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Jun 2020

GCC: Society of Actuaries US delegation visits Saudi Arabia and the UAE

Source: Middle East Insurance Review | Mar 2020

Society of Actuaries (SOA) president Andrew Rallis and senior director (international) Andy Peterson visited Saudi Arabia and the UAE on 7 to 12 February. The visit was coordinated by SOA ambassadors Ahmed Alqarishi (Saudi Arabia) and Shoaib Soofi (the UAE). 
 
The SOA delegation visited King Fahad and King Saud universities, as well as the Saudi insurance regulator. In the UAE, they met with representatives from the UAE Insurance Authority and visited the American University of Sharjah. The SOA also organised a joint actuarial event with Gulf Actuarial Society (GAS). 
 
Mr Rallis and GAS chairperson Priyank Gupta discussed topics such as the role of actuaries in general insurance, various accreditations, professionalism and innovation with participants. The main takeaway from the event is that actuaries need to work together and represent the profession in the Gulf region for the benefit of the profession and the insurance industry as a whole. Special guest Emirates Insurance Association secretary general Fareed Lutfi provided highlights of the Gulf insurance markets and recent developments.
 
During their visits to the universities, Mr Rallis explained to students the overall actuarial programme that SOA offers and how it contributes to different industries. There was much interest from students and many asked questions about the job requirements and the market. There is a growing interest and demand of actuaries with regional regulatory developments, and also in view of new US GAAP and IFRS 17. 
 
SOA is the largest professional body of actuaries with over 30,000 members worldwide. The actuaries work in a variety of areas, including life insurance, general insurance, health, pension, finance and investment. M 
 
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