SOA's Actuaries Connect spotlights growth potential in insurance sector

The Society of Actuaries said insurance penetration in Pakistan stands at 0.7% of national GDP, which it sees as a sign of considerable room for the sector to grow. Speaking at the SOA's Actuaries Connect event in Karachi, officials pointed to growing openings for actuarial professionals. Mettis Global reported that the gathering drew hundreds of actuarial students, university faculty and industry specialists.

Zain Ibrahim, Regional Director for the Middle East, Africa and South Asia at the SOA, said awareness of actuarial science is still limited even though information is easier to access. He noted that students often have little exposure to the field, and the body is working to make career options clearer for students and educators. He also said actuaries shape how businesses and governments run operations and assess risk, both in Pakistan and worldwide.

Zahny Almany, General Manager and Head of Actuarial Services and ERM at EFU Life Insurance, said actuaries must look beyond their core discipline. She argued that taking part in business decisions and policy work outside traditional actuarial fields helps create a well-rounded professional. The SOA, founded in 1949 and with more than 35,000 members, says its credentials are recognized worldwide.