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Arab Actuarial Conference 2023

The Arab Actuarial Conference is a regional professional platform for actuaries, actuarial firms, businesses, industries and government executives that depend on actuarial services in the Middle East & North African (MENA) countries.

Conducted in a different Arab capital every year, the highly attended conference tackles emerging issues and trends that are key to the actuarial industry and sectors that are dependent on actuarial services and analysis, such as insurance, finance, investments, pension, risk management, banking, demographic studies amongst many others.

Event Schedule

9:00 am - 10:00 am

Actuaries’ Role in National Economy and Government Finances

This session is about a government culture where actuarial talents/ systems are used to predict/ analyse and model liabilities and revenues in public balance sheets, and dynamically run stress-testing on expenses and revenue streams, so as to inform policy-making and politics. It may contribute great insights on how certain aspects of national economy or financial policies be managed. Do governments need an actuary department? Do they all have one? To what extent such a function may help improve the stewardship of public sector finances. They support effective decision-making and robust financial reporting through actuarial analysis, modelling, and advice.

10:00 am - 11:00 am

Actuaries, Demographic Outlook and Fiscal Implications

The coronavirus pandemic has driven research in a few countries on population mortality by age, sex, socioeconomic category and by race for obvious historical risk calculations but also for what it can tell us or prepare us for the next pandemic. The societal impact of our aging population both as impacted by Covid and for retirement and health solutions for mitigating risks are actuarial hot topics. The impact of positivity on life expectancy was put forth as a topic of global interest to the actuarial community. Furthermore, how can actuarial assumptions on demography/ population guide government’s fiscal planning?

11:30 am - 12:30 pm

Actuaries, Climate Change and Sustainable Development Goals (SDGs)

Environmental risk, study of weather extremes and international catastrophe pooling, determining the role of anthropogenic climate change on human health outcomes, societal risk management for projected future changes in frequency, severity and variety of weather-related catastrophes and renewable energy are all actuarial topics driven by climate change and the research needed for an actuary to define risk accurately. The actuarial insights on weather study and climate change will be a great contribution to the global SDGs adopted by governments around the world.

4:30 pm - 5:00 pm

What’s an Actuarially Fair Price (Contribution) for a Lifelong DB Retirement Income?

What is the actuarial fair price for obtaining guaranteed retirement benefits for life from government pension funds that adopt defined benefits, in order to ensure the sustainability of the pension funds? In a lot of the pension funds that are experiencing major actuarial deficits in the region, the chief reason attributed to this chronic issue is to lower employee contributions, either at present or in the past.

9:00 am - 10:00 am

Low Interest Rate and Product Modelling

Over the last couple of decades, we have experienced a consistent decrease in interest rates which have even dropped significantly below zero for swap rates. This is a trend not only in Europe, but in many markets globally, and it has been a massive challenge for guaranteed business. To overcome these challenges, innovative solutions are emerging. An example is newcomers building models based on credit underwriting capabilities that allow additional spread to be generated within a risk tolerance technique similar to large insurance risk, even if the spread risk is classified within financial risks. This represents a fantastic opportunity for life actuaries to help adapt the business model of “general business” despite a sustained low interest rate environment.

10:00 am - 11:00 am

Actuarial Perspectives on Inflation’s Effects on Insurance and Pensions

Panelists from different actuarial practice areas will share their insights into the potential impact of inflation for private insurance and pension plans and major public systems. The discussion will dive into the current picture of cost and claim trends, and shine light on the possible actuarial implications of inflation over time.  The discussion will also informatively explore the potential effects on financial security systems of different policy responses to inflation such as monetary policy changes, and legislative and regulatory proposals. This session will also look at the impacts of recent rapid rise in both inflation and central bank interest rates around the world. High inflation maybe unusual to the developed nations of Europe and North America, but other economies have experienced stubborn high inflation for prolonged periods. What lessons can actuaries learn from these economies? What lessons should be learned from the UK Central Bank’s intervention to protect the collapse of a number of pension schemes in October 2022. What opportunities and challenges does high inflation present to life and general insurers?

11:30 am - 12:30 pm

Economic Trends and Financial Security

Personal finance and economic trends shine light on the complex financial security implications of the current economic and public policy environment. The session will share insights into what recent macro-level economic trends such as inflation, rising interest rates, and market volatility could mean for households’ retirement income and savings; financial risks; and the shape of public policy debates beyond the mid-terms.

12:30 pm - 1:30 pm

Cryptocurrencies: Fad or Fab?

Since the launch of Bitcoin in 2009, cryptocurrencies have made the headlines with astronomical returns and equally spectacular falls in value. Speculative investors have driven volatility in crypto assets to record levels. Traditional thinking says that such assets should not form part of the portfolios of pension funds, insurance companies and other similar entities. Is it time to challenge that thinking? Does blockchain technology have a part to play in keeping the records of pensions schemes?

2:30 pm - 3:30 pm

The Value-Add Actuaries Bring to Organisations and their Customers

Actuaries are experts in assessing the financial impact of tomorrow’s uncertain events. They enable financial decisions to be made with more confidence by: analysing the past, modelling the future, assessing the risks involved, and communicating what the results mean in financial terms. It is this specific combination of capabilities and skills that enable them to add value to their organisations and clients, by generating various comprehensive likely scenarios/ models of your target missions.

