Munich Re expands its successful China life actuarial internship competition to Southeast Asia
The “Munich Re Cup – 2014 National College Student Actuarial Mathematics Competition” was held at eight locations in China and attracted over 400 students from 90 universities in and outside China.
Beijing. The Chinese market is already the fourth-largest primary insurance market worldwide, with premium volume of around €210bn in 2013; it is expected that its premium volume will double by 2020 to become the third-largest market globally. To nurture the future talent needed for the growing insurance sector in China and the region, Munich Re’s Life Team held its fourth annual actuarial contest, which this year included participants from Southeast Asia for the first time.
Emerging countries are forecast to gain much greater weight in the global insurance market by 2020. Munich Re’s economists estimate that the share of the emerging Asian markets in global premium income will increase from 9% last year to 14% in 2020. Almost 50% (€194bn) of the additional primary insurance premiums in the period until 2020 will come from Greater China; about 70% of the additional premiums will be generated in the life sector.
Joachim Wenning, Munich Re Board member for the Life Division commented: “China will see the largest absolute growth in life insurance premiums, ahead of the USA. As the leading reinsurer, we are well prepared to support this growth with reinsurance capacity, know-how and innovative products.”
“The strong premium growth in life business together with high premium volume shows great potential for China. Finding the right talent and nurturing it will be key to participating in this growth and shaping the development of the industry”, says Steve Zhang, Munich Re’s Managing Director, Life Greater China.
The competition has attracted around 2,000 students since it first started as a pilot in Beijing in 2011. This year, the top 20 students will be given priority consideration for internship opportunities at Munich Re's Life Office in Beijing. The programme is designed to develop the interest of university students in the insurance sector, train their technical skills and risk management ability, and create an opportunity for them to put theory into practice.
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