Celebrating 75 Years of the Indian Actuarial Profession

Institute of Actuaries of India (IAI) celebrated the platinum jubilee of the Indian Actuarial Profession. The celebration was attended by the veteran actuaries, chief actuaries, chief executives, chief financial officers of various insurance companies. A large number of student members of IAI were present during the event. IAI released a Coffee Table Book covering the history of the actuarial profession in India. The book was released at the hands of Andrew Rallis, President of Society of Actuaries. The Coffee Table Book captures the journey of the actuarial profession in India that started with the erstwhile Actuarial Society of India (ASI) which was established in September 1944 to foster the growth of the Actuarial profession in the country. L.S. Vaidyanathan was the first President of the ASI, who laid the early foundations of the profession. The ASI played a vital role in providing inputs to the government to help formulate policies regarding insurance, pension funds, etc. The book also encapsulates key milestones that brought a paradigm shift in the actuarial profession like the introduction of the IRDAI Act, the Insurance Act, and transition from ASI to the Institute of Actuaries of India when Actuaries Act, 2006 came into existence. Key initiatives taken by IAI for the betterment of the profession are also highlighted in the book. The importance of Actuaries has been proved time and again in the varied sectors of Insurance and Financial Risk Management. “This is a proud moment for the Actuarial profession. I am grateful to all our veteran actuaries who have immensely contributed to the profession to bring it to the current stage. We need to enhance the awareness about the value that actuaries add to the lives of people and serve the interest of the public at large.” said, Sunil Sharma, President, Institute of Actuaries of India. “The work of actuaries is vital to the success of the insurance industry which is essential for an orderly society. I congratulate the actuarial fraternity in India on its 75th anniversary and I am proud and humbled to contribute in some small way to its continued success.” said, Andrew Rallis, President, Society of Actuaries.