Insurers’ actuaries 1,474…continue hiring specialized professionals
According to Financial Supervisory Service data, the number of actuaries held by insurers at the end of last year was 1,474 people, 1about 150more than years earlier. Samsung Life Insurance and Samsung Fire & Marine Insurance have the largest actuarial teams.
The insurance industry continues to secure specialized professionals, including actuaries. According to Financial Supervisory Service data, the number of actuaries held by insurers at the end of last year was 1,474 people, 1an increase of about 150compared with years earlier. The industry continues to expand its specialized workforce.
In life insurance and non-life insurance, Samsung Life Insurance and Samsung Fire & Marine Insurance have the largest actuarial teams, with 176 and 179 people, respectively. The two companies use their actuarial staff to manage product pricing and solvency. The disclosed figures show the distribution of personnel by company.
Next, Hyundai Marine & Fire Insurance reported 104 people, and Hanwha Life Insurance reported 98 people. These companies are also increasing their actuarial headcount, sharing work on product design and profit-and-loss estimates. The pace of workforce expansion differs by company.
Kyobo Life has 96, KB Insurance has 86 people. These companies also assign actuaries to assess risks and set prices for each product. The published figures are used to understand staffing levels across the industry.
Shinhan Life reported 76, DB Insurance reported 75 people. Actuaries are also being recruited by small and midsize insurers. The number of actuaries is one part of a company’s workforce composition.
Industry officials say that, as insurance profits have stagnated, the need to develop high-return products has grown, leading to increased recruitment of specialists. Statistics from the Financial Supervisory Service show this trend in figures. Details of new product launches can be found in disclosures by each company.
Sources: 연합인포맥스
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