For immediate release
Canada Partners with University of Waterloo to Help Establish Indonesia as a Centre of Actuarial Excellence
Canada strengthens actuarial sector in Indonesia to stimulate economic growth and stability
May 21, 2015 - Waterloo, Ontario - Foreign Affairs, Trade and Development Canada
Today, Peter Braid, Member of Parliament for Kitchener-Waterloo and Parliamentary Secretary for Infrastructure and Communities, on behalf of the Honourable Christian Paradis, Minister of International Development and La Francophonie, announced Canada’s support to the University of Waterloo for an initiative aimed at helping build a stronger insurance and pension industry in Indonesia to stimulate sustainable economic growth and reduce poverty. In making the announcement, PS Braid was joined by Lois Brown, Parliamentary Secretary to the Minister of International Development.
Canada’s support for the Risk Management, Economic Sustainability and Actuarial Science Development in Indonesia project aims to increase the number and quality of Indonesian actuarial-science graduates to address the country’s growing demand for actuaries.
The initiative is centered on a partnership between the private sector, local educational institutions and Indonesian government agencies. For example, Manulife is supporting the University of Waterloo to provide training, scholarships and work experience for young men and women entering the profession, as well as contributing to high school mathematics programs.
Through these efforts, Canada will help build a more stable and well-regulated financial, insurance and pension sector in Indonesia that will improve trade and investment.
In 2014, Indonesia was confirmed by Canada as a country of focus for international development assistance.
- Indonesian government and industry forecasts estimate a shortage of 800 to 1,600 actuaries, who are needed to meet current regulations and the size of the market.
- The University of Waterloo is one of the world’s top three universities in actuarial sciences and number one in co-op placements and work-integrated learning.
- Manulife is a Canadian company with 29 years of experience in Indonesia’s insurance and financial services sector.
- Indonesia is Canada’s largest export market in Southeast Asia and is a priority market under Canada’s Global Markets Action Plan.
“Canada is proud to partner with the University of Waterloo and Manulife on this important initiative, which will contribute to building a strong foundation for economic growth and stability in Indonesia by strengthening the country’s actuarial profession.”
- Peter Braid, Member of Parliament for Kitchener-Waterloo and Parliamentary Secretary for Infrastructure and Communities
“By increasing education and employment opportunities for actuaries in Indonesia, Canada is contributing to the country’s long-term growth and also making an overall difference in the lives of the most vulnerable.”
- Lois Brown, Member of Parliament for Newmarket-Aurora and Parliamentary Secretary to the Minister of International Development
“The University of Waterloo has one of the largest and strongest actuarial science programs in the world. We are proud to work in collaboration with the Government of Canada, Manulife and Indonesian universities and agencies to deliver innovative academic programming, outreach activities and work-integrated learning opportunities in Indonesia.”
- Feridun Hamdullahpur, President and Vice-Chancellor, University of Waterloo
“With this announcement, the Government of Canada is providing vital support to help build specialized skills and capacity that will play an important role in supporting development and financial inclusion in Indonesia and across the entire Southeast Asian region. Manulife is partnering with the two governments and the University of Waterloo to address Indonesia’s critical shortage of accredited actuaries. By establishing a centre of actuarial excellence, we hope that Indonesia will become a regional centre for actuarial studies. Actuaries are needed not only to support the development and growth of the insurance industry, but their skills also help provide governments with better information and analysis when making public policy decisions.”
- Paul Lorentz, Executive Vice-President and General Manager, Retail Markets, Manulife
- Backgrounder – Strengthening Indonesia’s Actuarial Profession
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Backgrounder - Strengthening Indonesia’s Actuarial Profession
Canada announced today that it is contributing $15.53 million (2015-2020) to the University of Waterloo for the Risk Management, Economic Sustainability and Actuarial Science Development in Indonesia project. In addition, Manulife Financial is providing $1 million toward this initiative.
The project will increase the number and quality of Indonesian- actuarial science graduates by working with high schools, universities, the insurance and pension industry, professional associations, the private sector, and government agencies. There will be an emphasis on furthering education, training, and providing work placements to address the critical shortage of accredited actuaries in Indonesia. Addressing the shortage is important to Indonesia’s economic growth and stability.
Manulife’s contribution will help strengthen the education system for actuaries in Indonesia. This will include scholarships to increase the participation of poor and disadvantaged young women and men in actuarial science study programs, cooperative work placements and support for mathematics education programs for high school students.
It is expected that 5,000 high school students will participate in the mathematics programs, and that up to as many as 50,000 students will benefit from teachers trained by this project. In addition, the project expects to reach 500 actuarial science graduates.
Canada is committed to supporting sustainable economic growth and reducing poverty in Indonesia by boosting education and employment of actuaries in the country.