The Vietnam Insurance Association has revealed that the non-life insurance companies in the country are currently facing a shortage of qualified actuaries.
According to Ngo Trung Dung, deputy general secretary of the association, only one actuary in Vietnam meets the national standards.
The shortage of actuaries who meet national standards could pose a major problem to the country’s non-life insurance firms as regulators are set to impose the new rule from January next year.
The rule requires non-life insurance firms to use actuaries that meet the standards, which include being a fellow of international actuary societies, having at least five years’ work experience and possessing at least two certificates issued by international actuary societies.
Vietnam currently has 30 non-life insurance companies, 17 life insurance firms, and two reinsurance companies.
In 2014, insurance firms in Vietnam posted total revenue of around US$2.6bn.