ISLAMABAD: Pakistan needs to promote actuarial education in universities through modern tools such as Science, Technology, Engineering and Mathematics (Stem) to strengthen its economy, the International Society of Actuaries (SOA) Managing Director (MD) Andy Peterson said on Wednesday.

The actuary professional said to integrate actuarial concepts into business curricula, the country needed awareness and outreach programmes.

“Actuaries are key to Pakistan’s growth, enhancing insurance stability, risk management and public policy design. Their expertise in data-driven decision-making and climate risk assessment helps economic stability and sustainable development,” Mr Peterson said.

He added that actuaries also support financial inclusion through micro-insurance and takaful and play a crucial role in designing pension schemes and healthcare systems for long-term social welfare.

The SOA MD said that academia and the industry have to extend financial support, such as scholarships and exam discounts, to enhance accessibility for actuarial studies.

“Industry-academia partnerships and professional upskilling can align education with global standards and industry needs, driving growth,” he said, adding that Pakistan has made progress in actuarial sciences, with growing student interest.

He said nearly 400 Pakistani members enrolled in the SOA Affiliate Membership Programme as of 2024.

However, Mr Peterson added that the challenges persist, including limited awareness, high costs and underdeveloped industry integration.

He said that efforts should expand outreach, enhance affordability, integrate actuarial sciences into curricula, foster industry collaboration, and leverage actuarial expertise in public policy.

Responding to a question about developing countries like Pakistan taking benefit from fostering actuarial skills in their academic, professional and policy-building structures, he said that fostering actuarial skills will benefit Pakistan by expanding the insurance sector, enhancing risk management through predictive analytics and supporting economic stability.

“Initiatives like SOA’s Global Access Pilot Programme can help improve access to actuarial education and Pakistani actuaries hold prominent roles across the Middle East and South Asia, showcasing how nurturing local talent can drive regional influence and economic growth,” the MD SOA added.

He also suggested that parents should consider career options for their children in this sector as the actuarial profession in Pakistan offers excellent job prospects, competitive earnings and global mobility.

Actuaries play key roles in insurance, banking and public policy, using analytics to manage risks and solve complex problems.

“It has a strong demand both locally and internationally. This career provides financial stability, intellectual challenge and the opportunity to work globally,” Mr Peterson added.

Published in Dawn, February 6th, 2025