Bahrain: Five insurers sign agreements on training actuaries
Source: Middle East Insurance Review | Mar 2023
The Labour Fund (Tamkeen) has signed partnership agreements with five insurance companies in Bahrain to train and employ Bahrainis in the field of actuarial sciences, to prepare them for quality careers in the insurance sector and increase the Bahrainisation rate in this specialty.
The agreements were signed with Bahrain National Holding Company, Bahraini Kuwait Insurance Company (GIG Bahrain), Al Hilal Takaful, Medgulf Takaful Company and Gulf Union Insurance and Reinsurance Company, said Tamkeen in a statement.
The talent chosen will become qualified actuaries by attaining actuarial fellowships as part of its ‘Qualified Actuaries Development Programme’. The programme was announced last year as part of a strategic initiative in partnership with the Central Bank of Bahrain (CBB), the London-based Institute and Faculty of Actuaries and the Bahrain Institute of Banking and Finance.
The programme aims to help insurers meet the CBB’s requirements. The CBB recently issued directives requiring insurance companies to establish internal actuarial units within their organisational structure and appoint in-house Bahraini talent in the actuarial field. In the long run, this initiative will put Bahrain on the map as a regional hub for local actuarial talent, building on the kingdom’s longstanding position as a leading financial services hub.
Commenting on the initiative, Tamkeen executive director of programme design and partnerships Ali Hasan said, “Empowering national talent is a pillar of Tamkeen’s strategy, and we work to achieve that through various initiatives and partnerships. We thank the insurance companies that showed initiative and became among the first to enter this partnership with Tamkeen and invest in the training and development of their human capital, the most important asset for any organisation.” M