The Arab Insurance Federation, in collaboration with the Arab Actuaries Association, hosted a virtual seminar on Wednesday, November 5, 2025, titled “Pricing of Life Insurance,” attracting over 320 participants. The event highlighted how life insurance has evolved beyond financial products into key drivers of economic and social development amid rapid demographic and digital changes across the Arab world.
Shkib Abuzaid, Secretary-General of the Arab Insurance Federation, emphasized that rising aging populations and growing informal labor sectors pose significant challenges to pension systems regionally and globally. He noted that between 3% and 10% of the population in seven Middle Eastern and North African countries will require long-term healthcare by 2030 due to age or disability.
Mazen Abou Shakra, Regional Director at Gen Re LH EMNENA, stressed the need to adapt communication strategies to engage younger generations, particularly Gen Z. He highlighted that digital tools enable more precise pricing and improved future risk management.
Rita Sakr, President of the Lebanese Society of Actuaries and Head of Operations and Actuarial at Bankassurance Lebanon, underscored the importance of building trust between insurers and clients. She pointed out that actuaries now play a central role in balancing technical accuracy, fairness, and sustainability through advanced and faster computational methods.
Mohamed Saghir, CEO of Hayat for Insurance in the UAE, noted that market changes are outpacing expectations, especially as some governments reduce pension support, increasing demand for innovative and sustainable insurance solutions.
Participants agreed that digitalization and artificial intelligence will revolutionize life insurance modeling and pricing, though ethical concerns remain. They urged regulatory bodies to establish clear legislation governing the use of these technologies.
Key recommendations from the seminar included viewing life insurance as a long-term investment rather than an expense, encouraging Arab nations to establish national actuarial pools to support specialized research and product development, designing modern and transparent policy documents, strengthening professional collaboration among stakeholders, and regulating AI tools in insurance pricing. The session concluded by affirming life insurance as essential for national economic advancement.
Earlier, the Arab Insurance Federation announced the formation of a specialized working group composed of leading Arab actuaries to study the feasibility of developing regional mortality tables reflecting the unique demographic and health characteristics of the Arab population. This initiative is part of the Arab Actuaries Association’s action plan under the Federation’s umbrella, aiming to enhance technical independence for more accurate pricing and sustainable insurance offerings in Arab markets.
— News Original —
The Arab General Insurance Federation, in cooperation with the Arab Actuaries Association, organized a virtual seminar today, Wednesday, November 5, 2025, titled “Life Insurance Pricing,” with the participation of over 320 attendees.
Speakers emphasized that life insurance is no longer just financial products but has become an indispensable economic and social lever amid rapid demographic and digital transformations in the Arab region.
Shkib Abuzaid, Secretary-General of the Arab General Insurance Federation, stated that rising aging rates and growing numbers of workers in the informal sector represent a nightmare for pension systems globally and in the Arab world, in addition to long-term healthcare needs. He indicated that between 3% and 10% of the population in seven countries in the Middle East and North Africa will require long-term healthcare by 2030 due to aging or disability.
Mazen Abou Shakra, Regional Director at Gen Re LH EMNENA, clarified that attracting the new generation of customers, particularly Gen Z, requires changing the language of dialogue and communication methods, affirming that digital tools allow for more accurate pricing and better management of future risks.
Rita Sakr, President of the Lebanese Actuaries Association and Head of Operations and Actuarial at Bankassurance Lebanon, stressed the importance of building trust between insurance companies and clients, considering that actuaries now play a pivotal role in achieving balance between technical accuracy, fairness, and sustainability through more advanced and faster calculation tools.
Mohamed Saghir, CEO of Hayat for Insurance in the UAE, pointed out that the pace of market changes exceeds expectations, especially as some governments move to reduce support for pension systems, reinforcing the need for innovative and sustainable insurance solutions.
Participants unanimously agreed that digitalization and artificial intelligence will revolutionize the modeling and pricing of life insurance products, despite accompanying ethical challenges, calling on regulatory authorities to enact clear legislation to regulate the use of these tools.
The seminar concluded with several recommendations:
– Life insurance must be viewed as a long-term investment, not as an expense
– Encourage Arab countries to establish national actuarial pools to support specialized studies and product development
– Innovate insurance policies using modern, flexible, and clear language
– Strengthen professional partnerships among all relevant parties to balance technical accuracy, fairness, and sustainability
– Regulatory authorities should enact legislation to regulate and set controls for using artificial intelligence tools
– Life insurance is essential as a lever for national economies and their development
It was previously announced that the Arab General Insurance Federation had begun forming a specialized working group comprising elite Arab actuaries to study the possibility of creating Arab mortality tables reflecting the region’s unique demographic and health characteristics. This initiative is part of the Arab Actuaries Association’s action plan operating under the Federation’s umbrella, aiming to enhance technical independence to serve accurate pricing and the sustainability of insurance products in Arab markets.