Munich Re project to encourage actuaries in China

May 23, 2012 by Adrian Hönig in  Baden-Baden Meeting

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.”

 

 

S&P lowers rating on Swiss Re Dutch life op

Jun 01, 2012

RATING AGENCY Standard & Poor’s has revised its assessment of Netherlands-based life business of Algemene Levensherverzekering Maatschappij NV (ALHM), part of Swiss Re’s Admin Re operation, following the announcement by Swiss Re that it would be selling its US life operation REALIC to Prudential UK’s Jackson National Life. The operation is now rated ‘A-’, down from ‘AA-’, on the grounds that S&P now considers the business to be non-strategic to Swiss Re.

Allianz lines up Groupama unit bid

Mar 09, 2012

Allianz, the world’s largest insurer, is preparing an offer for French insurer Gan Eurocourtage. Mutual insurer Groupama is having to dispose of its subsidiary to cope with burdens arising from the financial crisis.

Japan could offer Iranian oil cover

May 24, 2012

THE Japanese government is considering asking parliament to pass a law that would permit the government to offer insurance cover on Iranian oil imports, Japanese officials said today.