SHMA Consulting

In Q2 2024, the Saudi insurance industry witnessed impressive growth, with total revenues climbing from SAR 27 billion to SAR 32 billion. This surge was driven by successful customer acquisition, higher sales, and increased premiums, particularly within the Medical insurance sector. Despite these gains, the insurance service result remained steady, while Profit After Tax increased, highlighting improved efficiency and profitability across the industry.

The market continues to show resilience, with most companies reporting revenue growth, though some faced challenges such as higher Net Incurred Claims and fluctuating operational efficiency.

Take a more in-depth look at the evolving market by reading our full report here: https://shorturl.at/sxGQa

To learn more about us, visit www.shmaglobal.com or connect with us at [email protected]

SHMA is excited to welcome new team members Tanzila Warishah, Fazal Sadiq, Dost Ali, and Tatheer Fatima.

We look forward to nurturing their talent and helping them achieve their full potential.

If you too are interested in advancing your career in Actuarial Science with one of the region’s leading financial consultancies, explore opportunities at www.shmaglobal.com or reach out at [email protected].

Actuarial Assumptions are concepts that Actuaries use in their day-to-day analysis to make financial forecasts. Here we show what they are, why they matter, and how they shape the stability and success of financial plans. Making accurate assumptions based on relevant information can make all the difference in the world.

At SHMA, our Actuaries ensure that every decision made is backed by the right information, helping your organization navigate the world of uncertainty with ease. To learn more, visit www.shmaglobal.com or connect with us at [email protected]

As the world evolves, so do the skills required to successfully navigate it.

Which skills do you believe are the most critical to attain for Actuaries in the future?

Share your ideal ranking in the comments section and let us know your thoughts!

Explore more about one of the region’s premier Actuarial consulting firms at www.shmaglobal.com or reach out to us at [email protected]

In this puzzle, the sum of the adjacent numbers is equal to the number above them.

Can you find the missing numbers?

Solve it and share your answers in the comments section. Don’t forget to tag your puzzle-loving friends so they can join in the fun!

Keep following our page for more interactive games, the latest industry trends, Actuarial insights, and much more. To learn more about us, visit www.shmaglobal.com or connect with us at [email protected]

The latest episode of the Research Insights Podcast, brought to you by the SOA Research Institute, dives into ‘Takaful: An Alternative Approach to Insurance’. Join Mr. Shariq Sikander, Consulting Actuary and Director at SHMA Consulting, as he unpacks the significance of Takaful in Shariah-compliant financial services—offering solutions that align with Islamic principles while meeting individual needs.

Catch the full episode here: https://lnkd.in/g7Gu7hd7

Celebrating the spirit of freedom and unity! Our team came together to honor Pakistan's Independence Day with cake, laughter, and good company. Grateful for the bonds we share and the values we uphold as we continue our journey together.

What are your views? Do you think the demand for Actuaries in healthcare will continue to grow? Share your thoughts in the comments below!

To read up on the latest developments in Insurance around the world, access our global Insurance industry reports, or to learn more about us visit, www.shmaglobal.com or write to us at [email protected]

Insurers are shifting towards private assets despite market concerns. Discover the benefits of private investments, key focus areas, and the challenges faced by insurers in today's economic landscape.

To learn more about the ever-changing financial and insurance landscape, visit www.shmaglobal.com or contact us at [email protected]

On July 25th, our team came together to celebrate the juiciest day of the year with our annual Mango Fiesta! From refreshing mango shakes and creamy ice cream to exciting games and fabulous gift hampers for the winners.

Check out the pictures and relive the fun with us!

Please join us in welcoming Aashish Kumar, Fozia Naz, Zain Arif, Daniyal Usman and Salman Mukhtiar to the SHMA team!

We are delighted to have them onboard and look forward to their growth into full-fledged Actuaries.

Remember, this is your time to learn, grow, and contribute. These experiences can be the foundation upon which you build a fruitful career.

To learn more about us or of new opportunities, visit www.shmaglobal.com or write to us at [email protected]

Mr. Saeed Zafar, Managing Director, and Mr. Usama Dangra, Director at SHMA, led an onboarding session for our latest batch of Actuarial Trainees. They spoke about the history and legacy of SHMA, what the day-to-day life of an Actuary looks like, tips regarding the industry and work-life balance, and what the future of the profession holds for those just entering it.

The session was a concise and fun way to engage with the new team members and get them up to speed with the firm.

As our new trainees take their first steps in this profession, they can take comfort in knowing that their journey will be guided by experienced and empathetic individuals.

To learn more about us or any new opportunities available, please visit www.shmaglobal.com or connect with us at [email protected].

