Demand For Actuaries Grows In Asia
The insurance sector is booming in Asia with the top 20 APAC insurance companies reporting a 2.5% year-on-year growth for 2021. Along with this positive market development, actuary job roles within this area have increasingly become a popular choice, particularly with younger generations, but why are people looking towards insurance sector jobs as the next step on their career pathway? There are several key reasons for its growing popularity.
Career Stability
Despite Covid-19 impacting almost every service type in Asia and presenting no shortage of challenges and complications to the insurance industry, the resilience and re-growth of the sector has become apparent across the globe with the Swiss Re insurance group predicting that China will remain the fastest growing insurance market according to Swiss Re.
Evidence of this upward tick is also becoming apparent in Singapore as the life insurance industry saw a 61% increase in sales in the first half of 2021, surpassing then umber of business premiums sold in the same period in 2019 before the global pandemic.
An Intellectual Challenge
As well as relative stability, actuarial careers are ideal for people who enjoy roles where they will be continually challenged. Actuaries need to be multi-faceted and have a wide variety of skills from technical expertise to problem solving and communication skillst o coding. Actuary roles will keep those with analytical mindsets and excellent mathematical prowess motivated and engaged.
A Wide Range of Career Options
The actuarial and insurance sector is one of the largest in the world and is forecast to continue its strong global growth through to 2025 as reported by Statista, which means there are a wealth of potential actuarial opportunities for interested candidates who are new to the field or those who are just looking for a new insurance position. While it may not be advisable to tell an interviewer that you plan to move roles every year, actuary positions are ideal for someone who wants to get a wide range of experience rather than commit to one role for 10 years.
A Valued Profession
For anyone looking for a role in a prestigious field, actuarial positions can offer esteem and respect as they require specific technical knowledge, commitment to achieve rigorous qualifications and drive to stand out in a competitive field. As a result of this, actuarial and insurance roles can also be very financially rewarding, particularly at more senior levels as companies compete for top talent.
One of the best ways to find the right actuary insurance role for you is to speak to one of Gravitas’ specialist insurance consultants. Our teams work in niche talent shortage areas and cover specific geographic regions to provide you with a tailored recruitment insurance solution that meets your exact requirements. Get in touch today and see how our team can help.