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NUMERACY
by Anna Game-Lopata
Solving our maths problem Australia and New Zealand are well behind their Asian neighbours in numeracy, and the number of maths graduates is steadily declining. How can we safeguard insurance skills? IN SHORT › Numeracy in Australia and
New Zealand continues to decline, with a shortage of skilled mathematics teachers, decentralised curricula and irrelevant learning material contributing to the problem.
A
› Fewer maths graduates will
potentially impact the insurance profession, which relies on these skills to analyse data and make informed decisions.
› Many Asian countries rank higher
than Australia and New Zealand on numeracy due to greater investments in teachers, students and schools, a national approach to curricula and an overall expectation of academic effort and perseverance.
JOURNAL // ISSUE 03 2023 // ANZIIF.COM
s president of the Actuaries Institute, Naomi Edwards is worried about Australia’s numeracy. Declining numbers of maths graduates and competition from other fields will potentially make it more difficult to attract young actuaries, data scientists and business analysts into the insurance profession. “Traditionally, the insurance industry was able to recruit a very large percentage of maths graduates from universities,” says Edwards, who also sits on the board of TAL, Australia’s largest life insurer. “We now have fewer maths graduates choosing data science occupations in a growing number of other industries.” Hong Kong-based Jeffrey Chan, a non-executive director at the Actuaries Institute, is also concerned about future generations of actuaries in the APAC region. “Numeracy is a fundamental skill required in the actuarial field, as it involves complex calculations, statistical analysis and risk assessment,” he says. But the risk isn’t just in relation to actuaries and data analysts. “Without a strong foundation in numeracy, it can be challenging for insurance professionals to accurately analyse data, make informed decisions and mitigate risks effectively,” says Chan.
