Efforts to boost number of actuaries in East Africa

The demand for actuaries in East Africa is on the rise, with companies relying on these risk professionals to analyze data, determine risks, and protect policyholders. However, the region is facing a shortage of actuaries, with less than 100 fully qualified professionals in the market. To address this issue, the Actuarial Academy of East Africa has been established to support qualifications and develop specializations to meet the growing market demands. Holly Bakke, Principal with Strategic Initiatives Management Group, highlighted the importance of actuaries not only in the private sector but also in regulatory bodies and government agencies. Actuaries are crucial for regulators to effectively analyze reports submitted by companies and ensure compliance with international best practices in risk management. Bakke emphasized the need for actuaries in government institutions such as the National Pension Fund and healthcare sectors. By training regulators and fostering a pool of skilled actuaries, East Africa can strengthen its insurance sector and promote financial stability. The role of the Actuarial Academy of East Africa is pivotal in addressing the shortage of actuaries in the region. With less than 100 actuaries in the East African community, the Academy aims to provide support for aspiring actuaries to complete the necessary exams and obtain international credentials. By offering courses and mentorship programs, the Academy seeks to build a pipeline of talented actuaries who can cater to the diverse needs of companies and government entities. One of the challenges facing East Africa is the brain drain of actuaries who seek opportunities abroad after completing their qualifications. Universities in Kenya offer quality actuarial programs, but many graduates leave the country to work in other markets. To retain local talent, the Actuarial Association of Kenya and the Academy are working towards creating opportunities for actuaries to advance their careers and receive competitive remuneration. The East African Actuarial World Academy, a nonprofit organization, is set to offer a series of courses and exams preparation for aspiring actuaries. By leveraging the expertise of trained professionals, the Academy aims to equip individuals with the skills and knowledge needed to excel in the field of actuarial science. As East Africa strives to bolster its actuarial capacity, initiatives like the Actuarial Academy of East Africa play a crucial role in nurturing talent, promoting professional development, and addressing the shortage of actuaries in the region.