When people think of actuaries, they often picture us crunching numbers in insurance companies or financial firms. However, the actuarial skill set can be applied to much broader challenges. Recently, I had the opportunity to use my actuarial expertise to assist stateless individuals in their quest for citizenship, particularly among the Kenyan-Asian community. What began as a technical assignment became a deeply human experience, reminding me of how our profession can create lasting, positive change.

In today's rapidly evolving business landscape, prioritizing sustainability is essential for achieving long-term success and resilience. Many countries are now legally mandating companies to conduct sustainability reports. A key component of these sustainable strategies is the comprehensive assessment of a company’s environmental impact. Additionally, companies must investigate the social return on investment (SROI) to measure the societal benefits generated by their activities.

Crafting a sustainability report requires strategic planning. It must outline a comprehensive approach for embedding sustainability into a company’s core operations. A well-prepared report not only serves as a statement of commitment towards a sustainable future but also acts as a tool for engaging with stakeholders on sustainable development.

A sustainability report encourages organizations to adopt sustainable practices and transparently communicate their efforts. It prompts companies to engage with stakeholders and take actionable steps in their operations. Additionally, a sustainability report addresses Environmental, Social, and Governance (ESG) issues, providing a comprehensive overview of a company's current state, commitments, strategies, and performance in sustainability. It details how the company plans to operate amidst the climate crisis and socio-economic changes.

Members in the DIFC will be well acquainted with DEWS – a defined contribution saving scheme that replaced the old unfunded end of service gratuity system. But what about the UAE Mainland? Last October, the MoHRE (The UAE Ministry for Human Resources & Emiratization) published the details for the long-awaited Voluntary End-of-service Gratuity Scheme in Cabinet Resolution 96, which will introduce a defined contribution scheme to the Mainland, though with limited similarities to DEWS.

Amidst a backdrop of dynamic market conditions and strategic shifts, the GCC insurance sector has demonstrated noteworthy growth in the first quarter of 2024. With a significant boost in investment income, the earnings of listed insurers have seen remarkable improvement, underscoring the evolving landscape of the regional insurance industry.