Actuarial Risk Officer📣 Job Ad

About Al Etihad Cooperative Insurance Co

Al Etihad Cooperative Insurance Company is a public joint-stock company established in the Kingdom of Saudi Arabia under a decision from the Council of Ministers and a royal decree. With a paid-up capital of 500 million Saudi Riyals, the company is an extension of United Insurance Company, which commenced insurance operations in Saudi Arabia in 1983. In 2008, Al Etihad Cooperative Insurance Company was listed for public subscription and registered on the Saudi Stock Exchange (Tadawul) under the symbol 8170.

The company operates under the supervision and regulation of the Saudi Insurance Authority, holding licenses for all types of insurance, including general insurance, medical insurance, motor insurance, and protection & savings insurance. Recognized as a pioneer in the Saudi insurance industry, Al Etihad Cooperative Insurance Co maintains a wide network of offices and a dedicated team committed to serving its customers across the Kingdom.

The Actuarial Risk Officer Role

Al Etihad Cooperative Insurance Co is seeking an Actuarial Risk Officer to join its team in Al Khobar, Eastern Province, Saudi Arabia. This full-time position is suitable for candidates with 0-1 years of experience and is central to the company's efforts in identifying, assessing, and monitoring actuarial risks to support informed decision-making and enhance the Enterprise Risk Management framework.

Key Responsibilities

• Identify, assess, and monitor actuarial risks related to pricing, technical reserves, insurance portfolios, and actuarial assumptions.
• Analyze claims, premium, and insurance portfolio data to generate statistical insights that support risk assessment and informed decision-making.
• Support the implementation and enhancement of the Enterprise Risk Management (ERM) framework, including monitoring actuarial risks through the Risk Register and Key Risk Indicators (KRIs).
• Contribute to the preparation and analysis of Risk-Based Capital (RBC) requirements, stress testing, and scenario analysis.
• Review and evaluate actuarial function outputs from a risk management perspective, assessing their impact on capital adequacy, solvency, and profitability.
• Validate the quality and integrity of data used in actuarial and risk analyses, coordinating with relevant departments to resolve identified issues.
• Prepare periodic reports, dashboards, and presentations related to actuarial risk management.
• Participate in the execution and monitoring of strategic projects and initiatives related to enterprise risk management.
• Collaborate closely with the Actuarial, Finance, Underwriting, Claims, Compliance, and other relevant departments to ensure an integrated approach to risk management.
• Monitor regulatory requirements issued by the Insurance Authority and applicable professional standards and contribute to the development and continuous improvement of risk management policies, procedures, and methodologies.

Qualifications and Experience

• 0-1 years of professional experience in a relevant field.

Work Type and Location

This is a full-time position based in Al Khobar, Eastern Province, Saudi Arabia. The role requires dedicated on-site presence to ensure effective collaboration and integration with various internal departments.

Commitment to Risk Management

The Actuarial Risk Officer will contribute to Al Etihad Cooperative Insurance Co's ongoing commitment to maintaining robust risk management practices. This role is integral to ensuring the company's adherence to regulatory standards and supporting its strategic objectives for financial stability and sustained profitability within the Saudi insurance market.