Nurturing future talent for China’s growing insurance industry: Munich Re holds industry’s largest internship contest
Munich Re estimates that the Asia-Pacific region alone will account for nearly half of the growth in global premium income by 2020, equivalent to over €1 trillion. China will be the country with the greatest increase of premiums worldwide (bringing in an additional €425bn). To find the best and brightest potential staff members, and to help ease the shortage of qualified talent in China, Munich Re’s Life team continues its nationwide contest for the third year running.
Beijing. The “Munich Re Cup – 2013 National College Student Actuarial Mathematics Competition” was held at eight locations in China on 18 May 2013 and has attracted over 560 applications students from over a hundred universities in and outside China.
After screening, 422 students sat the 120-minute test in order to vie for an internship opportunity at Munich Re’s Life team in Beijing. Due to the sheer numbers of candidates in previous years, Munich Re has made this year’s requirements more stringent. Only those studying for a major in insurance, actuarial science, statistics, mathematics or related disciplines will be accepted. Also, to ensure quality, candidates need to have passed two or more public actuarial exams in order to enter the contest. Remin University, in Beijing, won the most internship places, with six candidates being selected.
Dr. Joachim Wenning, Munich Re Board member for the Life Division comments, “The region will be the key driver for world insurance growth. As the leading reinsurer, we have to be at the forefront to nurture talent and foster future business opportunities.” Therefore, Munich Re has turned the Student Actuarial Mathematics Competition into a professional annual event. Going forward, the collaborations with universities and other partners will be strengthened further in order to increase the number of potential applicants.
Given the rapid growth of China’s insurance industry, more highly qualified talent is urgently needed in the sector. “Young talent will bring fresh ideas,” says Steve Zhang, Munich Re’s Managing Director of Life Greater China commented. “This shows Munich Re’s long-term commitment to China’s insurance market. Munich Re combines global knowledge with local innovation in order to overcome future challenges and further build upon its success.”
Su Yunyi from Zhejiang University successfully took part in last year’s competition and is proud to say: “I never thought I could work at the world’s leading reinsurer straight after graduation. Taking part in the competition was definitely a cornerstone in my career path.” The nine-month placement offered him an insight into a variety of reinsurance areas, including pricing, underwriting, bancassurance and risk management.
The contest first started as a pilot in Beijing in 2011, and has since attracted over 1,500 students. 35 students have been granted an internship place. The programme is designed to find suitable talent, develop the interest of students in the insurance and reinsurance sector, and to help equip them with actuarial knowledge, the ability to solve technical pricing problems, and stress resistance.
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.