top of page
page background - sea waters and rocks
Royal Falconian Logo

Actuarial Services in Saudi Arabia & UAE

  • Writer: Royal Falconian Actuaries
    Royal Falconian Actuaries
  • Jul 9
  • 2 min read

Regional Industry Trends Driving Demand

The GCC’s insurance market is growing rapidly: Saudi Arabia’s gross written premiums rose by 16.3% in 2024 to SAR 76.1 billion (US $20.3 billion), and the UAE surged by 21.4% to AED 64.8 billion (~US $17.6 billion). Primary drivers include:


  • Economic diversification via mega projects in real estate, tourism and infrastructure

  • Introduction of mandatory health and motor insurance

  • Rapid digital transformation reshaping risk landscapes


Swiss Re projects ~5.4% real premium growth in 2025, led by non‑life lines such as mandatory health, property, and engineering insurance.


A recent study highlights persistent protection gaps in the region — especially in cyber, climate, and infrastructure — calling for specialized actuarial insights and sophisticated risk modeling.


ree

Implications for Actuarial & Insurance Firms

  • New infrastructure and giga‑projects require engineering risk models, catastrophe analysis, and insurance reserving solutions

  • Cyber‑risk growth due to digital uptake necessitates stress testing, scenario modeling, and tailored actuarial frameworks

  • Employee benefits and end‑of‑service liabilities must comply with IAS 19 / IFRS standards, now mandatory in KSA and UAE


Royal Falconian: Actuarial Solutions for the GCC


At Royal Falconian, our actuarial services are precisely aligned with emerging regional needs:


1. IAS 19 Actuarial Valuations

We expertly value end‑of‑service benefits, post‑employment medical, and accrued leave using the Projected Unit Credit methodology under IAS 19/IFRS. These valuations ensure:

  • Full regulatory compliance

  • Accurate P&L and balance‑sheet reporting

  • Detailed disclosures in financial notes


2. Technical Reserves & Reinsurance Modelling

Targeting P&C insurers across KSA & UAE, we support:

  • Technical reserves valuation for life and non‑life insurance

  • Reinsurance modeling to absorb large infrastructure and catastrophic losses


3. Data-Driven Pricing & Capital Modeling

By integrating advanced analytics, we help GCC insurers optimize:

  • Pricing strategies

  • Reinsurance placement

  • Capital efficiency


4. Regulatory & Audit Support

Our actuarial reports serve as:

  • Audit‑ready deliverables

  • Evidential support for compliance with IAS 19, IFRS 17, and evolving GCC regulations

 
 
bottom of page