The Institute and Faculty of Actuaries has launched a suite of actuarial training modules aimed at helping businesses that provide micro-insurance in the developing world.
The models, which are spreadsheet based, should help micro-insurers run their businesses on sound actuarial principles as they contain clear processes for setting premium rates and calculating reserves and risk financing requirements.
The Institute hopes that by improving access to training in this way, the poorest people in developing countries will be to be able to buy insurance from providers that utilise sound business principles.
The first two modules cover agricultural crop insurance and credit life insurance, with a third module covering health insurance planned for 2013.
All modules will be continuously updated and further development will be based demand.
Dermot Grenham, spokesperson for the Institute and Faculty of Actuaries, comments: “This is a really exciting project that has enabled a wide range of actuaries from across the globe to work together for the public good, work which will be of particular benefit to low income people in developing countries.”