Actuarial consulting is crucial for the insurance industry as it contributes to enhancing the companies’ financial performance, ensuring their ability to meet obligations towards the clients, and developing competitive and sustainable insurance products. Its importance extends to all aspects of insurance operations, from product design to risk management and financial planning, ensuring that there is a balance between offering reliable services and achieving sustainable profitability.
Is Baker Tilly Kuwait accredited as a licensed actuary by the Insurance Regulatory Unit?
Yes, Baker Tilly Kuwait is a licensed actuary by the Insurance Regulatory Unit for providing actuarial consulting services.
What are the actuarial services offered by Baker Tilly?
Baker Tilly provides a wide range of actuarial services, including mandatory services by a licensed actuary as per the requirements of the Insurance Regulatory Unit (IRU) or actuarial consulting services that companies operating the insurance industry need.
First: Mandatory Actuarial Services as per IRU Services
The following are the mandatory actuarial services in accordance with the provisions of the Executive Bylaw of Law No. 125 of 2019 Regulating Insurance and the circulars and resolutions issued by the IRU:
| S. | Service Name | Service Reference | Service Frequency | Report Submission Deadline |
|---|---|---|---|---|
| 1 | Actuarial Technical Reserves Report | Executive Bylaw of the Insurance Regulation Law, Article 137 and Article 145 | Annual | – |
| 2 | Actuarial Solvency Margin Report | Executive Bylaw of the Insurance Regulation Law, Article 137 | Annual | – |
| 3 | Actuary’s Study if the company doesn’t comply with the prescribed percentages for calculating technical reserves | Executive Bylaw of the Insurance Regulation Law, Article 146 | – | – |
| 4 | Actuary’s Report on Examining the Financial Position of companies carrying on life insurance business | Executive Bylaw of the Insurance Regulation Law, Article 161 and Article 164 | Every three years or earlier if requested by the IRU | 60 days from the end of the examined period |
| 5 | Actuary’s Certificate of Authenticity of Insurance Operations for Licensing / License Renewal Purposes | Executive Bylaw of the Insurance Regulation Law, Article 70, Subclause 6, i) | Upon filing the application for licensing/ license renewal with the IRU | – |
| 6 | Actuarial Attestation Certificate of Financial Position of Insurance Companies | Executive Bylaw of the Insurance Regulation Law, Article 155 | Annual | 90 days from the end of the financial year |
| 7 | Actuary’s Certificate for Licensing / License Renewal of a Foreign Insurer | Executive Bylaw of the Insurance Regulation Law, Article 171, Subclause 8 | Upon filing the application for license / license renewal of foreign insurer’s branch with the IRU | – |
| 8 | Actuary’s Certificate of Authenticity of Insurance Operations for Acquisition Purposes | Executive Bylaw of the Insurance Regulation Law, Article 104, Subclause 9 | Upon filing the acquisition application with the IRU | – |
| 9 | Actuary’s Report on Mergers | Executive Bylaw of the Insurance Regulation Law, Article 100, Subclause 5 | Upon filing the merger application with the IRU | – |
| 10 | Actuary’s Certificate of Authenticity of Insurance Operations for Transfer of Insurance Policies | Executive Bylaw of the Insurance Regulation Law, Article 95, Subclause 6, g) | Upon filing the application for transfer of insurance policies with the IRU | – |
| 11 | Actuary’s Report on Underwriting Strategy for Licensing / License Renewal Purposes | Application Form for Practicing License (New License/ Renewal) | Upon filing the application for new license/ license renewal with the IRU | – |
| 12 | Actuary’s Certificate for Compulsory Insurance Policies Rates | IRU’s Resolution No. 19 of 2025 regarding the Rules for Issuing Compulsory Insurance Policies, Article 15 | Upon setting rates of compulsory insurance policies | Annual |
Second: Actuarial Consulting Services
The following are the actuarial consulting services that help insurance and reinsurance companies carry on their business activities efficiently and effectively in accordance with regulatory requirements, International Standards of Actuarial Practice (ISAPs), and global best practices:
| S. | Service Name | Service Description |
|---|---|---|
| 1 | Actuarial Report on Employee Benefits | Preparing annual actuarial report on employee benefits as per International Accounting Standard 19 to enable the preparation of accurate financial statements and full compliance with international standards. This service is provided to all types of business entities, not only insurance companies. |
| 2 | Developing and implementing business plan for three years or more for insurance companies | Developing a business plan for an insurance company for three years or more, including preparing detailed statements of financial position, income, and cash flow; following up on its implementation through conducting quarterly reviews of the plan, analyzing the company’s current data; updating the business plan based on the achieved objectives compared to the objectives stated in the plan (actual vs. budget); and accordingly providing the necessary recommendations to achieve the business plan objectives. |
| 3 | Consulting services for creating and pricing individual life insurance product | Providing specialized consulting for developing individual life insurance product, including product design and pricing that balance financial feasibility with customer needs, studying effective marketing methods, and proposing software to manage the product efficiently and enhance customer experience and the company’s competitive edge. |
| 4 | Consulting services for pricing group health and motor insurance products | Providing consulting to insurance companies on how to price high-frequency insurance products such as group health and motor insurance and outlining the considerations insurance companies should take into account when pricing these products. |
| 5 | Developing financial dashboards for performance measurement | Providing consulting to clients on developing dashboards and indicators to enable them to monitor and measure the performance of their insurance portfolio, including spreadsheets, graphs, and quantitative indicators, enabling them to make informed decisions to improve portfolio management and achieve strategic objectives. |
Why Baker Tilly?
- Baker Tilly in Kuwait is a member of Baker Tilly International network based in the UK, ranked amongst the top 10 global accounting networks.
- Baker Tilly in Kuwait is licensed by Insurance Regulatory Unit (IRU) to provide Actuarial Consulting services.
- Extensive experience in providing Licensed Actuarial Consulting Services to companies operating in insurance industry in the State of Kuwait.
- Highly experienced bilingual team with specialized academic qualifications and professional certifications.
- Commitment to performing Licensed Actuarial Consulting Services engagements according to predefined timelines with no delays, and responsiveness to client requirements.