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.
Quick Facts
- 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.
Quotes
“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
For more information, please contact:
Media Relations Office
Foreign Affairs, Trade and Development Canada
343-203-7700
media@international.gc.ca
@DFATD_Dev
