Core Competencies
A Signing Actuary should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) A thorough understanding of insurance and reinsurance markets, classes of business and products;
(c) Advanced knowledge of actuarial science, and expertise in applying actuarial methodologies to areas such as pricing, reserving, underwriting, and capital modelling;
(d) Ability to lead complex actuarial analyses, proficiency in pricing various insurance products using actuarial techniques such as loss ratio analysis, experience rating, and frequency-severity modeling;
(e) Expertise in calculating technical reserves (e.g., IBNR - Incurred But Not Reported) and other liabilities, ensuring that the organization holds adequate reserves for claims;
(f) Proficiency in developing and implementing risk management frameworks that evaluate key risks such as market risk, credit risk, insurance risk, and operational risk;
(g) Expertise in capital modeling techniques, such as Economic Capital Models (ECM) and Solvency II Standard Formula/Internal Models, to ensure that the company holds adequate capital to meet regulatory requirements and internal risk appetite;
(h) Familiarity with financial reporting standards such as IFRS 17, and Solvency modeling, and their implications on the actuarial function; and
(i) Competence in providing actuarial input for financial statements and disclosures, ensuring compliance with applicable accounting standards and regulatory requirements;
(j) A good understanding of regulatory environment.
Added: March 2025