Expanding Actuarial Horizons: Mapping Risk & Opportunity
The SOA Middle East, Africa, & Pakistan (MAP) committee is pleased to announce the SOA Regional Symposium 2024, which will be held from November 23 to 25 in Riyadh, Kingdom of Saudi Arabia.
Under the theme of ‘Expanding Actuarial Horizons: Mapping Risk & Opportunity’”, the symposium builds on the success of last year’s event in Riyadh, which was well-attended and received positive feedback. The SOA is promising that the upcoming symposium will be equally successful and beneficial for all participants.
The SOA is committed to supporting a growing global community, advancing education, and supporting the industry. Our regional symposium series provides a platform to connect with colleagues, learn about new developments in the field, and make valuable business connections.
MenaMoney Forums has been the event planner for the regional symposiums in the Middle East.
Start the symposium in style with our Networking Reception the evening before the main event! This casual gathering is the perfect way to meet withattendees, speakers, and industry professionals in a relaxed, social atmosphere before the sessions begin. Enjoy appetizers and light refreshments as you make new connections and reconnect with colleagues, setting the stage for a successful and engaging symposium.
Get your name badge and make your way to the morning’s networking breakfast! Meet with attendees, exchange ideas, and build relationships over coffee/tea and light breakfast items. Whether you’re looking to make new connections or reconnect with colleagues, don’t miss this chance to kickstart your day.
Leadership from the SOA and Insurance Authority (IA) will discuss key strategic developments impacting the profession.
Join us for the exhilarating C-Suite Panel, where visionary leaders from top companies will illuminate how their industries are dynamically evolving to meet the demands of our rapidly changing world. With global risks escalating in complexity and impact, the role of leaders in shaping organizational resilience has never been more crucial. This compelling session will explore how forward-thinking organizations shift from reactive risk mitigation to proactive risk intelligence and solution creation. The panel will delve into the exciting transition to customer-centric business models, the integration of cutting-edge risk assessment technologies, and the vital cultural shifts within organizations that enhance collaboration, data accessibility, and risk awareness. Don't miss this opportunity to engage with industry pioneers and discover the future of risk management and strategy in an era of unprecedented change and opportunity.
Regulatory Perspectives: Ongoing challenges faced by the Regulators and the Actuarial Role
While approaches may vary across regulators, the shared objective remains ensuring a risk-controlled environment for financial services to prosper. A unique opportunity to hear the insights of how each country is navigating evolving regulatory changes, with a focus on the following key areas:
Consequently, and practically, prudential rules, guidelines, financial reporting, valuations, solvency adequacy, product filing and new business applications call on actuarial expertise to develop, maintain and revise actuarial practices over time in line with market conditions.
The panelists will share their vision, appreciation and expectations regarding the multiple roles actuaries can play within and/or in collaboration with other financial services stakeholders.
Join us to celebrate and honor our newest SOA members and celebrating recent accomplishments.
The Saudi insurance sector has shown steady growth, with a capital regime currently following a fixed capital approach. As Saudi Arabia aligns with the global trend toward a risk-based capital (RBC) framework, this panel will examine RBC requirements from an international perspective, including experiences from EU members, the U.S., and KSA. Key discussion points will include:
Healthcare cost trends are critical component in the practice of healthcare actuaries. These trends help identify areas of rising healthcare inflation or other disruptions within the healthcare system. According to various annual reports, Saudi Arabia's medical trend rate increased from 12% to 14% in 2023. This rise is driven by factors such as regulatory changes, clinical innovation, technological advancements, and demographic shifts. In this panel, we will explore these trends with a focus on the short-term outlook, discussing how these developments are impacting your organizations.
Discover how actuaries can drive the expansion of Microinsurance, making insurance accessible to underserved populations. This session will explore the uniqueness of the microinsurance market in the Middle East, Africa, and Pakistan (MAP) region, and the pivotal role that actuaries play in shaping its future. Through case studies and real-world examples, Michael McCord, and his co-presenter will dive into strategies for creating and pricing scalable, impactful microinsurance products, including the integration of Takaful products and mobile technology.
