INSURANS Islam TAIB Holdings Sdn Bhd and its subsidiaries, Insurans Islam TAIB General Takaful Sdn Bhd and Insurans Islam TAIB Family Takaful Sdn Bhd completed the first actuarial human capital development project in Brunei. Over the last two years, 27 key members of Insurans Islam TAIB had undergone rigorous training sessions and workshops aimed at increasing technical know-how in the Takaful business. The actuarial human capital development project was delivered by learn@AP, the foremost professional actuarial education and training provider in Southeast Asia. “This is the first time a Takaful company in Brunei has undergone a structured actuarial human capital development project. This will bring significant positive change to the company as well as to the landscape of the Takaful and insurance industry in Brunei. The project was made possible with very strong support from our Board of Directors,” said Haji Osman bin Haji Md Jair, Managing Director of Insurans Islam TAIB Group of Companies who is also the Chairman of Brunei Insurance and Takaful Association since 2014. This is a major milestone for the takaful and insurance industry in Brunei. Insurans Islam TAIB recognises that increased technical know-how, specifically in the field of actuarial science, enables them to better serve their customers through effective and efficient products as well as sound financial management. This also demonstrates Insurans Islam TAIB’s commitment towards attracting and retaining a strong and professional workforce, and towards promoting the growth, sustainability and professionalism of the Brunei’s financial system. The actuarial division of Insurans Islam TAIB was established in 2015. Today, it is the largest actuarial division in Brunei and headed by Arif Leong, the first and only actuary in Brunei. According to Arif, this human capital development project gave the entire company a deep insight on actuarial business projections, product pricing, actuarial valuation as well as other actuarial management issues such as treating customers fairly. Insurans Islam TAIB’s commitment to developing a professional Takaful workforce with strong technical knowledge puts them light years ahead of their peers. It is also in line with the goals and objectives set out in Brunei Vision 2035. Original article is at Borneo Bulletin
NEW TEST PAGE
Zainal Kassim, a senior partner with Actuarial Partners Consulting received the lifetime achievement award during the 11th International Takaful Summit held in London from 11-12th July, 2017. This award recognises the achievements of individuals that have made significant contributions and shown leadership in the fields of Takaful and Re-Takaful. The International Takaful Awards are currently the only industry recognition of excellence dedicated to the Takaful Industry. Zainal has had a long and diverse career in actuarial consulting spanning nearly 35 years. His consulting experience spans the full spectrum of actuarial services including life and general insurance consulting, family and general Takaful consulting, retirement and employee benefit consulting as well as investment consulting. He currently specializes in the strategic aspects of Takaful, insurance and retirement consulting. He has written many articles and spoken at numerous conferences globally on his experiences and with the development of Takaful. He was the first actuary in Takaful in Malaysia and has also been involved in the strategic analysis of Takaful and Retakaful operators in Asia, Africa and Europe. He has also consulted to insurance regulators, most recently to insurance regulators in the Middle East. He is a Fellow of the Institute of Actuaries of the UK, a Fellow of the Actuarial Society of Malaysia and past President, Fellow of the Singapore Actuarial Society and an Associate of the Society of Actuaries in the USA. He graduated in 1978 from City University in London with a First Class Honours degree in Actuarial Science.
Actuarial Partners' senior partner, Zainal Abidin Mohd Kassim and partner, Hassan Scott Odierno were contributing authors to a book on takaful published by the World Bank titled Takaful and Mutual Insurance: Alternative Approaches to Managing Risks Excerpts from the overview section:
Explains that the main differences that separate takaful insurance from the conventional joint stock and mutual or cooperative insurance models make it acceptable to many where traditional insurance products are not. Having grown nearly 30 percent annually (2007–10), with premiums in 2010 reaching US$8.3 billion and expected to reach US$12.0 billion in 2012, takaful has enormous potential to enhance the lives of Muslims throughout the world, since it can cover life, health, property, motor, and liability risks and also reach the smallest families and the poorest communities through microtakaful. Takaful also has enormous potential to enhance the economic development of the Muslim world. A number of dynamic challenges exist, however, whether on the investment, operational management, educational, distributional, or regulatory fronts, and possible solutions require public education and free debate so that takaful can develop in as efficient a manner as possible.Previews of the book can be found here or the address below:- http://elibrary.worldbank.org/doi/book/10.1596/978-0-8213-9724-4 Orignal article appeared in Co-operative News
Actuarial Partners Consulting to conduct an Asia Short-Term Insurance Reserving Workshop in Bangkok on 10-11 August 2016. The workshop is co-organised with the Society of Actuaries, US as part of the profession’s continued professional development and provides 14.4 CPD hours. Actuarial Partners is contactable at +603-2161 0433 or firstname.lastname@example.org
Original link Here
Original link Here
DescriptionThis workshop is designed with the objective to give participants a thorough understanding on reserving of short-term life and general insurance liabilities. Drawing from the extensive experience of our seasoned facilitators, we will deliver a highly effective workshop for beginner and intermediate level professionals working in the insurance industry. This seminar is a joint collaboration between the Actuarial Partners and the Society of Actuaries (SOA), and co-sponsored by Team Excellence. This is a hands-on interactive workshop. Participants are expected to bring their own laptop to perform the tasks assigned. They are also encouraged to contribute to group discussions, guided by our facilitators in a thought provoking manner. During our workshop, participants will:
- Build claims triangles from raw claims listing data;
- Apply judgement in selecting link ratio factors and ultimate loss ratios, considering underwriting, pricing and claims management practices; and
- Calculate capital requirements for claims and premiums liabilities.
- Understand short-term insurance reserving in a practical context;
- Gain hands-on experience on commonly used methods in reserving; and
- Apply technical and business knowledge into reserving.
Who Should Attend
- Life and general insurance actuarial professionals with a beginning or intermediate level of knowledge in reserving.
- Audit, risk, finance professionals working closely with actuarial department on reserving matters
The you-tube video below captures Zainal Kassim’s presentation on takaful and the pure mutual route during the prestigious 2016 International Takaful Summit (ITS) awards ceremony in London