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Role of actuaries in takaful indu st by i muhanna
 

Role of actuaries in takaful indu st by i muhanna

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    Role of actuaries in takaful indu st by i muhanna Role of actuaries in takaful indu st by i muhanna Presentation Transcript

    • THE ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRIES Ibrahim Muhanna FCAA, MSAA, FLAA Managing Director & Actuary 21 & 22 September 2004 Jeddah, Saudi Arabia
    • Actuaries make financial sense of the future
    • WHAT IS AN ACTUARY? An actuary applies mathematical skills to financial and business problems, especially those which involve uncertain future events, such as in Takaful - life insurance, general insurance, risk management, health care financing, investment, corporate finance, banking, pensions and social security
    • ACTUARIAL TRAINING  mathematics  statistics  modelling  investment  finance  financial management
    • MAJOR FIELDS OF ACTUARIAL WORK  life insurance  general insurance  pensions  social security  investment  health care financing  corporate finance  government service  personal financial advice  education
    • ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 1/5  product design  pricing  reserving  investment strategy  reinsurance/securitisation
    • ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 2/5  profitability measurement  control of bonus systems  assessing shareholder value  disclosure to policyholders  dynamic financial analysis
    • ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 3/5 DYNAMIC FINANCIAL ANALYSIS (STRESS-TESTING)  realistic future cash-flows  impact of regulatory requirements  alternative scenarios  use of stochastic modelling  identification of risks  risk management strategies
    • ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 4/5 ACTUARIES IN INVESTMENT  portfolio management  research and analysis  portfolio performance measurement  asset/liability management  strategic asset allocation  investment indices  complex financial instruments
    • ROLE OF ACTUARIES IN THE TAKAFUL INDUSTRY – 5/5 PERSONAL FINANCIAL PLANNING  assessment of needs  insurance solutions  pension products  cost of care
    • ROLE OF APPOINTED ACTUARY  adviser to Board and senior management  responsible for assets as well as liabilities  continuous financial monitoring  annual valuation of assets and liabilities  hot line to supervisor in case of difficulties  operating under professional standards
    • WHISTLE-BLOWING  professional responsibility  underpinned by legislation  interests of policyholders  responsibility to company  responsibility to regulator
    • PUBLIC INTEREST  quasi regulatory functions  protection of policyholders  protection of pension scheme members  serving the public  pursuit of excellence
    • Overview on: i.e. Muhanna Group & its Founder The 1st & Largest Actuarial Consulting Firm in the Arab World The 2nd Actuarial Foundation in the World The 4th Largest Actuarial Firm in Social Insurance Consulting in the World The 1st & only Regional Insurance Rating Agency
    • Concluding Remarks  Transparency  Fairness  Development of Human Resources
    • Overview of The Muhanna Group  Actuarial consultancy - established in 1986  Life, P&C & Health Insurance  Pensions & Social Insurance  Insurance supervision  Management Consulting ( Risk Management - Mergers & Acquisitions)  Software solutions - established in 1990  Actuarial Education - established in 1994  Rating services - established in 2000 As of end 2003 Services were rendered in 32 countries  Provided services to 41 government & semi-government organizations  Advised 52 life & general Insurance companies  Provide services to 94 other private institutions  Financed & sponsored 23 actuarial students  Delivered & published 67 actuarial and insurance papers & studies
    • Points of Strength  Observer member of IAIS since 2001  Active member of IAA insurance regulation committee since 1999  Advisor to SAMA between 2000 – 2003  Large team of professionals including life actuaries  Appointed actuaries to major Takaful Companies  Unique perspectives and insights  Corporate Governance  Strategy Formulation  Structuring of Groups – Optimization of Value  Largest Data Base on Saudi Arabia
    • Sites to note:  i.e Muhanna & co.  www.muhanna.com  The Muhanna Foundation  www.muhanna.org  Address  1501-B Gefinor Center  Beirut – Lebanon  Tel +9611 752 999  Fax +9611 751 292  E-mail actuarial@muhanna.com