Milliman, one of the world’s leading consulting and actuarial firms, said it has registered an office at the Dubai International Financial Centre (DIFC) to serve the Middle East, Africa and South Asia region.

The US-based firm offers a broad range of actuarial services and brings its expertise with the aim to assist regional financial institutions and insurance companies in providing innovative products that simultaneously manage both investment and longevity risk.

Dr. Omar Bin Sulaiman, governor of the DIFC, welcomed Milliman to the DIFC and the region.

“Milliman joins a long list of leading global institutions that have made the DIFC their home since we opened and we welcome them and offer all support to ensure their success in doing business in the region.

"Africa, Middle East, the Gulf and the Subcontinent region is bubbling with energy and vibrancy despite the ongoing global crisis and is poised to come out of it sooner and in better shape."

"This is evident in the shift of global commerce towards the East. It is a good time to focus on this region and we are sure that with the global expertise that Milliman possesses, it will do excellently and add value to the region,” Dr. Omar added.

Debo Ajayi, managing consultant and director of Milliman in Dubai said: “Milliman’s wide range of talents and global experience are ideally suited to meeting client needs in the Middle East, Africa and South Asia.

"We will respond to the growing demand for customised solutions in the insurance and financial services areas," he noted.

"Financial institutions have for years been under stress because of the twin threats of volatile capital markets and uncertain longevity trends, and the recent global financial crisis has compounded the situation."

"Many firms are now taking a new approach to risk management by offering retirement savings products with built-in guarantees."

The global expertise that Milliman has developed in guaranteed products and the sophisticated risk management systems and processes needed to manage them will become increasingly relevant as organisations in the Middle East look to enhance their retirement savings products,” Dr Omar added.

Milliman hosted a one-day seminar on investment guarantees on 26 May in Dubai. The event, titled ‘Investment Guarantees: Managing Risk in Challenging Markets’, looked at the current state of the industry, examined some of the lessons learned in the wake of the recent financial crisis, and discussed future trends.

The seminar compared and contrasted financial risk management practices in North America, Asia, and Europe, and discussed the potential to apply these techniques in the Middle East.

It also included an in-depth discussion of the global financial situation, an overview of promising risk management strategies, and the presentation of a case study highlighting the use of a capital guarantee, hedging, and a best-practices process to maximise portfolio performance.

The speakers included Ken Mungan and Ghalid Bagus of Milliman’s Financial Risk Management practice from the Chicago office.-TradeArabia News Service