Building Resilient Socioeconomic Structures through Actuarial Sciences

By Faisal Mumtaz In a world that seems engulfed in chaos across multiple fronts, a profession grounded in both science and society feels like a necessity. From drastic climate changes and increasing infrastructural demands, to regional wars and geopolitical alliances, to volatile gold rates and growing wealth disparities, the world’s economy and sociocultural conditions are tasked with cutting through the noise. At its core, we find complex scientific debates that influence the global financial landscape. Whether it’s carbon emissions or reproductive injustice, both the causes and effects lie within the financial-scientific nexus and require a holistic and devoted approach towards their resolution. Actuarial sciences, a field that that integrates data analytics and financial knowledge to evaluate and manage risk, is at the heart of solving some of these longstanding questions around the effects of changing climates, economies, and politics on global, regional and local infrastructures. In Pakistan particularly, the actuarial profession can serve as a common ground for the general population, policymakers, and economic and political leadership to begin working towards critical solutions to complex socioeconomic dilemmas. Take, for instance, the country’s increasingly tough fight against climate change and its far-reaching effects. If there is anyone that can cohesively work through the local narratives and scientific data, and reach workable conclusions, it’s the country’s actuarial scientists. From weather warning systems to relocation protocols to post-disaster recovery, a robust actuarial framework can provide necessary and timely guidelines to prevent, mitigate, and deal with crises of all scales. Besides these more pressing matters, the country’s long-term progress can also be sped up with the implementation of actuarial skills. Whether it’s urban planning for the country’s growing population or developing people-friendly financial policies, actuaries can help governments, stakeholders, and the population better understand their mutual concerns and interests through scientific validity, transparency, and progressive policies for everyone. Recognizing the value and benefits that actuaries can bring to Pakistan’s economic portfolio, the Securities and Exchange Commission of Pakistan (SECP) is working on capacity-building in and via the actuarial profession. It has mandated all insurance companies in Pakistan to carry independent actuarial functions and is encouraging actuaries to be brought forth in leadership roles such as CFOs. Furthermore, it is also collaborating with the Society of Actuaries (SOA) and other international actuarial bodies to enhance the country’s actuarial resources. Earlier in 2025, SOA conducted an Open House in Karachi to offer scholarships to students interested in the field and is working with the local educational institutes to improve their teaching resources and awareness of the field. Additionally, they have launched a Global Access Pricing Pilot that offers discounted exams and study materials to make the profession more accessible for local talent. As Pakistan moves forward in a more complex and layered global economy, it is wise for the country to arm itself with the best actuarial resources available in order to secure sound, sustainable, and equitable progress across its communities. Mr. Faisal Mumtaz is currently serving as the Chief Actuary of State Life Insurance Corporation of Pakistan. He holds fellowships of Society of Actuaries in the USA. He also holds SOA’s IFRI certification in IFRS 17. With a career spanning over 28 years, Mr. Mumtaz is also the member of Society of Actuaries Middle East, Africa and Pakistan (MAP) Committee. He has also served as Board Director at Pakistan Reinsurance Company Limited and Alpha Insurance Company. He has also served as a technical member in the Punjab’s steering committee for Crop Insurance implementation and Annuity Work group of SECP. In his current role, he has been overseeing critical areas such as valuation for life and health insurance, financial reporting, product development, designing and pricing insurance products and developing major actuarial models and frameworks.