The panel on motor insurance in Saudi Arabia is poised to be an engaging and insightful discussion, bringing together a diverse group of industry leaders and experts. Guests will engage in a lively exchange of ideas, with each participant bringing their unique perspective to the table.
In this session global reinsurers will discuss the supporting role to the regional market and how different risks can be efficiently transferred and managed alongside the observed challenges in the market. For new business lines, the reinsurer’s underwriting and pricing expertise combined with observed international trends could be used to provide additional insights into local products.
Likewise, the reinsurer’s claims management procedures in risk sharing leading to prompt and accurate payments for the risk assumed by the ceding companies. Lastly, the reinsurer’s own digital investment could be embedded with the ceding company offerings for a successful digitization journey. Such risk transfer will be effectively and economically feasible if the risk of error is contained, the data reporting consistently available with treaty terms and condition reflecting the spirit of the transaction.
The session will shed light into the expectations from the reinsurer and ceding company relationship and their common goal in providing coverage along the insurance value chain.
"Actuaries Connect," the first day of the SOA Regional Symposium, brings together faculty members, candidates, and students from across the region to explore key actuarial topics and foster professional growth. The event is hosted by the SOA and sponsored by Badri Management Consultancy. This session will provide a summary of this event, namely around participation, insights shared and the value they bring to participants, and SOA’s strategic initiatives with universities that support the expansion and strengthening of the actuarial profession.
The C-Suite Panel continues the insightful discussions from the first day, bringing together visionary leaders to explore the transformative forces shaping our burgeoning financial services landscape. As our industry experiences rapid growth and evolution—driven by technological advancements, changing consumer behaviors, and emerging market dynamics—we find ourselves at the forefront of innovation and opportunity. This exciting session will delve into hot topics such as the crucial partnerships between regulators and industry pioneers, and strategies for building trust in our nascent sector. Panelists will address pressing challenges like financial inclusion, digital transformation, and cybersecurity, highlighting the importance of agile and forward-thinking approaches. Attendees will gain invaluable insights into how industry trailblazers navigate this dynamic environment, fostering resilience and leveraging challenges as catalysts for innovation and sustainable growth in our vibrant, emerging financial ecosystem.
Building from the previous regulatory session, gain additional views from regulators on the current state of their markets and where the actuarial profession can make a difference. The points of consideration remain the same but their impact and priorities in addressing them may vary modestly or significantly from one jurisdiction to another.
Following these regulatory sessions, actuaries will be informed with multiple options to consider as an employee, a contributor, service provider or partner with the regulator on its journey regarding the soundness of the financial sector and country’s economic development. Other attendees will gain insights on the regulatory challenges to tackle and the response, solutions actuaries could provide.
In an era of rapid demographic shifts and evolving economic landscapes, understanding the role and future of social insurance is more crucial than ever. This session will provide a comprehensive exploration of social insurance, with a focus on the differences between defined benefit and defined contribution systems, and the associated risks and variations.
This session will delve into global demographic trends, particularly changes in fertility and mortality rates, and how this impact social insurance sustainability. Attendees will gain a clear understanding of the foundational concepts of social insurance and its vital role in society. They will also gain insight into global benchmarking practices and recent changes shaping social insurance frameworks, and appreciation of the critical role actuaries serve in ensuring the robustness and fairness of social insurance systems.
Join us to equip yourself with the knowledge and tools needed to navigate the complexities of social insurance and to contribute effectively to its ongoing evolution.
Globally, collectively and individually we are witnessing a wide range of responsibilities emerging in response to living with AI which raises the question as to what to do? For the SOA as an organization, it means helping the candidates and members in gaining the skills needed, embedding AI tools safely in its services and leading on issues AI poses for the profession and industry.
