The Insurance Authority has launched the "ACTUARY Initiative" to qualify and educate UAE nationals free of charge in the field of actuarial sciences and to grant them a globally recognized professional qualification.
"This initiative is based on the Authority's keenness to enhance the performance of the insurance sector by deepening the academic and practical awareness of advanced and modern concepts in the fields of insurance operations. In addition to, the continuous efforts to develop the competitiveness of the domestic insurance market enhance the performance of the insurance sector, through multiple channels and mechanisms. As well as, promoting the positive practices in the insurance market at all aspects, which will enhance the capabilities and competences to meet potential future challenges",said H.E. Ebrahim Obaid Al Zaabi, the Director General of the Insurance Authority.
He added that the "ACTUARY Initiative"aims at the development of the insurance sector and the related sectors. In addition to, raising the scientific and technical level of the human resources working in the local market, enhancing the importance of education, training and qualification in accelerating the process of transition to the knowledge economy and developing the role of human resources in advancing economic and social development.
He stressed that the launch of this initiative contributes to the achievement of several objectives. The most important of which, is granting a globally recognized professional qualification, raising the efficiency of the human resources working in the insurance sector. In addition to, promoting the profession of actuaries in UAE from the legislative, scientific and practical aspects. Furthermore, activating the role of the sector's employees, deepening the scientific and practical awareness of advanced and modern concepts of insurance, enhancing the technical aspects of the performance of the companies and their operations. Moreover, enhancing the capabilities and potentials to manage the potential risks to meet future challenges and liabilities, and developing the size of the insurance market in the UAE in terms of number of companies, premiums and investments.
The initiative is divided into four professional certificates:
First Certificate: Qualification "Certified Actuarial Analyst (CAA) ".
Second Certificate: Qualification "Associate ".
Certificate 3: Qualification "Fellow ".
Certificate 4: Qualification "Chartered Enterprise Risk Actuary (CERA) ".
The first stage will be the Certified Actuarial Analyst (CAA) recognized by the World Actuarial Societies. In this stage, the qualification will provide a set of financial and analytical skills that will enhance the capacity, skills and knowledge to conduct calculations based on setting of the insurance premiums for the products, projects and financial contracts, modify and analyze various data sets, and connect and communicate financial concepts in the work environment. This will help the qualification holder to perform certain professions and roles, such as; analyzing the technical performance of insurance companies, auditing and analyzing pricing data of insurance products, application of actuarial models, analyzing and updating of actuarial assumptions, reviewing underwriting policies and settlement of claims, analyzing the performance of investment portfolios and analyzing the profitability of insurance companies.
The CAA qualification consists of (6) units or modules and the candidate must pass their test to obtain the certificate. These modules are: Basics of Mathematics, Finance and Financial Mathematics, Statistics and Models, Long Term Actuarial Mathematics, Short Term Actuarial Mathematics and Models and Audit Trails.