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Actuary

Location Dubai, United Arab Emirates Job type Full-Time Work mode Hybrid Job level Professional Job ID 12905 Company Munich Re Employment type Regular Area of expertise Actuarial & Risk Management
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We are looking for an Actuary to support Primary Insurance and Reinsurance (PI/RI) clients in the MEA region by acting as a health insurance actuarial consultant, providing high-quality pricing services as well as developing actuarial pricing parameters for health products within pre-defined MR guidelines to evaluate, quantify and mitigate their risks appropriately.

This role will support the Head of GEB & Individual Health in defining the targets & objectives of the department and in handling specific projects and assignments.

Job role:

  • Develop, maintain and enhance actuarial models which support required business plans of MRUA, including review of clients’ own models to analyze, estimate and project future primary insurance and reinsurance Key Performance Indicators.
  • Maintain excellent understanding of key parameters and drivers of change in results in order to make proper assessments.
  • Maintain a forward-looking view of potential impacts on results e.g., future medical cost trends and products to ensure accurate modelling and forecasting.
  • Provide high-quality actuarial consulting services to support clients in the achievement of their risk management needs.
  • Apply expert actuarial knowledge of analysis and give precise recommendations to client requests as they arise in order to support them regarding, e.g., product development, new market entry, solvency and adapting to regulatory requirements.
  • Price primary insurance products of PI/RI clients to evaluate and calculate risk factors (with a focus on non-standard products).
  • Conduct and record regular premium reviews to ensure appropriate future pricing of products, and share outcomes within the actuarial team.
  • Closely monitor primary health insurance pricing, products and reserving in order to evaluate and manage risk appropriately and contain healthcare costs.
  • Support clients to ensure adequacy and appropriateness of reserves.
  • Maintain sound knowledge of pricing and reserving models to ensure proper application as per defined requirements.
  • Maintain sound knowledge of regulatory requirements in order to ensure compliance.
  • Being instrumental in providing reserving calculations for our reinsured business administered by various platforms; high alignment with our Data Analytics team is required.
  • Conduct high-quality new business and renewal underwriting of specific and selected large and/or complicated policies which require deviation pricing to ensure proper risk evaluation.
  • Accountable for providing an actuarial technical note for specific large policies.
  • Complete high-level peer reviews on actuarial work and provide constructive feedback within MRUA, as needed, to ensure high quality results and alignment with MR guidelines.
  • Conduct internal, local training of client managers as well as other actuaries regarding actuarial analyses and methodologies to create a common understanding and ensure a mutual approach.
  • Effectively communicate and coordinate information, technical/actuarial issues, and activities between actuarial departments and other relevant departments, as well as with internal and external constituents to establish efficient communication and working relationships.

Your profile:

  • Bachelor’s degree in Mathematics, Actuarial Science or Economics, or a comparable degree with a sound mathematical background.
  • Fellowship in the national Society of Actuaries (e.g. DAV, FSA, FIA).
  • Several years of insurance and/or reinsurance and/or actuarial experience, with at least three (3 to 5) years of reinsurance experience, particularly in health insurance.
  • Strong actuarial expertise in health insurance pricing, reserving, and forecasting, with the ability to apply sound actuarial judgement to complex portfolios and non‑standard cases
  • Advanced analytical skills, with practical proficiency in Excel and actuarial tools, and working knowledge of R and/or Python for data analysis and model development
  • Solid understanding of health insurance products, claims dynamics, and medical cost drivers, with the ability to translate technical results into business implications
  • Good health insurance market knowledge across the MEA region, including competitive landscape, regulatory and reimbursement dynamics, and key distribution and provider‑network considerations
  • Demonstrated capability in developing, maintaining, and enhancing existing pricing parameters (assumptions, rating factors, loadings, and calibration approaches), including documentation and governance in line with internal guidelines

At Munich Re, we embrace, and value, the interaction of diverse backgrounds, experiences, perspectives and thought. This interaction is our foundation. Of our open culture and spirit of partnership. Of how our teams are built and cultivated. Of how we are supported and developed. And at the centre of this interaction is each of us.

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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