South African Government's COVID-19 Information Page at

Position Title: Chief Actuarial Officer

Job Summary Statement/Purpose:
The Chief Actuarial Officer (CAO) will be responsible for strategic development and maintenance of:
• Technical pricing of the risks underwritten by Sasria.
• Segment the clients covered by Sasria in a manner that will create pools of similar risks (e.g., Trucks, Universities) such that each pool will have its own technical price that is informed by future claims and reinsurance costs for each pool.
• Conduct ORSA.
• Data Analysis to support various areas of Sasria (Reinsurance, Underwriting, Risk Management, Quality Assurance) which includes predictive analytics and artificial intelligence.
• Direct Quality Assurance department in evaluation of the performance of the agent insurance companies and their compliance to the service level agreement with Sasria.
• Conducting scientific research in communities in South Africa to get a better understanding as to what triggers perils that are covered by Sasria. These triggers will lead to better pricing of the risk.
• Conduct research and provide leadership in other risks faced by the RSA which may not be covered or fully covered by the private sector.
• The CAO is also responsible for expressing an opinion to the Board of Directors on the reliability and adequacy of the calculations of Sasria’s technical provisions, and minimum solvency capital requirements.


Current Status: Closed

Contract Type: Permanent

Closing Date: May 25, 2022

Click here to apply

Qualifying Criteria

  1. Operational Delivery


  • Establish a forward-looking assessment of the risk profile and financial position of Sasria, including the conducting of regular stress testing and scenario analyses (as defined in appropriate standards and guidelines), against the risk appetite and risk limits of Sasria.
  • Assess the appropriateness of Sasria’s policies, processes, and controls in respect of risk management and the effective monitoring thereof.
  • Regularly provide written reports on the Sasria’s risk profile and details on the risk exposures facing Sasria and related mitigation actions as appropriate.
  • Perform duties and take on board the advice of the Head of the Actuarial Function (HAC) to ensure that HAC can express an opinion to the Board and the regulatory authorities on the reliability and adequacy of technical provisions including:
    1. the appropriateness of the methodologies and underlying models used and assumptions made.
    2. the sufficiency and quality of the data used in actuarial calculations.
    3. best estimates and associated assumptions against experience when evaluating technical provisions.
    4. the accuracy of the calculations.
    5. the appropriateness of approximations or judgments used in the calculations due to insufficient data of appropriate quality and express an opinion to the board of directors.
    6. the adequacy of reinsurance and other forms of risk transfer arrangements and their impact on profitability and capital position of Sasria.
  • Provide input in the development and ongoing review of the following policies:
    1. Asset-liability Management Policy (Executive owner).
    2. Underwriting Policy.
    3. Reinsurance and Other Forms of Risk Transfer Policy.
  • Evaluate and provide advice to the board of directors, senior management, and other control functions on:
    1. why the regulatory capital model is an accurate reflection of Sasria’s own risk profile, taking into account the board-approved risk appetite (and related risk limits), and business strategy.
    2. the development and use of internal models for internal actuarial or financial projections, or for own solvency projections as in the ORSA;
    3. Sasria’s investment policy;
    4. the financial soundness position of Sasria, including the impact of any proposed dividend declaration or payment;
    5. the actuarial-related matters in the ORSA such as the economic capital requirements, the forward looking projections of the economic and regulatory financial soundness positions, the stress, sensitivity and scenario testing, and the assumed management actions;
    6. the internal controls relevant to actuarial matters;
    7. the actuarial soundness of the terms and conditions of insurance contracts.

Risk Intelligence Function

  • Track and predict insurance risk with a view to curbing it.
  • Build up and develop intelligence.
  • Find links between a wide variety of intelligence sources to work out what is going on in South Africa and make recommendations on how to stop it.
  • Perform ad-hoc data manipulations, clean-ups, and reporting using large complex data sets for rapid responses to threats.
  • Develop reports using data that is hosted in multiple sources/tools (e.g. spreadsheets, databases) and communicate clearly to the Executive team and the Board.
  • Provides technical support for a comprehensive risk management program identifying mission critical processes and systems, current and projected threats.
  1. Business focused collaboration and Strategic Involvement
  • Contribute to the creation the Sasria’s long term strategy and short-term business plan.
  • Shaping Sasria’s Actuarial capacity, intelligence gathering including the usage of social media, thought leadership on special risks facing SA by ‘setting the tone from the top’ not only through words but actions and reinforcing commitment.
  1. People Focus
  • Being accountable for one’s behavior, performance, and development.
  • Managing individual and team performance to achieve individual and organizational goals and objectives.
  • Developing a skilled team capable of assisting Sasria with the achievement of its objectives.
  • Must be a Fellow of a relevant Actuarial Society and possess a Bachelor’s Degree in Actuarial Science, Mathematics, Statistics, or a related field.
  • 5 to 8 years post qualification experience in a similar position, preferably in insurance or banking.
  • Detailed understanding of ORSA
  • Business Acumen
  • Interests in socio, economic and political issues and how they are interconnected
  • Artificial intelligence/ Predictive analytics
  • Robotics for the extraction of data
  • Scientific pricing
  • Scenario planning and modelling
  • Financial impact modeling
  • Data acquisition and cleaning
  • Development of management reports including exception reports to direct Q/A
  • Strategic thinking
  • Excellent communication skills
  • Ability to influence
  • Have a strong presence and can interact effectively with Board, CEO, and senior management
  • Keen and effective team player
  • Creative problem solving
  • Independently minded

A South African citizen of any gender, preference will be given to an EE candidate.

The role will be located in Illovo, Johannesburg.