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Arab Actuarial Conference 2024

This event is by physical attendance.

The Arab Actuarial Conference is a regional professional platform for actuaries, actuarial firms and businesses and industries that depend on actuarial work such as insurance, finance, banking, healthcare, pension and risk management.

Conducted in a different Arab capital every year, the highly attended event tackles emerging issues and future themes affecting actuarial work especially as it relates to the said sectors. The 2024 edition of this conference was hosted in Tunisia.

Agenda

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Day 1

Day 2

Day 3

Day 1

Session One – Government & Ministerial Opening Remarks

Session Two – Implications of RBS Regulations for Insurance Players

Session Three – Actuaries in Banking Operational Risk and Product Management

Session Four – Digitalisation and Emergence of Data-Driven Insurance

Day 2

Session Five – The impact of IFRS 17 on Risk Management and Solvency of Insurance Companies

Session Six – Challenges of Insurance Pricing

Session Seven – Future of the Actuary Profession in Arab Markets

Session Eight – The Impact of Artificial Intelligence (AI) on the Actuary Profession

Day 3

Session Nine – Cost Modelling and Reforms in National Healthcare Systems

Session Ten – Actuarial Role in Weather Risk Assessment

Session Eleven – Chronic Actuarial Deficits in Pension Funds and Future Consequences

Session Twelve – Future of Health Insurance Underwriting

Session Thirteen – Cyber Risk and Role of Insurance

9:00 am - 10:30 am

Session One - Government & Ministerial Opening Remarks

10:30 am - 11:00 am

Coffee Break

11:00 am - 12:15 pm

Session Two - Implications of RBS Regulations for Insurance Players

This panel will analyse regulatory challenges related to the implementation of Solvency-II in North Africa, with a focus on the impact on activities of insurance industry players and best practices for complying with regulatory requirements.

12:15 pm - 1:15 pm

Session Three - Actuaries in Banking Operational Risk and Product Management

Traditionally, actuaries worked in life insurance, general insurance, pensions, investments, and employee benefits. Recently, banking seems like an ideal industry for actuaries to be able to help. Earlier banks used IAS 39 as an accounting standard for recognising and measuring financial instruments. It was replaced by IFRS 9, hence banks have shifted from the incurred loss model to the expected loss model. Actuaries are qualified to help with quantitative analysis of risk including building models, setting assumptions and then monitoring and updating them. Today, the banking sector in the region has a big gap in actuarial skills, whereas thousands of actuarial personnel are working Europe’s banking sector, for instance. Actuaries are financial engineers who are able to measure the impairment of financial assets, fair value, amortized cost, effective interest method, validation of risk management, advisory on investments, forex, commodities, capital planning and cost optimization. Apart from this, they also look at macroeconomic risks like interest rate, liquidity and ways of mitigating such risks. Additionally, they may boost banking product development by looking at and modelling risks differently in such a way to enhance business opportunities and customer offerings.

1:15 pm - 2:15 pm

Session Four - Digitalisation and Emergence of Data-Driven Insurance

This panel will focus on the impact of digitalization on insurance operations and explore new opportunities for players. It will cover the collection and analysis of big data for the insurance sector and address issues related to the protection of personal data and confidentiality in this new context. The session will also cover data-driven operational risk management.

2:15 pm - 3:15 pm

Luncheon & Networking

9:00 am - 11:00 am

Session Five - The impact of IFRS 17 on Risk Management and Solvency of Insurance Companies

This panel will discuss the impact of IFRS 17 on the risk management and solvency of insurance companies in Arab markets. It will explore the financial implications of IFRS 17 and adaptations needed to ensure effective risk management. The panel will also discuss the specific challenges that Arab companies face when implementing IFRS 17, as well as best practices for complying with it. It will also highlight emerging opportunities for actuaries in this context.

