Egypt – Necessity of appointing actuaries in Takaful companies
Friday, 11 13 2015, Category: Insurance and Reinsurance, Country: Egypt
A number of experts of the insurance industry confirmed the necessity of appointing actuaries in insurance companies in both commercial insurance and Takaful companies given the nature of their work which improves the performance of the company. The current practice followed by Takaful companies is to use the services of actuaries working at conventional insurers without having an expert dedicated to Takaful which poses a confidentiality issue.
To begin with, Dr. Jalal Harbi insurance consultant at the Egyptian Financial Supervisory Authority and vice-president of the Ahram Canadian University stressed the importance of appointing an actuary in every insurance company whether it is commercial or Takaful indicating the existence of actuarial departments at commercial insurers whereas Takaful operators consult actuaries only when needed.
Source: Al Sahm News