Most actuarial work within the Middle East is undertaken by actuaries from outside the region. Primarily, the work is performed by actuaries from Europe and South Asia.
One of the main reasons for the shortage of actuaries in the Middle East is the historical lack of recognition for the profession. This situation has been changing gradually over the past five to 10 years due to changes in regulation and a move towards risk-based culture. These recent changes have provided an impetus to the actuarial profession in the region and have resulted in more locals joining the profession.
Despite the increased demand, growth rates have been modest because of the limited availability of actuarial courses at the university level, especially those taught in the local language. Currently, there are only a few countries in the Middle East offering university-level actuarial science programs.
In this article, which originally appeared in the September 2018 issue of International News, published by the Society of Actuaries, Milliman’s Dana Barhoumeh discusses in greater depth the actuarial field in the Middle East.