Job Summary
Job Summary
The Senior Actuarial Officer is responsible for conducting actuarial analysis, evaluating insurers' financial soundness and supporting prudential supervision through assessment of technical reserves, solvency positions, capital adequacy and insurance industry performance.
The role supports regulatory oversight by reviewing actuarial reports, performing financial and risk analysis, conducting stress testing and providing actuarial insights that promote a stable and sustainable insurance sector.Key ResponsibilitiesActuarial Analysis and Reporting
Key Responsibilities
Prepare reports on analysis of insurance products, premium rates, financial condition reports and technical reserves of insurers.
Review actuarial valuation reports and statements of actuarial opinion submitted by appointed actuaries.
Assess accuracy, completeness and compliance of actuarial submissions with the Insurance Act.Solvency and Capital Adequacy Assessment
Review actuarial technical reserves and risk-based capital calculations of regulated entities.
Prepare reports on capital adequacy ratios and solvency positions of insurers.
Determine the financial condition and solvency of regulated entities through actuarial analysis.
Assess insurers' ability to meet current and future policyholder obligations.Financial Stability and Prudential Monitoring
Prepare reports on financial stability of insurers and macro-prudential indicators.
Conduct stress testing exercises on insurance companies.
Identify emerging risks that could affect industry stability and financial soundness.
Support development of prudential supervision recommendations.Insurance Data Analysis and Industry Monitoring
Develop data collection templates and actuarial reporting tools.
Analyze insurance industry performance and trends.
Conduct data validation exercises to ensure completeness, consistency and accuracy of insurance statistics.
Update industry performance indicators, ratios, benchmarks and averages.Financial Statement Review
Analyze, evaluate and interpret insurers' financial statements and regulatory returns. (adsbygoogle=window.adsbygoogle||[]).push({});
Assess disclosures relating to actuarial and insurance risk parameters.
Review actuarial assumptions and methodologies used by regulated entities.
Provide actuarial recommendations to support regulatory decision-making.QualificationsApplicants should possess:
Qualifications
A Bachelor's Degree in Actuarial Science, Mathematics, Statistics or an equivalent qualification from a recognized institution.Professional Requirements
Professional Requirements
Professional qualification such as Fellow of the Institute and Faculty of Actuaries (FIA), Fellow of the Faculty of Actuaries (FFA) or an equivalent qualification from a recognized institution.
Membership in a relevant professional body and in good standing.
Proficiency in computer applications.Experience
Experience
At least three (3) years of cumulative relevant experience at the level of Actuarial Officer or in a comparable and relevant position.
Experience in actuarial analysis, insurance supervision, risk assessment or financial modeling is desirable.Required Competencies
Required Competencies
Communication skills.
Interpersonal skills.
Strong analytical and quantitative skills.
Report writing skills.
Presentation skills.
Financial and actuarial modelling expertise.
Attention to detail and accuracy.