Group Enterprise Risk Management (ERM) and Actuarial
Enterprise Risk Management
GIG’s leadership recognises the centrality of Risk Management to the decision‑making process, and the importance of risk culture in a dynamic business environment. Achieving a healthy balance of risk, reward and resilience is the guiding principle of GIG’s ERM function in its efforts to unlock value for stakeholders.
Establishment of RM
Assessment
Group‑wide RM Strategy Development
Enhanced and Comprehensive RM
ERM – Milestones and Value Added
- Affirmed credit ratings with A.M. Best and S&P
- Ratings Upgrade by Moody’s from A3 to A2 (Stable)
- Independent assessment of strategic decisions
- Group‑wide exposure evaluations (incl. special circumstances)
- Kickstarted reinsurance optimisation initiatives
- Digital RCSAs
- ERM maturity updates and development of the ERM roadmap
- Development of new ERM tools & models
- Reinsurance optimisation in tandem with Data Analytics, Actuarial and Finance
- Progress on management of Operational & Emerging Risks
- Optimisation of investments portfolio
- Continued collaboration on digital transformation of Governance, Risk and Compliance (GRC)
- Revamped Risk appetite framework for alignment with IFRS 17 and its deeper involvement
Actuarial
GIG’s mission to become a regional market leader over the past years has been fuelled by creating an in‑house Actuarial Function in each GIG company, a critical department in the insurance back‑office. In line with international guidelines, GIG’s Actuarial Function acts as a measure of quality assurance. GIG maintains a view to safeguarding, that certain important decisions should be undertaken based on expert technical actuarial advice and strong understanding of the stochastic nature of insurance business, risks, and models.
Onboarding
First stage actuarial data analysis
Practicing
Actuarial reserving reviews
Training and Development
Development of in‑house functions and technological capabilities
Value Creation
Design and implementation of Group‑wide policies and models
Milestones and Value Added
- Reached a solid foundation of internal capabilities (+55 in‑house actuaries across the MENA region with a good mix of fully qualified, partially qualified, masters’ degrees, and current students), which is still growing
- Unified various data streams through centralised systems
- Multiple layers of reviews (internal vs external actuaries, as well as on Group‑level)
- Group‑wide guidelines, trainings, and enhanced technical capabilities (stochastic methods)
- Full in‑house implementation of IFRS 17 and alignment of Group‑wide policies
- Strengthened all deficiencies in high‑risk areas and across recent acquisitions
- Built new monitoring tools for better oversight
- Successful implementation of selected use‑cases as part of the Data Analytics initiatives
- Active participation in Fairfax Working Groups for knowledge transfer and new practices
- Advancing towards Automation and Data Analytics
- Reinsurance optimisation in tandem with Data Analytics, ERM and Finance
- Continued collaboration and integration across Group companies