Being an actuary, you can be employed in various fields.
Life Insurance Companies
General Insurance Companies
KPO Companies (Knowledge Process Outsourcing)
Consulting companies
Investment Companies
Pension and Benefits Companies
Health Insurance Companies
Reinsurance Companies
In India, Life Insurance, KPO and Consulting companies provide large portion of the actuarial demand. Further, General Insurance sector after de-tariffing promises to provide very lucrative job profile in near future.
Pension and Benefits field is also likely to benefit given the reforms that are taking place in Pension and related areas. It is heard that Banking and Financial Companies are also now hiring actuaries for analyzing risks.
Health insurance actuaries are also in great demand, given that in India the scope of Medical Insurance is tremendous and lot of companies around the world want to enter India as soon as possible. Demand for health actuaries are bound to increase.
I don't know for sure, but talking with various industry experts, there is a feeling that work of General insurance or Health actuary involves more subjective decision. Due to this fact the responsibility of their decision is high and thus they are paid more than a life or pension actuary all around the world. Although in India General insurance or Health insurance companies are not paying as industry standard across world but it is likely to change soon.
List of Life insurers in India
- Bajaj Allianz Life Insurance Company
- Birla Sun Life Insurance Company
- HDFC Standard Life Insurance Company
- ICICI Prudential Life Insurance
- ING Vysya Life Insurance Company
- Life Insurance Corporation of India
- Max New York Life Insurance Company
- Met Life India Insurance Company
- Kotak Mahindra Old Mutual Life Insurance
- SBI Life Insurance Company
- TATA AIG Life Insurance Company
- Reliance Life Insurance Company
- Aviva Life Insurance Company
- Sahara India Life Insurance Company
- Shriram Life Insurance Company
- Bharti Axa Life Insurance Company
- Future Generali India Life Insurance Company
- IDBI Fortis Life Insurance Company
- Canara HSBC Oriental Bank of Commerce Life Insurance Company
- Aegon Religare Life Insurance Company
- DLF Pramerica Life Insurance Company
List of Non-Life insurers in India
- Bajaj Allianz General Insurance Company
- ICICI Lombard General Insurance Company
- IFFCO Tokio General Insurance Company
- National Insurance Company
- The New India Assurance Company
- The Oriental Insurance Company
- Reliance General Insurance Company
- Royal Sundaram Alliance Insurance Company
- Tata AIG General Insurance Company
- United India Insurance Company
- Cholamandalam MS General Insurance Company
- HDFC ERGO General Insurance Company
- Export Credit Guarantee Corporation of India
- Agriculture Insurance Company of India
- Star Health and Allied Insurance Company
- Apollo DKV Insurance Company
- Future Generali India Insurance Company
- Universal Sompo General Insurance Company
- Shriram General Insurance Company
- Bharti AXA General Insurance Company
- Raheja QBE General Insurance Company ( Prospective)
List is taken from site of IRDA.
5 comments:
Do you have an Idea of the propects of pension actuaries in India. Do you expect banks hiring entry level actuarial analysts?
Hi
How do you expect the demand for dully qualified actuaries to change in the next few years in India?
Obviosuly this answer varies - what is comepnsation fro fully qualified actuary (total exoperienc ein field 6 years)?
Ex pat packages advertised in UK/US for acturaies tow ork in India are attractive? Can equivalent local actuaries secure the same packages?
Do you suspoect we will see many mroe actuaries from foreign countries entering India?
In Westeren countries
Very nice blog. Thank you very much for that info.
Job Responsibilities
yea..its good to know where I'll be working in future..:)
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