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About Al Etihad Cooperative Insurance Co

Al Etihad Cooperative Insurance Company is a public joint-stock company operating in the Kingdom of Saudi Arabia. Established under a decision from the Council of Ministers and a royal decree, the company has a paid-up capital of 500 million Saudi Riyals. It is an extension of United Insurance Company, which began operations in Saudi Arabia in 1983. In 2008, the company was listed on the Saudi Stock Exchange (Tadawul) under the symbol 8170. Al Etihad Cooperative Insurance Co is supervised by the Saudi Insurance Authority and is licensed to operate in general insurance, medical insurance, motor insurance, and protection & savings insurance.

The Role of Actuarial Risk Specialist

Al Etihad Cooperative Insurance Co is seeking an Actuarial Risk Specialist to join its team in Al Khobar, Eastern Province. This full-time role involves identifying, assessing, and monitoring actuarial risks across various insurance functions. The specialist will contribute to the enhancement of the Enterprise Risk Management (ERM) framework and ensure the integrity of data used in risk analyses. The position requires 2-5 years of relevant experience.

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 for risk assessment and 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 with 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, contributing to the development and continuous improvement of risk management policies, procedures, and methodologies.

Qualifications and Experience

• A minimum of 2 to 5 years of experience in an actuarial or risk management role.
• Demonstrated ability to analyze complex data and generate actionable insights.
• Understanding of actuarial principles and risk management frameworks.

Work Environment

This is a full-time position based in Al Khobar, within the Eastern region of Saudi Arabia. The role involves working collaboratively across multiple departments to ensure comprehensive risk management practices.