Overview of the 5th African Actuarial Congress

The 5th African Actuarial Congress, to be held on March 15th and 16th in Morocco, comes after the success of the First International Professional Meeting of Leaders of the Actuarial Profession in French Speaking Africa in April 2003. It is a new opportunity for the Moroccan  financial  sector  to consolidate its position as one of the leading motors of emerging growth in Africa and to showcase the Moroccan win-win partnership model as a co-development solution for many countries  in  the continent.

The new economic dynamic established by the strategic vision of His Majesty King Mohamed VI was made possible thanks to the large public, semi-public and private Moroccan companies that have exported their know-how in various fields including agriculture, telecommunications, construction and public works, industry, banking and  insurance.

Today Morocco is playing its role as a regional hub with investments in air and sea port infrastructure to ensure international connectivity, but also through the structuring and  consolidation  of  the insurance and banking sectors in Africa with the emergence of regional players of size, the subsidiaries of national champions. The creation of a financial center in Casablanca  has  also been solidified by the establishment of several economic players whose mission is regional outreach.

Recognized at the international level as an essential function in the decision-making process in the insurance, social security, financial services and banking  sectors,  the  actuarial  profession  is now at the heart of governance with a major role in guaranteeing the financial sustainability and consumer protection of financial institutions. Actuarial  skills  are  also  necessary  in  the   new internal supervision positions, including actuarial and risk management posts which were introduced by  the  ICP7  and  ICP8  standards  on  governance   of   insurance   undertakings  (the Insurance Core Principles are established by the International Association  of Insurance  Supervisors  – IAIS).

The profession will certainly see its importance and responsibilities grow in an ever-changing market. As the actuarial profession also serves the public interest, it plays an important role in actively contributing to the development of inclusive finance in Africa and as such, contributing to the achievement of the United Nations’ Millennium Development  Goals.

A long-standing profession in some African countries   and   more    recently    established in others, actuarial science, drawing from mathematical and statistical techniques,  is finding its way in a multi-speed market where requirements and regulations evolve to continually   adhere   to   international standards.

Morocco, which is hosting the 5th African Actuarial Congress, is one of the pioneering African countries in the field. Starting in 1972, a training program was launched at INSEA in Rabat, which has trained state engineers in actuarial science and finance since 1998. Today Moroccan actuaries operate principally in the insurance and social welfare  sectors.

In a setting devoted to acknowledging the profession on the market as well as improving practices throughout the sector, the 5th African Actuarial Congress will involve national and international experts as well as industry leaders in order to take stock of the profession’s evolution and  explore  its  future prospects.


AAC 2018 Overview


Preliminary Schedule


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