SOA's Actuaries Connect spotlights growth potential in insurance sector

September 22, 2026 (MLN): Pakistan's insurance penetration stands at just 0.7% of national GDP, pointing to significant untapped potential for the sector and growing opportunities for actuarial professionals in the country.

The assessment came at the Society of Actuaries' (SOA) Actuaries Connect event in Karachi, which brought together hundreds of actuarial students, university faculty and industry experts, with organizers commended for spotlighting a profession seen as central to the country's risk-management and financial-security landscape, according to a press release issued.

The event was attended by actuarial students, faculty members and professionals drawn from consulting, finance and insurance backgrounds.

Zain Ibrahim, ASA, SOA Regional Director for the Middle East, Africa and South Asia, said awareness around actuarial science remains low despite greater access to information and education.

He noted that students still lack sufficient exposure to the field, and said the SOA is working to change this by enabling students, faculties and educational systems to understand the career opportunities available in actuarial science.

He added that the work of actuaries shapes how businesses and governments conduct operations and risk assessments, both in Pakistan and globally.

Speakers at the event noted that actuarial expertise now spans product development, risk assessment, life and health insurance, motor insurance, mergers and acquisitions, and climate and sustainability.

Industrial expansion and climate-related risks were cited as sources of further opportunity, while artificial intelligence was flagged as a transformative force in routine actuarial work, with a growing role expected in modelling, problem-solving and risk assessment.

Usama Dangra, President of the Pakistan Society of Actuaries, said the SOA has remained the preferred credentialing body for Pakistani students for two decades. He described the profession as one with strong potential in Pakistan, adding that the cross-skill domain knowledge actuaries acquire is unparalleled, with many going on to apply their skill set across STEM, finance and sociological frameworks.

The event also outlined key milestones for students pursuing actuarial careers, covering both the Associate of Society of Actuaries (ASA) pathway and the Fellow of the Society of Actuaries (FSA) designation, through a series of interactive sessions and professional demonstrations featuring career journeys from industry pioneers in Pakistan.

Zahny Almany, FSA, CERA, General Manager and Head of Actuarial Services and ERM at EFU Life Insurance, said actuaries need to build expertise beyond their traditional discipline.

She said moving beyond the core actuarial sphere is critical to becoming a professional with wider impact, noting that involvement in business decisions and policy experiments extending into non-actuarial fields helps shape a well-rounded practitioner with cross-disciplinary and cross-cultural knowledge.

The event further highlighted the SOA's education pathways and the global demand for qualified actuaries, with SOA credentials recognized worldwide and members based both in Pakistan and in international markets.

The SOA is the world's largest actuarial professional organization, with more than 35,000 members globally.

Founded in 1949, it advances actuarial knowledge through education, research and professional standard-setting.

Its members analyze and manage financial risk across industries including life and health insurance, retirement systems and enterprise risk management, with credentials such as the ASA and FSA designations supporting informed business decisions worldwide.

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