In a sense, actuaries attempt to predict the future – not by gazing deep into a crystal ball, but by utilising mathematics, statistics, and theories of finance and risk to calculate and model the probability of future events. Actuaries develop creative solutions to mitigate negative outcomes and protect people and companies from potential harm.
In Apr 1, 2019, the Voluntary Health Insurance Scheme (VHIS) initiative introduced by Hong Kong's Food and Health Bureau (FHB) was launched with the aim to regulate hospital insurance plans offered to individuals. It is a good time to work in the actuarial and insurance field. Hong Kong’s Insurance Authority (IA) has released insurance business statistics for 2018, with total gross premiums reaching $514.5 billion HKD in 2018, indicating a year-on-year increase of 5.2%.
A report from the Institute and Faculty of Actuaries also suggests that the actuarial profession is continually growing and expanding. “Actuaries are still in short supply around the world and the demand for actuaries will continue to grow as the world expands into new territories, such as artificial intelligence. Actuaries will always be in demand because they are great risk managers and problem solvers.” The Hong Kong government also highlighted the shortage on talent supply in the market, in 2018, Hong Kong government has released a list of 11 types of migrants that will be given priority in migrating to the city. No surprise, Actuaries is on the list.