In Cooperation with Lux Actuaries & Consultants UoB Informs Its Students of The Latest Financial Reports and Their Impact on Insurance Companies

Sakhir – University of Bahrain (Yasmeen Khalaf)
6 April 2022
The Mathematics Department at the College of Science at the University of Bahrain (UoB) recently held a workshop for students of the actuarial science program, under the title: “Implementation of International Financial Reporting Standard No. 17 (Insurance Contracts)”, in cooperation with Lux Actuaries & Consultants, to inform students of the latest developments in the disclosure of financial reports, their impact on insurance companies, and their importance to the students of the actuarial science program.
Actuarial science predicts future financial risks, using mathematical and statistical methods, to estimate the amount and size of risks in the insurance sector and financial industries, to reduce the adverse consequences of risks when they occur, and to develop possible solutions for them.
The speakers in the remote workshop stressed the importance of recognizing the impact of the change from IFRS 4 to IFRS 17, which is related to the audit of financial reports and the emerging requirements related to cash flows, and the recognition of profits in insurance companies. Noting the recent changes in financial and international standards associated with insurance companies, which will enter into force in early 2023, and the subsequent increase in job opportunities for actuaries.
Moreover, the speakers stressed the importance of reviewing such changes, getting acquainted with their details, and following up on the practical workshops related to the changes in financial standards, with the aim of linking the actuarial aspect to the practical aspect.
During the seminar, Lux Actuaries & Consultants was represented by: Life Insurance Fellow from the American Actuaries Association, Actuarial Consultant Noaman Zafar, and Senior Actuarial Analyst Rayyan Al-Hayki. While the Department of Mathematics at UOB was represented by members of the Actuarial Science Program Committee, namely: Head of the Mathematics Department, Dr. Abdullah Jaafar Eid, Actuarial Sciences Program Coordinator Dr. Babacar Seck, Assistant Professor in the Department of Mathematics, Dr. Ahmed Ali Matar, and Research and Teaching Assistant Aseel Masoud Al-Harmi. In addition to a number of faculty members from the College of Business Administration, and students of the Actuarial Science Program at UoB.
The Department of Mathematics at the College of Science at UoB launched the actuarial science program in the year 2019, which courses are designed to prepare the student to pass professional certifications in actuarial sciences offered by the American Society of Actuaries.

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