industry will continue to grow at fast pace and we urgently need more highly qualified talent in the sector. As a company, it is necessary to plan ahead in this area to accommodate future growth.”