Despite macroeconomic and operational challenges — ranging from extreme weather events to the introduction of corporate tax in the UAE — the GCC insurance sector ended FY2024 on a profitable note. Listed insurers across the region posted a combined after-tax profit of USD 2.1 billion, underscoring the sector’s resilience in an evolving landscape.

Financial planning is essential for the stability and success of any organisation. It is especially vital for institutions like life insurance companies and pension schemes, which manage substantial funds and have long-term liabilities. Effective financial planning from an actuarial perspective enables these entities to meet their obligations, manage risks, and ensure sustainable growth.

Life insurance plays a crucial role in financial security, protecting individuals and families from unexpected hardships. However, in many African markets, including Kenya, life insurance penetration remains low. At just 1.3% of GDP, Kenya lags significantly behind markets like South Africa, where penetration stands at an estimated 9.4% of GDP. Given Kenya’s youthful population and growing economy, one might expect higher adoption, yet several structural and cultural factors have contributed to this gap.

Social security systems are the backbone of a nation's welfare, providing essential financial security through retirement pensions, unemployment benefits, and disability support. Ensuring their long-term sustainability is a complex challenge —one that requires balancing financial viability with social protection. Actuaries play a critical role in supporting these schemes, helping to design policies that are both equitable and financially sustainable.

The establishment of the IFoA Middle East Member Committee (MEMC) ,with myself as Chair, marks a significant step for the IFoA’s expanding international membership. As one of two global pilot initiatives in 2024—the other being the Greater China Member Committee—our goal is to create a formal, localised platform that ensures the needs and opportunities of regional members are both heard and acted upon.

The year 2024 was a stark reminder of the escalating climate crisis, with records broken across the board. We experienced the hottest year in recorded history , the highest concentrations of greenhouse gases, and the highest ocean heat content. Furthermore, there was record-low extent of Antarctic sea ice and unprecedented levels of glacier retreat. These weren't just abstract statistics; they translated into significant real-world impacts, including major storms, severe flooding, heatwaves, wildfires and droughts. These events are having cascading effects, negatively impacting food security, forcing population displacement, causing infrastructure damage, and resulting in substantial insurance losses.