India’s actuarial body targets 30,000 members by 2031, expands focus on AI and climate risks

The Institute of Actuaries of India aims to grow its membership to 30,000 by 2031, expanding its focus on AI, climate risk, data science and ESG as India’s insurance sector expands.

On Actuaries Day 2026, the Institute of Actuaries of India unveiled a new job portal and brand guide, and announced the 26th Global Conference of Actuaries, highlighting the profession’s growing influence in India’s financial landscape.

Key Takeaways

• The Institute of Actuaries of India aims to grow membership to 30,000 by 2031, up from a record 12,186 as of March 2026.
• On Actuaries Day 2026, IAI launched a new job portal and brand guide, and announced its 26th Global Conference of Actuaries.
• The institute is expanding its focus into AI, climate risk, data science and ESG as India’s insurance sector grows.
• IAI’s student body numbers over 10,000, reflecting strong pipeline growth for the profession.

The virtual address was delivered by Dr Debasish Prusty, Additional Secretary, Department of Financial Services, Ministry of Finance. Present in person were IAI President Preeti Chandrashekhar, Vice President Anurag Rastogi, Honorary Secretary Asha Murali, and Mike Lombardi, President of the International Actuarial Association.

IAI reported a record membership of 12,186 as of March 2026, aiming for 30,000 members by 2031. The student body numbers 10,500, and the count of institutions offering actuarial programmes has risen from 10 to 30, with a goal of 100 by 2031.

Insurance market offers room for growth

In 2024‑25, insurance penetration in India stood at 3.7 % of GDP, below the global average of 7 %, while insurance density was about US $100 versus roughly US $1,000 worldwide, noted Prusty. He added that India is on track to become the sixth‑largest insurance market within five to six years.

Parliament’s passage of the Sabka Bima Sabki Raksha Act 2025 raised the foreign direct investment limit in insurance from 74 per cent to 100 per cent. Total foreign investment in the sector, including foreign reinsurance branches, stood at close to 90,000 crore as of April 2026.

Actuaries expand into climate-linked risks

IAI also signed a memorandum of understanding with Bhimtech to collaborate on carbon markets and carbon credits, signalling a push into climate-linked financial risk, an area the institute’s Education Policy 2026 now formally includes alongside data science, artificial intelligence, and ESG.

AI brings opportunities and compliance risks

Prusty flagged AI adoption as both an opportunity and a compliance risk for the profession, calling on actuaries to serve as “ethical gatekeepers” to monitor algorithmic bias, consumer data privacy, and institutional integrity. He described these three as a “trinity” of responsibilities.

“Actuaries must engage in it mindfully,” Prusty said of AI. “AI systems can inadvertently perpetuate or amplify historical demographic biases present in our underlying data.”

Chandrashekhar framed the profession’s stakes in broader national terms. “Today’s progress should not become tomorrow’s vulnerability,” she said.

The Department of Financial Services is also working with IAI on amendments to the Actuaries Act, 2006, Prusty said, without specifying a timeline.

Published on August 21, 2026