The Role of Actuaries in Sustainable Development Goals

Abstract

Purpose: The general purpose of this study was to investigate the role of actuaries in Sustainable Development Goals.

Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library.

Findings: The findings reveal that there exists a contextual and methodological gap relating to the role of actuaries in Sustainable Development Goals. The study underscored the indispensable role of actuaries in advancing sustainable development goals (SDGs) across multiple sectors. Actuaries contribute significantly to promoting environmental sustainability by assessing and managing risks associated with climate change, while also fostering social equity and inclusivity through the design of insurance and pension schemes. Moreover, they facilitate long-term investment and infrastructure development aligned with SDGs 8 and 9, and support health and well-being initiatives, particularly in healthcare financing and risk assessment. Overall, through their expertise in risk assessment, financial management, and strategic decision-making, actuaries play a critical role in driving transformative change towards a more sustainable, inclusive, and resilient future.

Unique Contribution to Theory, Practice and Policy: The Stakeholder theory, Institutional theory and Systems theory may be used to anchor future studies on the role of actuaries in Sustainable Development Goals. The study provided recommendations aimed at enhancing the contributions of actuaries to sustainable development agendas. It advocated for increased awareness among actuaries about their role in supporting SDGs, fostering collaboration between stakeholders, integrating sustainability considerations into actuarial practices, and promoting transparency and accountability within the profession. These recommendations emphasized the importance of aligning actuarial efforts with sustainability goals, leveraging collective expertise, and ensuring ethical and responsible decision-making. By implementing these recommendations, actuaries could play a more proactive and impactful role in advancing sustainable development goals and addressing societal challenges.

Keywords: Actuaries, Sustainable Development Goals, Contributions, Recommendations, Awareness, Collaboration, Sustainability Considerations, Transparency