Pakistan’s low insurance penetration opens room for actuarial careers, experts say

Pakistan’s insurance penetration stands at just 0.7% of gross domestic product, leaving significant room for sector growth and creating opportunities for actuarial professionals, industry experts said at an actuarial conference in Karachi.

The issue was highlighted at the Society of Actuaries’ Actuaries Connect event, which brought together hundreds of actuarial students, university faculty and industry experts from consulting, finance and insurance.

Zain Ibrahim, regional director for the Middle East, Africa and South Asia at the Society of Actuaries, said limited awareness of actuarial science remains a challenge despite greater access to information and education.

He said the organization is working with students, faculty and educational institutions to increase awareness of actuarial careers and the role actuaries play in business and government decision-making and risk assessment.

Actuarial roles expand beyond insurance

Speakers said actuarial expertise increasingly extends across product development, risk assessment, life and health insurance, motor insurance, mergers and acquisitions, climate and sustainability.

Industrial expansion and climate-related risks are creating further opportunities, while artificial intelligence is transforming routine actuarial tasks and is expected to play a growing role in modelling, problem-solving and risk assessment.

Usama Dangra, president of the Pakistan Society of Actuaries, said actuarial training provides professionals with cross-disciplinary skills that can be applied across STEM, finance and sociological frameworks.

He said the Society of Actuaries has been a preferred credentialing body for Pakistani students for about two decades.

Global qualifications and career opportunities

The event also highlighted qualification pathways through the Associate of the Society of Actuaries designation and the Fellow of the Society of Actuaries credential.

Interactive sessions and professional demonstrations focused on career journeys and key milestones for students pursuing actuarial qualifications.

Zahny Almany, general manager and head of actuarial services and enterprise risk management at EFU Life Insurance, said actuaries increasingly need expertise beyond their traditional discipline.

She said involvement in business decisions and policy work outside conventional actuarial fields can help professionals develop broader cross-disciplinary and cross-cultural capabilities.

The event also highlighted global demand for qualified actuaries. The Society of Actuaries said its credentials are recognized internationally, with members working both in Pakistan and in overseas markets.

The Society of Actuaries has more than 35,000 members globally and provides education, research and professional standards in areas including life and health insurance, retirement systems and enterprise risk management.