As an Actuarial Manager at SHMA, I had the privilege of attending the Arab Actuarial Conference 2024 held at the Four Seasons Hotel in Tunis, Tunisia from 23rd – 25th April, 2024. This conference brought together Actuaries, actuarial firms, and industry professionals from the insurance, healthcare, pension, banking, and risk management sectors, among others, across the Middle East and North Africa (MENA) region.
The conference agenda covered a wide range of emerging and thought-provoking issues and trends crucial to the Actuarial industry and sectors which rely on Actuarial services. The opening session was well structured and featured government and ministerial remarks, which therefore set the tone for the three-day event.
After that, the other sessions delved into topics such as the impact of digitalization on insurance operations, the implementation of IFRS-17, and its effects on risk management and solvency, the role of Actuaries in banks’ operational risk and product management, and the challenges of insurance pricing in the face of changing consumer habits.
One of the key learnings from the conference was the increasing importance of data-driven decision-making and the need for Actuaries to adapt to the rapidly evolving technological landscape. Sessions on Artificial Intelligence (AI) and its impact on the Actuarial profession highlighted the potential for AI to revolutionize risk modeling and forecasting as well as the necessity for Actuaries to acquire new skills to stay relevant in this context.
Another significant takeaway was the importance of collaboration and knowledge-sharing among Actuaries in the MENA region. The conference provided a platform for Actuaries to discuss the specific challenges faced by Arab companies when implementing international standards such as IFRS-17 and to explore regional cooperation initiatives to address these challenges.
The conference also shed light on the growing opportunities for Actuaries in the region, especially in the banking sector where there is a significant gap in Actuarial skills compared to other regions like Europe. The panel extensively highlighted that Actuaries are well-positioned to contribute to areas such as impairment of financial assets, fair value, amortized cost, effective interest method, validation of risk management, and advisory on investments, forex, commodities, capital planning, and cost optimization.
On a personal level, attending the Arab Actuarial Conference 2024 was an incredibly rewarding experience. The event provided an excellent opportunity to network with fellow Actuaries from across the MENA region, exchange ideas, and learn from each other’s experiences. I had the chance to engage in thought-provoking discussions during the sessions and continue these conversations during the coffee breaks and luncheons.
One of the highlights of the conference for me was the session on the future of the Actuary profession in Arab markets. It was inspiring to hear from seasoned professionals about the potential for growth and the emerging opportunities for Actuaries in the region. The session also emphasized the importance of continuous learning and skill development to remain competitive in the ever-changing market landscape.
In addition to the valuable professional insights gained at the conference, I had the opportunity to explore the beautiful city of Tunis. The Four Seasons Hotel, where the conference was held, provided a luxurious and comfortable setting for the event. During my free time, I ventured out to discover the rich history and culture of Tunisia. From the ancient ruins of Carthage to the vibrant Medina of Tunis, the city offered a fascinating blend of past and present. The warm hospitality of the Tunisian people and the delicious local cuisine made my stay even more memorable. Attending the Arab Actuarial Conference 2024 in Tunis not only expanded my professional knowledge but also gave me a deeper appreciation for the diverse cultures and perspectives within the MENA region. The experience reinforced the importance of international collaboration and the value of building strong relationships with colleagues from different countries.
In conclusion, attending the Arab Actuarial Conference 2024 was an enriching experience that provided valuable insights into the latest trends, challenges, and opportunities in the Actuarial industry in the MENA region. The conference highlighted the need for Actuaries to embrace technological advancements, collaborate with their peers, and expand their skill set to remain competitive in an ever-evolving market. On a personal level, the event allowed me to forge new connections, broaden my cultural horizons, and gain a fresh perspective on the role of Actuaries in driving growth and innovation in the region.