Are you ready to challenge your mind with an exciting crossword puzzle? Solve it and share your answers in the comments section. Don’t forget to tag your crossword-loving friends so they can join in the fun!

Keep following our page for more interactive games, the latest industry trends, Actuarial insights, and much more. To learn more about us, visit www.shmaglobal.com or connect with us at [email protected]

In a world that is constantly evolving, the insurance industry faces numerous challenges and opportunities. One of the most pressing questions today is the potential impact of climate change on this sector. As weather patterns shift and natural disasters become more frequent, the implications for insurance are significant. This raises an important question: do you believe that climate change will have a major impact on the insurance industry?

Share your thoughts in the comments below.

To read up on the latest developments in Insurance around the world, access our global Insurance industry reports by visiting www.shmaglobal.com or write to us at [email protected]

As the business landscape evolves, Actuaries play a crucial role in managing and mitigating risks. Discover the key trends for 2024 and learn about the benefits and challenges Actuaries face in navigating these trends to ensure financial stability.

Visit www.shmaglobal.com to learn more about us or contact us at [email protected] to get help navigating modern business challenges.

We are thrilled to announce that Nour Maged has officially become an Associate of the Society of Actuaries (SOA)!

This outstanding achievement is a testament to Nour's unwavering dedication to excellence in the Actuarial field and her commitment to delivering exceptional service to our clients.

Join us in celebrating this milestone and congratulating Nour on her remarkable accomplishment!

The Omani Conventional Insurance sector showed positive trends from Q1 2023 to Q1 2024. Insurance revenue increased, and although service results still faced losses, they have improved significantly. Profit After Tax saw a notable turnaround, highlighting effective cost management and operational improvements. The Takaful sector also demonstrated strong growth. While some firms faced challenges, the overall industry displayed enhanced efficiency and profitability. This period of adjustment shows a promising future for Omani insurance.

Take a more in-depth look at the industry by reading our full report here https://shorturl.at/WGYsV and discover which players have benefited the most from these recent trends.

Syed Shiraz Anwar recently presented at the SOA APAC Symposium in Kuala Lumpur on June 12-13, 2024. He discussed Shariq Sikander’s paper “Takaful: An Alternative Approach to Insurance,” focusing on IFRS-17 Accounting Challenges for Takaful Contracts, including mutualization, surplus distribution, and Qard. The presentation highlighted the principle of Takaful as Risk Sharing Contracts, with insights from AAOIFI and the Islamic Finance Consultative Group.

The Symposium provided excellent networking opportunities and featured content on AI, Climate Change, IFRS-17, Life/Health Insurance, and more, showcasing the growth of the Actuarial Market in the APAC region.

We are thrilled to announce that Syed Faizan Haider, a valued member of the SHMA team, has officially earned the ASA Credential and become a part of the Society of Actuaries (SOA) as an Associate! This accomplishment demonstrates Faizan's dedication to excellence in the Actuarial field and his commitment to providing exceptional service to our clients.

The ASA credential is a highly regarded designation that signifies expertise in applying Actuarial principles to solve business problems and manage risk. Please join us in congratulating Faizan on this remarkable accomplishment!

SHMA is glad to welcome its fantastic new Actuarial Interns! We are excited to have you join our team and witness the impact you will make. Get ready to learn, grow, and contribute alongside the region's leading financial consultancy.

If you too want to step up in your Actuarial career, visit us at www.shmaglobal.com or write to us at [email protected]

We are thrilled to share that our very own Actuarial Manager, Ravi Sonagadu, represented SHMA at the Arab Actuarial Conference 2024 held in Tunis, Tunisia. Ravi brought back invaluable insights from discussions on digitalization in insurance, risk management innovations, and the growing importance of AI in the Actuarial profession.

Learn more about Ravi’s experience at the conference by reading his article here: https://shmaglobal.com/my-experience-at-the-arab-actuarial-conference-2024-in-tunis-tunisia/

To know more about SHMA, the region’s leading financial consultancy, visit www.shmaglobal.com or connect with us at [email protected]

In Q1 2024, the UAE insurance sector achieved remarkable milestones, underscoring its robust financial health and strategic resilience. Profit After Tax showed a strong increase, signalling sustained profitability and financial stability across the industry. Moreover, Insurance Service Results demonstrated prudent expense management, contributing to overall profitability. The standout achievement was the industry's revenue surge from AED 6.9 billion (in Q1 2023) to AED 8.5 billion, driven by successful customer acquisition and expanded sales efforts.

These results not only highlight the industry's pivotal role in financial security but also reinforce its commitment to excellence and innovation in serving the UAE community.

Read the full report to explore these insights in more depth and stay informed in the dynamic world of insurance and finance! Read our full report here: https://shorturl.at/zYvRt