Tunis: Tunisia is playing host on April 23-25 to the Arab Actuarial Conference 2024.

The three-day event is held under the slogan “the World from an Actuarial Eye .”

Actuaries analyse the financial costs of risk and uncertainty, using mathematics, statistics, and financial theory to assess the risk of potential events. They help businesses and clients devise policies which minimise the cost of that risk. Actuaries are essential to the insurance industry, banks and social coverage.

Participants, a total of 800 from several countries, were unanimous the actuarial profession is still ambiguous for many though of strategic importance for finance and economy.

The role of the Actuaries is decisive in devising successful economic policies, Chief of Staff of Minister of Finance Zouhair Attalah said in a speech delivered on her behalf.

The actuarial profession is of capital importance as it provides a set of solutions to decision makers, whether in business, institutions or human resources management.

President
of the Tunisian Federation of Insurance Companies Hassene Feki said the actuarial service is the cornerstone of financial stability in Tunisia and the Aran world. Insurance companies can assess risks to mitigate them by means of using actuarial models.

President of the Tunisian Actuarial Profession Rassem Ketata said Tunisia can serve as a platform for the actuarial profession in the Arab world and Africa as it boasts several experts in this field.

There is need to shed further light on this service in business circles in the country, he added.

Chakib Abouzaid, the SG of the Arab Insurance Federation, said the federation amended statutes to include this profession out of conviction of its capital importance.

Climate change, he said, requires presently an actuarial approach to assess risks and mitigate economic losses.

For rating agencies, Abouzaid said, good risk management has become a key criteria thus the need to embrace the actuarial approach.

Source: Agence Tunis Afrique Presse