Fourth Arab Actuarial Conference Kicks Off in Dubai, Spotlighting AI and Emerging Financial Risks
The fourth edition of the Arab Actuarial Conference kicked off today in Dubai, jointly organized by the Emirates Insurance Association, the General Arab Insurance Federation, and event management company Menamoney.
The conference brings together the largest gathering of actuarial experts in the Arab world, alongside senior leaders from the insurance, banking, investment, pension, healthcare, and financial regulatory sectors, in addition to government officials.
Held at the Millennium Plaza Downtown Dubai under the theme “The World Through Actuarial Eyes,” the conference addresses critical issues related to existing and emerging risks facing the financial and insurance sectors, as well as their assessment and management.
This year’s sessions place a strong emphasis on artificial intelligence and data analytics and their impact on the development of the insurance industry, emerging trends in health insurance across Arab markets, the shift toward risk-based capitalization of insurance companies, and the role of actuaries in risk management. The agenda also covers the impact of generative AI on actuarial work, along with the effects of digitalization, embedded insurance, and insurtech in reshaping the sector.
Farid Lotfy, Secretary General of the Emirates Insurance Association, said that actuaries have long formed the backbone of the insurance industry, relying on mathematics and statistics to assess risks, price insurance policies, and ensure financial sustainability. However, the rise of artificial intelligence has transformed this traditional approach.
Lotfy noted that actuaries can now leverage AI and data science to analyze massive volumes of information in less time, uncover hidden patterns, and significantly enhance predictive accuracy. He cited international studies showing that insurance companies using AI-driven analytics have reduced claims processing time by 50% and fraud detection costs by 30%, making insurance operations more efficient.
He added that the expanding use of AI is broadening the role of actuaries, creating greater opportunities to drive innovation within the insurtech ecosystem as strategic decision-makers. Lotfy stressed that ongoing advancements and challenges in financial technology require actuaries to continuously upgrade their skills in AI, data science, and automation in order to remain competitive.