In parallel, as the largest actuarial credentialing and professional institution, the SOA works closely with other actuarial associations through the International Actuarial Association and locally with the U.S. Department of Commerce in bringing together AI creators/users, academics, government, industry researchers and other organizations in promoting the safe and trustworthy development and use of AI. to that effect, the SOA Research Institute has been selected amongst 200 leading institutions across many industries and sectors involved in this work.
Considering all this rapid development, our panelists will provide insights on the priorities and action plans developed by their clients and stakeholders leading to changing existing practices, considering new and alternative solutions in launching new products, managing risks where actuaries can and will play pivotal roles across organizations.
Traditionally, the Middle East has been less prone to natural catastrophes than other parts of the world. This has been the reason for the massive entry of global reinsurance capacity. However, the recent events that took place in 2023 including the Libyan floods in addition to the Morocco and Turkey earthquakes have been extremely severe. Furthermore, the April 2024 storm in the UAE confirmed the trend toward more frequent and severe weather events in the GCC.
Nat Cat events will put financial pressure on the primary insurance sector operating in a competitive market with limited ability to pass on higher reinsurance costs to customers. Moreover, the rating agencies have expressed concerns about the occurrence of these floods on GCC insurers’ balance sheet.
Given this challenging context, this session will shed light on the actuarial modelling practices and technical analyses in non-life reinsurance treaty. This includes Nat Cat models, benchmarks, risk appetite statement, and the design and pricing of an optimal reinsurance program.
As organizations move beyond the initial implementation of IFRS17, the focus shifts to the financial and operational implications, and performance metrics that define success. As a result, this year’s IFRS17 session will focus on these financial impacts offering insights into how the new standard reshapes key performance indicators (KPIs) and financial reporting processes.
This session consists of speakers from different sectors, where each panelist will discuss the following key objectives:
In line with the theme, this session will delve into the strategic role of Chief and Appointed Actuaries in the MAP region. As the region faces rapid transformation, actuaries are tasked with navigating emerging risks—particularly climate-related challenges and changing technology and cyber risks —while identifying opportunities for innovation and growth.
The session will explore how these key actuarial leaders are essential in shaping the strategic direction of insurance firms by balancing risk management with long-term value creation. The discussion will focus on actuaries being business enablers and strategic business partners integrating risks into actuarial models, addressing sustainability concerns, and ensuring regulatory compliance in a changing global landscape. Additionally, attendees will learn how digital advancements and data analytics are being leveraged to optimize decision-making and foster resilience.
Expert panelists will highlight how Chief and Appointed Actuaries can proactively address emerging risks, such as climate change and cyber threats, while seizing opportunities that align with sustainable growth strategies. This session offers a forward-looking perspective on how actuaries can drive innovation and contribute to building a resilient, future-ready insurance market in the region.
Drawing on experience from the Egyptian Life and Savings market, this session will explore practical strategies for driving growth and expansion in other markets. It will cover:
Join us for an insightful session on “The Intersection of Innovation and Technology in Insurance,” where we delve into how continuous innovation and technological advancements are revolutionizing the insurance industry. This session will explore the integration of new technologies into product development/innovation and the challenges insurers face in adopting these innovations. Attendees will gain a comprehensive understanding of the future of insurance, learn about the challenges and opportunities in adopting new technologies, and explore strategies for fostering innovation within their organizations.
Key takeaways include identifying key trends driving innovation, analyzing the impact of technological advancements on product innovation, and discussing actionable strategies for overcoming challenges in technology adoption. This session aims to further equip attendees with the knowledge and tools needed to navigate the evolving landscape of insurance effectively.
Court is in session and you are the jury!
Follow along as challenging aspects of actuarial professionalism are explored in an engaging court-like setting. Deliberate based on your own experiences and newfound insights from this session, then deliver your verdict. Who says learning about actuarial professionalism can't be fun? Even if you've attended before, join us again for fresh material and updated discussions that will both educate and entertain, proving that professional development can be as enjoyable as it is essential.
At the conclusion of this session, attendees will be able to:
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