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East African actuaries hit 46 but all are Kenyan

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An actuary is a business professional who analyses the financial consequences of risk or an expert in risk management. file photo | nmg

Kenya has seven newly qualified actuaries bringing the total number of the risk professionals in East Africa to 46.

The Actuarial Society of Kenya (Task) on Tuesday said a consistent focus on transforming the actuarial profession in the country is beginning to show positive results, with the number of qualified members expected to increase rapidly.

“The growth is consistent and tremendous. Task has put specific initiatives to ensure the steady growth,” said the society president James Olubayi.

All the qualified actuaries in the East African market are Kenyans.

To be qualified, an actuarial science graduate has to successfully complete a series of professional papers from bodies that are full members of International Actuarial Association.

The papers include those from Canadian Institute of Actuaries (CIA), British Institute and Faculty of Actuaries (IFoA), Institute of Actuaries of Australia (IAA), American Actuarial Society (AAS) and the Actuarial Society of South Africa.

An actuary is a business professional who analyses the financial consequences of risk or an expert in risk management.

Actuaries use mathematics, statistics and financial theory to measure the probability and risk of future events in healthcare, pensions, insurance, banking and investments.

Mr Olubayi said recent partnership with USaid-backed Financial Services Volunteer Corps (FSVC), Universities of Nairobi and Dar es Salaam to introduce the Actuarial Academy of East Africa (AAEA) will boost the profession more.