Senior Actuarial Manager (Property & Casualty)

Who we are

GIG Gulf (a Fairfax company) is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer in the Middle East and North Africa, with presence in 12 markets including the United Arab Emirates, Bahrain, Oman, Qatar, Saudi Arabia, Algeria, Egypt, Iraq, Jordan, Kuwait, Lebanon, and Turkey. GIG Group reported consolidated assets of US$ 3.83 billion and $69 million net profit for the year 2023. The majority shareholder of GIG Group is Toronto based Fairfax Financial Holding, a global leader in insurance and reinsurance with a presence in 40 markets.

GIG Gulf is an ‘A’ rated regional insurer with a top 5 position in each of its markets (UAE, Oman, Qatar, Bahrain). GIG Gulf has been present in the region for over 70 years with a strategic focus on both growth and investments and is a one stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs and individual customers throughout UAE, Oman, Bahrain, and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi. Our strategic objectives and guiding principles are focused on Regional Growth, Customer Experience and Digital Transformation.

GIG Gulf has created a diverse and inclusive working environment and culture with a workforce of over 800 employees, with over 60 nationalities, across 15 branches and retail shops region-wide and over 1 million customers. GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. We are obsessed with customer feedback and continuously evolving to become the region’s digital insurer of reference, committed to running our operations in a responsible, sustainable way.

Job purpose:

This role is part of the company’s Finance team and is primarily responsible for conducting statistical and actuarial analyses on GIG Gulf’s Non-Life portfolio to support product profitability monitoring and provide analytical assistance to the Head of Actuarial.

The role also involves performing technical provisioning exercises under IFRS 4 and IFRS 17 , and presenting and justifying the results to relevant stakeholders.

Key Responsibilities:

• Provide mentoring and hands-on training to a team of two junior analysts, ensuring their professional growth and effective contribution to actuarial tasks.
• Execute, validate, and present technical provisioning exercises in line with IFRS 4 and IFRS 17 standards, justifying the results with different stakeholders.
• Perform monthly, quarterly and annual reserving exercises for all P&C lines of business, ensuring adequacy and compliance with actuarial best practice and company standard.
• Undertaking detailed reconciliation of data derived from different sources.
• Conduct in-depth profitability studies and pricing exercises for Commercial Lines, specifically for Motor, Marine, and Property sectors.
• Offer strategic guidance and high-level support to the pricing team as and when needed.
• Take ownership of regulatory reporting processes, with special focus on IFRS 17 implementation.
• Act as the primary point of contact for external actuaries, auditors, and reinsurers.
• Undertake ad-hoc analyses and studies as directed by the Head of Actuarial Department, providing actionable insights for various lines of business.
• Undertaking various process transformations to increase the overall efficiency of the team.

Essential Requirements:

• Actuarial Qualification from SOA, UK IFoA, or an equivalent body. Nearly/Newly Qualified Actuary status is essential.
• University graduate in Actuarial Science, Mathematics, Statistics, Data Science, or closely related fields. Solid academic grounding in statistics and economics is required.
• A minimum of 5-7 years in the insurance industry, with hands-on experience specifically in P&C reserving.
• Excellent understanding of Microsoft Excel and associated best practice.
• Sound reserving knowledge and use of industry software such as ResQ and IBNRS or other open-source packages.
• Proven ability to manage and train a team, with strong mentoring and leadership skills.
• Self-motivated, detail-oriented, and able to work well under pressure.
• Strong analytical and problem-solving skills with a keen motivation to deepen actuarial and financial knowledge.
• Good communication skills.

Good command of business English, both in written and spoken form.

Desirable:

• Proficient in Database Management and Creation
• Data Engineering and ETL skills an advantage
• Sound understanding and demonstrable experience in Data Modelling for business using either SQL and / or PowerBI
• Hands-on experience in IFRS 17 is a strong advantage. Demonstrable detailed knowledge of IFRS 17 concepts a major advantage.
• Experience in programming (modern object-oriented programming in either R, Python, C++ or similar; and database language PostgreSQL or similar) would be an advantage.