3:30 pm - 4:30 pm

IFRS 17

With IFRS 17 live as of January 2023, we hear from a range of panel experts on getting to grips with the new standard. We look at implementation challenges, the reasoning behind policy choices and consider different approaches to the actuarial assumptions that underpin IFRS 17 results.

9:00 am - 10:00 am

Local Regulatory Environment and Changes – How Do We Further Develop Insurance Markets?

A long-standing debate within the insurance regulatory world has been to what extent should regulators be responsible for market development, meaning closing protection gaps and increasing insurance penetration rates. In light of evolving markets, insurers withdrawing from some coverages and persistent (and in some cases growing) protection gaps, this is receiving new attention. From an actuarial perspective, what changes they’d like to see in the regulatory environment that would make local insurance markets thrive?

10:00 am - 11:00 am

The Pandemic and Actuarial Models

Prior to COVID-19, actuarial models were focused on mortality as a key risk in a pandemic event. Given this focus on historical data, many actuarial models have proven to be inappropriate in predicting the consequences of COVID-19. Progress in health technology and practices, as well as political intolerance for deaths in most countries, led to pandemic-related mortality predictions being far too pessimistic. Instead, globalization led to “event cancellation” and “business interruption” being the main sources of insurance claims. These claims have been significantly inflated by the expectations of customers, public opinion and, in some cases, legislators, to cover losses beyond contractual clauses. Lessons are to be taken from this experience. Actuaries should consider embedding more “foresight analysis,” notably for rare events and long-term trends. They therefore need more expert judgment in their models while strengthening governance to ensure adequate outcomes. The session will also highlight the implications of Covid on long-term mortality and morbidity trends and their impacts on MENA insurance markets.

11:30 am - 12:30 pm

Increasing Local Uptake of Insurance and Related Products (Life, Health and Pensions)

Globally as well as regionally, the insurance industry (as regulators and as insurers) has suffered for decades from low rate of penetration of its products and services in domestic markets; whether these services are for general insurance, life insurance, health insurance or retirement savings. From an actuarial standpoint, how could we energize these markets and make a real change in this space?

12:30 pm - 1:30 pm

The Future of Underwriting

The future of insurance underwriting looks very different, with digital technology playing a starring role. With customer demands growing, the industry is under tremendous pressure to transform. Customers today expect products, services and experience tailored to them like they have elsewhere in life and online. They expect speed and convenience — things the industry hasn’t exactly been known for. As the industry adapts to shifting market conditions, some roles will likely need to be transformed as well. They can do this by automating routine tasks and augmenting teams with emerging technologies and alternative data sources to empower underwriters to become more valuable than ever. In doing so, they can evolve into new roles such as: technology trailblazer, data pioneer, deal-maker, portfolio optimiser, and risk detective. Beyond this, we are seeing a paradigm shift with the increased use of technology, as data is now collected (by insurance) rather than declared (by clients) so that insurers price risks appropriately. We are also seeing the big tech enter the insurance space offering products health and home insurance.

2:30 pm - 3:30 pm

Actuaries in the Age of InsurTech, AI, ML and Big Data

Digitalisation is increasing in life and health sectors including wearable and biometric devices, data intelligence on life and health records and the utilization of genetic data. The customer experience end-to-end from purchasing insurance, premium payments, claims filing and cross-selling, as well as insurance internal activities such as underwriting, claims, billing and processing, are all online. The need for technology as well as actuaries that can use and understand the technology for implementing analytics is vital. As new data sources, methods, and applications proliferate and the vast universe of Big Data grows ever bigger and less “traditional” by the day, what are the emerging professionalism and regulatory considerations these changes raise for actuaries’ data analytics work. How Big Data and artificial intelligence (AI) are impacting data analytics in the insurance space, and how regulators are newly scrutinizing data, algorithms, models, and predictive modeling. This discussion will also put a valuable professionalism lens on data analytics practices in the context of actuarial standards of practice, including where data and models have been produced by non-actuaries who are not familiar with the profession’s standards or insurance regulatory requirements.

3:30 pm - 4:30 pm

Digital Economy & Cybersecurity

Actuaries should not price cyber risk using historical data since the future will look nothing like the past. It creates a huge opportunity for actuarial model enhancement with more data and greater computing capabilities. This also raises the historic question of actuarial fairness—the ethics of the most sophisticated algorithms and how well the model outputs can be explained to the customers, regulators, distributors or management. An exciting future is ahead for actuaries and data scientists. The insurance market is growing in terms of cyber risk insurance, which is already well-developed in the US. The next major catastrophe (CAT) event could be a major cyberattack rather than another Hurricane Katrina. Property and casualty (P&C) actuaries need to closely manage data quality, risk exposure and the appropriateness of historical data to define pricing and reserving.

Sponsorship Opportunity

Sponsors of the Arab Actuarial Conference enjoy exclusive networking opportunities with an elite group of high-level executives, advisors and industry specialists. Don’t miss this chance to build long-term partnerships with one of the largest financial institutions/funds in the region!

  • Date : May 9, 2023 - May 11, 2023
  • Time : 9:00 am - 5:00 pm (UTC+0)
  • Venue : Four Seasons Hotel, Cairo, Egypt.

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