Kathmandu, Actuary is an occupation, to asses to risk in the financial sector. It evaluates make the assessment of the risk of investment as well as of the return. Since it is a specialized task of financial sector, it is also known as actuary science. In the insurance sector, actuary is known as an important as well as an indispensable organ. Since the insurance policies issued by the companies are subject to various risk factor, an actuary is compulsory in insurance company. Similarly, to make the prediction and analysis of the investment risk too in the financial sector, the need of the actuary is indispensable. In the international practice, in all types of financial sectors, the actuaries are appointed. Actuaries do the analysis of all past records and statistics of investment and make the prediction deficit or surplus of the future investments by using mathematical formulae.
The Insurance Act, 2049 has also set up the compulsory regulation for the insurance companies to make the actuary evaluation. However, for the actuary evaluation, Nepal is in the compulsion to rely over Indian. Due to lack of sufficient manpower, who have specialized in its study, the insurance companies have to import the Indian manpower in this field. As per the insurance act, the insurance companies have to make the analysis of financial position as well as evaluate their liability position. Apart of this, either for issuing the new insurance contracts by the insurance companies or while making the insurance contracts by the insurance board, there is the need of actuaries.
The use of actuary was first supposed to be effected in 1957 in England. Round the globe, there is the scarcity of manpower in this field. An individual has to specialize in mathematics as well as statistics. It is also one the highly paid job.
There is the need of actuaries while preparing the insurance contracts, determining the premium rate, predicting the number of claim in the total issued policies, determining the financial position of the company, determining the amount of bonus to be paid to the insured, etc.
There has been the rising need of actuaries in Nepal with the rise in the number companies. Similarly, in the proposed insurance bill, the regulation for the annual evaluation by the actuary has been included. The need to produce the national actuaries, rather than relying over foreign manpower seems to be important currently.
Although, there are not any Universities for the study of actuary science, by studying in the recognized institutes, the actuary practice license can however be taken. Recently Tribhuvan University has come up with the program of mathematical science, which is supportive for the actuary science.