11:00 am - 11:30 am

Coffee Break

11:30 am - 12:30 pm

Session Six - Challenges of Insurance Pricing

With changing consumer habits, new insurance pricing methods are needed. This panel will discuss current pricing challenges, including the impact of new models of mobility, collaborative consumption and data sharing.

12:30 pm - 2:00 pm

Session Seven - Future of the Actuary Profession in Arab Markets

This panel will discuss the prospects and future trends of the actuary profession in Arab markets, taking into account recent developments such as the implementation of the ‘IFRS 17. It will discuss key skills for Arab actuaries to stay relevant and seize growing opportunities. These topics will allow Arab actuaries to discuss in depth the ramifications of IFRS 17 as well as the work opportunities available to them in the ever-changing Arab market.

2:00 pm - 3:00 pm

Luncheon & Networking

3:00 pm - 4:15 pm

Session Eight - The Impact of Artificial Intelligence (AI) on the Actuary Profession

This panel will discuss the possibilities offered by AI in the field of risk modeling and forecasting, as well as the new skills necessary for players in the sector to adapt to this technological development. The session will cover new technologies (such as AI and Chat GPT) that might impact the future of insurance industry.

9:00 am - 10:00 am

Session Nine - Cost Modelling and Reforms in National Healthcare Systems

What are the prevailing funding models for national healthcare systems in the region, and how’s this landscape shaping up? What are the challenges as well as the opportunities in this sector? What are the key parameters in cost modelling, and what success stories do we have around in the region or around the world?

10:00 am - 11:00 am

Session Ten - Actuarial Role in Weather Risk Assessmen

With climate change posing new challenges in weather-related loss forecasting, this panel will explore the actuary's role in identifying and climate risk assessment, as well as the resulting innovative insurance solutions.

11:00 am - 11:30 am

Coffee Break

11:30 am - 12:30 pm

Session Eleven - Chronic Actuarial Deficits in Pension Funds and Future Consequences

Pension, social insurance, and social security funds managed by government agencies across MENA region and around the world are plagued with chronic actuarial deficits for several years, if not decades. From an actuarial perspective, what is the extent of risks that might await such funds if the situation continues? Are there plausible and workable solutions? What ideas do actuaries offer to governments in this regard? Can the insurance/reinsurance industry be part of the solution?

12:30 pm - 1:30 pm

Session Twelve - Future of Health Insurance Underwriting

Age, as a rating factor for insurance products, is slowly losing its undisputed place as a leading rating factor. Some researchers view it as a disease with cause and effect; a treatable and reversable disease. If they are right, a correct measure of your biological age can be a better predictor of your health and might even replace chronological age completely. Some specialists believe that instead of looking at the genes themselves, insurance companies can look at gene expression. Gene expression is proteins that your genes make under a certain environment, and gene expression is up to you mostly, and not your parents. Under such an insurance scheme a member can reduce his premium if he changes his behavior. As such, older people might pay less than younger people if they are healthy. Hence, we ask: what is the effect of improved health indices on and healthcare costs? Others look at the patient journeys and interactions with the Health and Aged Care sectors to quantify their effects. And finally, are we prepared to cover a future pandemic?

1:30 pm - 2:30 pm

Session Thirteen - Cyber Risk and Role of Insuranc

As the frequency and severity of cyber events increases, 1he cyber insurance world is undergoing profound changes. Cybersecurity professionals must know what security changes are being required by cyber insurance companies, and why those changes require early communication and notification throughout their entire organization. Every organization seeking cyber insurance wants not only to qualify for a policy, but also demonstrate they have the technologies in place necessary to obtain the most favorable premium. So, what does it take to meet the requirements of a cyber insurer? Finally, what models/ parameters are actuaries using to price cyber risks insurance?

2:30 pm - 3:30 pm

Luncheon & Networking

END OF CONFERENCE

  • Date : April 23, 2024 - April 25, 2024
  • Time : 9:00 am - 12:00 pm (UTC+0)
  • Reg. Deadline : April 23, 2024 12:00 am
  • Venue : Republic of Tunisia

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