Mapping New Horizons

The SOA 2024 Regional Symposium in Riyadh

Riyadh, the capital city of Saudi Arabia, is celebrated for its impressive ultramodern skyline and remarkable architectural achievements, which harmoniously blend with historic landmarks. The city recently hosted once again the Society of Actuaries (SOA) Regional Symposium from November 23-25, 2024, at the Crowne Plaza Riyadh RDC Hotel and Convention Center. This event brought together professionals and experts in the actuarial field, further solidifying Riyadh's status as an international hub for important conferences and symposiums.

“Expanding Actuarial Horizons: Mapping Risk and Opportunity” served as the theme for the 2024 Regional Symposium, which was organized by the SOA Middle East, Africa and Pakistan (MAP) committee. The theme reflected the SOA’s commitment to supporting a growing global community of actuaries while also advancing actuarial education and the profession. The event presented attendees with opportunities to meet and catch-up with colleagues, gain insight into developments in the field and make valuable business connections.

The location of the SOA Regional Symposium will change each year. The event returned to Riyadh after being held there in 2023 because Saudi Arabia is a large and growing market. Furthermore, the tremendous support from sponsors and government entities played a significant role in this decision.

Knowledge Share with Industry and Government Leaders

At the symposium’s inaugural session, Ali AlMisnid, Acting Executive Director, Policy and International Affairs, Insurance Authority, presented attendees with an insightful overview of the Saudi insurance market. SOA President and Chair Amanda Hug, FSA, MAAA, and Greg Heidrich, CEO, SOA discussed opportunities and developments in the MAP region.

Amanda Hug, FSA, MAAA, SOA President and Chair, discusses the FSA Pathway Evolution at the symposium’s inaugural session.

The audience then heard an exciting C-suite panel discussion moderated by Heidrich. The panel included leaders from various industries: Owais Ansari, FSA, CEO Munich Re, MENA Region, Youssef Salem, FSA, CFO, ADNOC Drilling, and Haitham Taher, Deputy Chairman of the Board and Managing Director, MetLife Egypt. They shared how forward-thinking companies are evolving from reactive risk mitigation to proactive risk intelligence and solution creation as a way to meet the demands of our changing world.

A C-suite panel discusses the evolution of risk management in a changing world.

Attendees then broke into a variety of insightful sessions and other panel discussions with industry and governmental leaders. The wide range of topics included microinsurance, capital frameworks, reinsurance, social insurance, actuarial trends, innovation and technology in insurance. Additionally, leaders from Saudi governmental entities led many sessions.

Mahmoud Almalki, FSA General Manager, Actuarial Studies GOSI, leads a session on Securing Tomorrow: Navigating Social Insurance and Actuarial Trend.

Congratulating New Fellows and Associates

Celebrating the newest SOA members created one of the most memorable highlights of the symposium. On the second day, time was set aside for attendees to recognize new Fellows and Associates, they received official membership certificates.

New FSAs and ASAs gather to celebrate their professional achievements.

The symposium also offered numerous networking events where attendees met with colleagues, strengthened business connections and socialized.

Traditional Saudi musicians perform for attendees at a networking reception.

Day Three and the Final Verdict

The last day of the symposium began with a continuation of C-Suite Panel discussion, this time moderated by Andy Peterson, FSA, MAAA, FCA, Managing Director, International, SOA. Visionary leaders Sohail Ali, FIA Managing Director, Kaf Insurance, Omer Morshed, FIA, FCA, CEO, SHMA, and Ehab Alatassi, Executive Director, National Casemix Center of Excellence, CNHI, explored the forces shaping Saudi Arabia’s burgeoning financial services landscape.

In the final session, attendees actively participated in a fun exploration of professionalism in a session titled “Actuarial Professionalism: Maintaining Public Trust in a Changing World.” They deliberated on challenging aspects of actuarial professionalism, applying concepts and identifying key ASOPs, the Professional Code of Conduct and Qualification Standards for actuaries.

Ali Alali, ASA, Senior Actuarial Analyst, Nitaq, and Amanda Hug, FSA, MAAA, SOA President and Chair, help lead Actuarial Professionalism, Judge and Jury, the final session of the symposium.

The 2024 Regional Symposium closed with remarks from Courney Nashan, Managing Director, Global Engagement, SOA.

Events like the Regional Symposium are an important part of the SOA’s efforts to grow globally to empower all our members to drive solutions to life’s financial risks worldwide. The SOA continues to take tangible action to establish a local SOA presence in emerging markets, such as Saudi Arabia.

Watch highlights from the 2024 Regional Symposium presented by SOA President and Chair Amana Hug.