Kathmandu. Why are Nepal’s actuarial talents leaving the country – and what can be done to stop it? However, the survey related to actuarial analysts published by the Nepal Insurance Authority is unclear.
। Two common reasons why insurers are unable to hire their actuarial analysts are higher education abroad and career development opportunities. Nepal’s insurance companies have been producing actuarial analysts, but have not been able to sustain it.
Nepal’s insurance sector offers an opportunity to actuarial analysts to learn on the job and practice principles in practice. Nepal’s insurance companies are providing employment to them. And then, Nepal is losing them to India, the UK, the US, Australia and other destinations due to problematic regularity. Where the path to career development is clear, the salary is comparatively much higher. The actuarial profession is more firmly established.
The Authority’s survey identifies two major reasons for leaving the country for higher studies and seeking better career development opportunities outside Nepal. These are not isolated facts mentioned in the report. These reports are responses from insurers themselves, the institutions that have invested in recruiting and training these professionals.
The structural reasons for the departure abroad are not mysterious. Actuarial analysts in Nepal are typically in the early stages of the multi-year qualification process, ranging from eight to twelve years. During this period, the most intellectually creative and professionally vulnerable phase of their instincts, they need structured training. They need access to senior agents who can guide their development, and support in examinations. What the survey has revealed is that these are exactly the things that they have not been able to get confidently.
The report’s executive summary reads, “Unclear career development pathways, inadequate training and guidance, good external career opportunities, and the pursuit of higher education are major barriers to retaining local talent. “
32.5% of actuarial analysts surveyed said that they have not had any direct communication with their appointed actuaries at the formal level. Instinct development progression pathways are vaguely described. The other is a complaint related to unfair pay. Most analysts have been forced into assistant-level positions with limited visibility of how, or when, a salary increase or promotion opportunity might arise.
Insurers are not inactive in the face of this challenge. The survey shows that limited insurers are using strategies to retain actuarial analysts. They include competitive salaries, training and instruction, opportunities for relevant work, internal promotion opportunities, and examination fee reimbursements as the most widely cited measures. But the difference between what insurance companies offer and what analysts need remains significant. Especially in terms of structured mentoring, formal career development plans, and institutional support in actuarial studies.
The tendency of early career actuarial analysts to visit India is important, especially considering the proximity and language compatibility of the Indian actuarial market. The Institute of Actuaries in India offers a well-established qualification pathway. And Indian insurance and consultancy institutions are actively recruiting Nepali undergraduate students. In this context, without a competitive internal environment, Nepal’s educational pipeline runs the risk of becoming an export pipeline.
