Businesses & Financial News

Demand for actuaries on the rise

As of 2017 Kenya had seven qualified actuaries against 46 risk professionals the East African market had as a whole in that year alone.

The demand for actuarial opportunities in Kenya is burgeoning, according to a noticeable trend which shows an increasing growth in the appetite for actuaries seen in the Kenyan market today.

As of 2017 Kenya had seven qualified actuaries against 46 risk professionals the East African market had as a whole in that year alone.

The total number of actuaries in Kenya is now estimated at about 68 – signaling an ever increasing demand inspired by new opportunities in sectors like healthcare, banking and other financial institutions as opposed to previously in the insurance sector, according to the Chief executive of Zamara Group Sandeep Raichura.

“In the past ten years, we have witnessed significant growth in our actuarial practice area as the breadth of our services and market needs have continued to increase to include general insurance consulting, healthcare consulting, enterprise risk management, reinsurance optimization and, most recently, services to the banking industry and data analytics,” said Mr. Raichura.

He was speaking on the sidelines when the firm announced the appointment of two new actuaries, a move it says will shore up its capacity to expand its actuarial service offering both locally and across the continent.

Long study years have previously hindered the growth in the number of professionals. Most students take more than ten years to become an actuary, but the minimum is 8 years– signaling despite the profession being one of the best paying careers in the job market.

A person working as an Actuary in Kenya typically earns around Sh 195,000 per month with salaries ranging from Sh95, 800 – being the lowest to Sh 305,000 or more being the highest.

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