الهيئة العامة للرقابة المالية

• Mohamed Farid , FRA Chairman  Delivers the Keynote Speech at the SOA Regional Symposium 2025

Dr. Mohamed Farid , FRA Chairman:

• Insurance is a fundamental engine for boosting national savings, while digital transformation is essential for achieving insurance inclusion.
• The actuarial profession plays a key role in achieving the insurance industry’s objectives by upholding the mathematical foundations used for pricing various insurance products.
• We aim to increase the number of qualified individuals in actuarial sciences to fill the deficit in this vital field.

Dave Dillon, Vice-Chair of the Society of Actuaries (SOA):

• The SOA’s mission includes developing actuarial education, enhancing professional growth and launching new ideas.

Alaa El Zoheiry, IFE Chairman:

• The Federation is committed to enhance professional competencies and qualify cadres through a comprehensive strategy aimed at raising performance levels in the insurance market.

Dr. Mohamed Farid, FRA Chairman delivered the keynote speech at the opening of SOA Regional Symposium 2025. The event, organized by the SOA in Cairo, was held under the patronage of FRA and in partnership with the Insurance Federation of Egypt (IFE).

Dr. Farid presented FRA’s efforts to develop the insurance sector through new regulations and legislation, highlighting the ongoing work to issue the Unified Insurance Law in July 2024. The symposium drew a wide-ranging audience, including Dave Dillon, President-Elect and Vice-Chair of the Society of Actuaries (SOA) and Alaa El Zoheiry, IFE Chairman alongside FRA leaders, actuarial experts, financial experts and academics from across the Middle East, Africa and Asia. Participants gathered to discuss preparing an advanced generation of actuarial experts and developing the profession.

The Symposium featured panel discussions and interactive dialogues focused on the evolving role of actuaries in a dynamic world. Discussions addressed how actuaries can manage risks and opportunities arising from factors such as climate change, cyber risks, global conflicts, and economic instability.

In his remarks, Dr. Farid emphasized that the actuarial profession is key to achieve the industry’s overall objectives. He specifically noted its role in observing the technical and mathematical foundations necessary for pricing diverse insurance products, which fundamentally ensures the protection of policyholders’ rights and enhances the financial stability of insurance companies.

Dr. Farid emphasized the Authority’s continuous efforts to develop professional capabilities across all non-banking financial sectors. These efforts have culminated in a key collaboration between the Insurance Federation of Egypt and educational institutions to graduate new batches of qualified actuaries. By offering post-graduate training to those with closely related backgrounds, this initiative aims to increase the number of actuaries and fill the deficit in this vital specialization, supporting the growth of this crucial sector for both the non-banking financial sector and the Egyptian economy as a whole.

This partnership has already yielded results, with the first cohort of 15 students graduating from the Actuarial Science Diploma at the American University in Cairo (AUC). Notably, 12 students passed the first track, and 3 successfully completed the second track’s financial mathematics exam from the Society of Actuaries (SOA). This success follows the cooperation protocol signed by the end of 2023, and registration for the second cohort is now open this year.

Dr. Farid clarified that implementing these in-demand professional diplomas will enhance the efficiency and competitiveness of the Egyptian insurance sector by supplying various insurance branches with specialized personnel. He also expressed his anticipation for the outcomes of the two-day SOA Regional Symposium 2025 in Cairo, particularly the outputs concerning the development of actuarial education locally and regionally to further support the sector’s growth.

During his presentation, Dr. Farid also reviewed FRA Board resolutions following the issuance of the Unified Insurance Law No. 155 of 2025. Furthermore, he detailed efforts to enforce the International Financial Reporting Standard (IFRS) 17 among insurance companies to enhance financial stability and corporate competitiveness. He affirmed that FRA is continuously working to develop regulatory and supervisory frameworks to enhance the non-banking financial sector’s capabilities, while also actively studying proposals to drive growth across these markets.

Dave Dillon, Vice-Chair of the Society of Actuaries (SOA) described hosting SOA Regional Symposium in Cairo as a key milestone for the actuarial profession in the region. He noted that the SOA organizes these events as part of its global mission to develop actuarial education and foster professional growth and new ideas. Dillon added that the SOA aims “to create a platform for cooperation, innovation and growth that leaves a long-term impact; Cairo is the optimal place for these important dialogues.”

The Society of Actuaries (SOA), founded in 1889, is the largest professional organization for actuaries globally, encompassing over 34,000 specialist members. Through research and education, the SOA’s core mission is to advance actuarial knowledge and enhance actuaries’ ability to provide specialized advice and solutions for complex financial, business and societal challenges. Its ultimate vision is for actuaries to be the leading professionals in measuring and managing risk.

On the other hand, Alaa El Zoheiry, IFE Chairman emphasized that the actuary acts as the thinking mind and guarantor of the insurance industry’s stability and sustainability. He stressed that actuaries are more than data analysts; they are vital financial engineers who ensure the sector’s success. This is achieved by assessing complex risks, developing sound insurance products, determining fair prices and contributing effectively to good governance and corporate financial stability. El Zoheiry asserted that in Egypt’s growing, multi-risk economy, investing in the actuarial profession is a strategic necessity for achieving national economic and social development goals.

To meet this crucial strategic need, El Zoheiry affirmed the Federation’s commitment to enhance professional competencies and qualifying personnel through a comprehensive strategy. The Insurance Federation of Egypt is actively working to bridge the professional gap in the actuary workforce by adopting and developing specialized academic and training programs.

El Zoheiry pointed out that these programs represent fundamental pillars in the Federation’s plan to develop skills and competencies. He noted that they were designed to align with the highest global standards in the insurance field to ensure trainees acquire tangible, practical experience, stemming from the belief that investment in human capital is the essential foundation for achieving sustainable development in the insurance sector.

He added that the Federation believes building actuary capacity will directly increase the regional and global competitiveness of Egyptian companies. He expressed hope that the Symposium would yield positive results, leading to joint efforts to support and enhance actuarial expertise in the coming period. This initiative, he noted, will positively reflect on the growth of the insurance industry, boost its contribution to GDP, and support the national economy’s development journey.

He praised FRA’s dedicated efforts to qualify and develop the next generation of actuaries, particularly by sponsoring the launch of the first specialized professional diploma in actuarial sciences. This initiative is critical, he noted, given that the existing number of actuaries in Egypt is currently insufficient to support the market’s size and the Authority’s goal of boosting the insurance sector’s contribution to the GDP.