Actuary – Reserving and Reporting at Africa RE

Africa RELagos, Nigeria Data and Artificial Intelligence

Full Time

Following a recommendation of the African Development Bank (AfDB), the African Reinsurance Corporation (Africa Re) was established on 24 February 1976 in Yaounde, Cameroon. An international Agreement was signed by the Plenipotentiaries of 36 member States of the Organization of African Unity (OAU) and the AfDB with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein. That Agreement, known and referred to as the Agreement Establishing the African Reinsurance Corporation confers on Africa Re its current status as well as the legal authority to operate. As at today, Africa Re has 41 member States representing 38.75 % of the capital (end 2010) in addition to the AfDB, which is among the single largest shareholders with 8% of the capital (end 2010). The Agreement also empowers any member State to authorize a national institution, either a bank or an insurance company acting on its behalf, to purchase the shares reserved for the State. In order to allow its cedants to share the Corporation's fortune and participate more closely in its affairs, one-third of Africa Re's capital was opened up in 1992 to insurance companies with a majority indigenous shareholding. A good number of the companies have already subscribed and paid up for the shares allotted to them. To date, more than 100 insurance and reinsurance companies are shareholders of Africa Re with a 32.25 % combined stake (end 2010).

RESPONSIBILITIES

The successful candidate shall report to the Director, Central Operations & Special Risks and will be responsible for delivering the best estimate reserves by building analytical projections that integrate a range of actuarial techniques to help Africa Re maintain a robust balance sheet.
The job holder coordinates, prepares and performs actuarial analyses, evaluates loss and expense reserves and provides consultation on actuarial models and risk issues.
S/he is also expected to document their work in accordance with actuarial standards and communicate their results accordingly.
The activities could include, but are not limited to, work on reserve ranges and variability, adding more visualization to reporting, increasing automation, building deeper connections with other departments and actuarial functions, and timely reporting to the business

DUTIES / JOB DETAILS

The main duties of the job holder shall comprise, amongst others, the following:
Apply mathematical and statistical techniques to extract, analyze, summarize and transform data sets into usable information that informs organizational leadership decisions and policies.
Support the reserving process through the analysis of loss and loss adjustment reserves.
Monitor reserve adequacy.
Assist with financial reporting including support for annual statement, internal and external (statutory) financial reports.
Communicate information and results to a variety of technical and non-technical audiences across the organization including preparation of actuarial memorandums, and standard as well as special reports to support reserving recommendations.
Make informed actuarial recommendations based on professional judgment and experience.
Support ad hoc quantitative analyses that facilitate effective decision-making including detailed portfolio reviews and analyses.
Respond to queries, clarifications and questions from auditors, Management and other stakeholders.
Support improvement efforts in order to increase consistency, efficiency, and compliance with internal and external standards.
Collaborate with other internal functions, including Underwriting, Actuarial Pricing, Claims, Reinsurance Accounting and Finance functions to understand trends for consideration in reserving estimates.
Estimate and analyse patterns and other input parameters for IFRS and solvency calculations.
Perform any other duty that may be assigned by Supervisors or Group Management.

MAIN COMPETENCIES REQUIRED FOR THIS ROLE

Strong working knowledge Microsoft Office including Excel, Power Point, Word
Strong verbal and written communication skills
Knowledge of commercial insurance products and general insurance/business knowledge
Able to manage and coordinate own projects using multiple resources
Strong analytical and problem-solving skills
Ability to apply judgment and problem-solving skills to address issues
Ability to exercise discretion, and apply independent judgment and well-developed critical thinking skills in execution of assignments and projects
Good business judgement and ability to solve complex issues with pragmatic solutions
Programming and other analytical experience required (Examples: Python, VBA, C#, SAS, R, Python, SQL, Power BI) will be an added advantage
Understanding and experience of IFRS and IAS standards would be an added advantage
Proficient understanding of IFRS principles and reserving methods for P&C (re)insurance business
Experience using actuarial reserving and statistical software

MINIMUM QUALIFICATIONS AND EXPERIENCE:

Applicants shall be holders of a;

First degree in Mathematics, Actuarial Science, Statistics or other related numerate fields with a minimum of 7 years actuarial experience in a non-life insurance or reinsurance company, or actuarial consulting firm OR at least 4 years of experience in reserving.
Associate or substantial progression to achieving Associateship / Fellowship of an internationally recognized actuarial examining body.
Experience working in an international insurance or reinsurance company AND experience in re/insurance treaty pricing, portfolio profitability analysis and costing model and tool development will be an added advantage.

SALARY AND BENEFITS

The successful candidate shall have the following benefits:

Competitive Basic Salary
Variable pay (Annual Performance Bonus)
Joint contribution to the Provident Fund (7% of the basic salary paid by staff and 14% by the employer)
Housing Allowance
Medical cover for staff and family
Home leave to country of origin every year paid by the employer, if non-national
Children education subsidy for each child up to 26 years (maximum 4 children)
Duty Post Differential (Cost of Living Allowance), that may increase or decrease depending on the economic situation and result of surveys

ADDITIONAL REQUIREMENTS FOR CANDIDATES FOR THIS POSITION

Applicants must also have:

Strong communication skills for conveying complex actuarial concepts to diverse audiences.
Proficient in applying mathematical and statistical techniques to transform data into actionable insights.
Effective problem-solving ability to address issues in the reserving process.
Independent project management skills to coordinate and execute tasks efficiently.
Analytical mindset for accurate assessment of data patterns and parameters.
Sound judgment and critical thinking for solving complex issues pragmatically.
Proficiency in programming languages and analytical tools for enhanced efficiency.
Understanding of IFRS principles and reserving methods for P&C re/insurance business.
Proficient in English communication; French proficiency is an added advantage.