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Insurance Institutions and Actuarial Professions Conference Continued their sessions. The conference is held at the Faculty of Finance and Management at King Khalid university. Participants showed more than 90 post included studies , worksheets such as teaching actuaries of the future by Dr. Robert Jelly ( Institute and Faculty of Actuaries, United Kingdom ). Dr. Jelly, in his participation, dealt with challenges facing the actuarial profession in the context of significant changes in both internal and external environment in which the actuarial works. Also, he presented a summary of the history of the actuarial profession in Britain.
In another worksheet during the conference, the role of the actuary in insurance and investment was presented. Actuaries can help in simplifying the financial prediction for the future. He can analyse and predict with a long-term financial vision in order to help in taking future financial decisions based on long-term prediction .
Also, there was an argument regarding choosing the Saudi insurance market and how the Saudi society dealt with it before the issue of the Control System of the Cooperative Insurance Companies and its executive list to choose between insurance and non- insurance .
In the conference, a worksheet about micro- solidarity insurance for low-income Saudi people was presented as a way to achieve development in the GCC which is considered an important incentive to fund and protect the micro-enterprises and low-income classes, thus encourage banks to fund these projects.
In another worksheet, the issue ( the actuary profession and the actuarial professional tests) was elaborated. Actuarial profession was defined and information about the application of Actuaries for this kind of knowledge, supported by statistics from known actuarial associations was presented. Also, examples were presented regarding the role of the actuary and the possibility of using the Saudi population data in calculating the instalments of life insurance in the Saudi companies, thus we could develop a technology tool based on this data to calculate life insurance instalments in those companies .
After that, researchers prepared a life schedule based on the Saudi population statistics. They started with the proportion of deaths in each class of the population in the Kingdom. Then, there was a display of suggested actuarial model to determine life insurance instalments in the Kingdom of Saudi Arabia .
In another context, a worksheet was presented on the use of the professional mathematician. He is considered a calculation finisher in some insurance companies in the Egyptian market. It is important to review the value of the professional mathematician in the final accounts and to make an automatic program specialized in the calculations of insurance which, as soon as receiving the data of Insured person, provides a full picture of all the terms of the document throughout the period of validity. The researcher, within his abilities, used Excel program to search. It is a ready program, general and good for research purposes.
Regarding the calculations of solidarity subscriptions in Islamic insurance companies, a model of neural networks was used. It aims to using modern scientific methods ( models of neural networks ) to determine the severity of risk to determine the value of subscriptions in vehicles branch in solidarity insurance companies, with some modifications on work system in insurance companies in accordance with the rules of Islamic law to activate the principle of justice between the group of participants and capitalists. It also ensures the accuracy of work in these companies, especially when dealing with a large number of subscribers.
In another study, another issue was elaborated to establish a causative model to study the factors affecting the financial performance of the Egyptian insurance companies and the impact of non-financial aspects of the financial performance of the insurance companies in the Egyptian market and to be applied on general insurance.
The researcher, during the study, depended on Balanced Score Card as one of the management tools that consist of (4) major aspects within any company; financial performance - performance of internal processes - customer’s performance - performance of learning and growth so as to set up a causative model, which is considered the key objective of the study.
Regarding risks, a proposal was presented regarding controlling the flooding disaster to be applied on the Kingdom of Saudi Arabia and to what extent this risk affects individuals, projects and infrastructure of the kingdom. The risk of flooding is one of the main natural hazards that takes place in vast areas of the world, and several areas in Saudi Arabia at different periods of time which forced the researchers to study the risk of flooding because of its different and serious repercussions on the level of the individual, institution and the state and try to study modern alternatives of investment in solidarity companies( Islamic insurance ) .
About the concept risk control and its applications in insurance institutions in Saudi Arabia, the study indicates the role risk control plays in measuring and analysis risk, taking the direct decision regarding insurance seekers, controlling the size of the risks or control them and to minimize the effects and transfer from the affected units to units with greater ability, identifying the role of risk control investment companies and insurance companies how to direct funds of the companies towards profitable projects, trying to reverse the impact of the insurance risk and the failure to take the appropriate decision on the financial performance reports .
In another worksheet, the issue ( improving the performance of insurance companies using cloud computing ) and the use of the Internet to access and manipulate data through a remote server rather than a local server or personal computer which is known as cloud computing ( This technique can be applied because it is useful in insurance sector ) .
Regarding increasing the efficiency of the performance of insurance companies using new technology, a worksheet was presented to show the role of modern technology in the insurance industry. Improvements, which can be achieved by applying them in an insurance company were clarified to what extent using technology increases confidence in the financial statements of Saudi insurance companies.
In another research, a proposed model to evaluate the financial performance of insurance companies in the Saudi capital market was presented. It aims to build a model for measuring the efficiency of the financial performance of insurance companies. It has been built based on the study of financial indicators that fit with insurance companies and choose the right mix of them. Data of insurance companies in the Saudi stock market from 2008 to 2012 to test the model.
Regarding the Saudi insurance market and the cost of Property rights for the insurance companies listed in the Saudi stock, a standard model has been proposed using CAPM-GARCH models. It was a participation from a course named reinsurance risk control in Algerian insurance companies, study of the status of the Central company of Reinsurance (CCR).
Regarding insurance market in Algeria, a worksheet was offered. This worksheet talks about the study of the diversity of the portfolio of national insurance product.
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