The growing importance of actuarial sciences is steering insurance markets in the region to nurture actuarial talent, especially with the lack of sufficient capacity in the field, said speakers at the Arab Actuarial Conference 2025, held in Algeria last week.
Actuarial models have become essential for forecasting the future, as actuaries contribute to the innovation of financial products and services that support sustainability and promote inclusive economic growth, said General Arab Insurance Federation (GAIF) secretary general Chakib Abouzaid.
He added that the current trend of governments in general, and Arab governments in particular, to focus on financial inclusion to promote economic development and poverty alleviation has augmented the importance of the role of actuaries. “The development of microinsurance—as one of the pillars of financial inclusion—relies on actuaries to ensure the sustainability of this branch of insurance. This is achieved by designing simplified products, developing pricing models, analysing risks, and accurately estimating technical reserves, especially in light of the challenges facing this type of insurance, such as low insurance premiums and limited data.”
Algeria's support for actuarial development
According to estimates by the World Association of Actuaries and the Institute of Actuaries, there are between 50,000 and 100,000 qualified actuaries in 100 countries, 64% of whom are active in the (re)insurance sector. In Algeria, the number of actuaries accredited by the Algerian Federation of Insurance and Reinsurance Companies (UAR) is only seven, and the toal number of graduates to date from the University of Science and Technology does not exceed 53, said the chairman of the Algerian Union of Insurance and Reinsurance Companies (UAR), Mr Youcef Benmicia.
He explained that given the importance of the role of actuaries and the needs of the insurance sector in Algeria for them, the UAR has given priority to enhancing training in this vital specialty. “In cooperation with the University of Science and Technology of Bab Ezzouar, it launched four actuarial training courses, the first of which graduated in 2000, and the fourth and final course in 2025. It is expected that a training course for actuarial experts will be launched by the Graduate School of Insurance starting next year, in cooperation with international partners specialising in this field,” said Mr Benmicia.
The Algerian market is full of opportunities and is poised for significant development, said MenaMoney CEO Ebrahim K Ebrahim. He emphasised that the actuarial sector has witnessed a significant recovery over the past four years. In addition to the launch of the first specialised Arab conference for actuaries, a number of national actuarial associations have emerged in the Arab world, such as the League of Arab Actuaries, founded by GAIF, and the Arab Society of Actuaries. “There are also the Lebanese, Tunisian, and Moroccan societies of actuaries.”
Speaking on behalf of the Algerian Minister of Finance, Mr Hassan Boudali explained the Algerian government's interest in launching a series of structural reforms aimed at enhancing the position, transparency, and performance of the financial sector by diversifying insurance offerings to meet the new needs of society and emerging risks.
Held with the theme "Towards More Resilient Societies," this year’s conference was held on 8-10 July in collaboration with GAIF, the UAR, and Bahrain-based MenaMoney. More than 500 delegates from 18 countries attended this year’s event.