There are many many people studying actuarial science nowadays.
Many local uni now offer this course.
Many graduates come for interview in my office looking for position within our actuarial dept but we just do not have enough vacancies to take them in.
I'm not saying that you should not pursue but if you do make sure you are really good in maths and stats. If not you do not stand a chance with the fellowship exams.
Graduating with an actuarial science degree is not too hard but unless you get the fellowship exams, you will not be talking about much more money than other jobs within an insurance company.
Under the coming FSA all insurance companies must have appointed actuaries whose function should not include pricing.
Almost non of the general insurance companies to date has an appointed actuary so there will be a demand.
The general insurance motor and fire tariff will be abolished in 2016 so there will be a scramble for pricing actuarist soon. Most general insurance companies now don't even have pricing actuarist.
I myself is an Actuarial Science graduate but choose not to go into Actuarial Science itself but I am still doing well with my job in a general insurance company.
But I deal with Actuarist a lot, both internal and external actuarist. My background helps me to deal with them.
My daughters took Actuarial Science but both choose to change course after one year because they find it too hard.
I'm not trying to frighten you but just want you to know that unless you are confident to get the fellowship, you will not be making the kind of money that you hear actuarist are earning.
Also you do not need an actuarial science degree to work in actuarial dept. some of my company actuarial staff did a degree in maths or statistics.
Hope this helps in making a decision.

This post has been edited by sekkee: Jun 27 2013, 07:56 PM

Internal actuaries are those employed by the insurance company.
External actuaries are those working for actuarial firms like tower watson etc where those insurance companies without appointed or pricing actuarist outsource the work to them. For mergers and acquisitions we also outsource to external actuaries for additional opinions in valuation.
For general insurance companies right now most will not have qualified actuaries though some might have some actuarial/maths/stats graduates doing some simple analysis work. My company has about 8 pax I think and they get support from our regional actuarial team.
All life companies will have a qualified actuarist.
Of course a qualified actuarist is earning 5 figure salaries. You are looking at upwards of 30k at the very minimum.
Bank Negara also has an actuarial team so that is another option.