Muhammad Asad Irshad
FSA
Principal and Consulting Actuary
Dubai, AE
Asad Irshad is a principal and consulting actuary in Milliman’s Dubai office. He specializes in property and casualty insurance and is currently leading the IFRS 17 implementation and digital and innovation strategy work in Dubai.
Experience
Asad has over 13 years of actuarial experience on a wide range of property and casualty projects in Europe, Asia, Middle East and United States.
His experience includes:
- Working with regulators on governance and review framework for IFRS 17 implementation within their markets.
- Leading projects around GCC on IFRS 17 gap analysis and impact assessment.
- Assisting nonlife insurers and reinsurers with regulatory approvals in particular during Solvency 2 implementation. This included review of business plans, internal model, standard formula, reserving, capital, pricing, governance frameworks, etc.
- Conducting model validations for capital calculations under different regulatory regimes. This included looking into dependencies framework, stress and scenario testing and reverse stress testing.
- Assisting large global reinsurance firms with their CAT models.
- Leading a team of specialists on providing model validations for most of the major banks in the UK in particular on their conduct risk agenda.
- Conducting motor review of the market for various regulators to identify issues within the market and recommend solutions.
- Assisting clients with the use of Big Data by employing machine learning and AI solutions.
- Assisting start-ups with their business plan and digital strategy including assistance with raising capital.
- Providing support on design and implementation of risk management and internal governance frameworks.
- Conducting actuarial audits and independent reserve reviews for a number of large insurers and Lloyd’s syndicates writing a wide range of business.
- Auditing and reviewing algorithm designs for calculating safe driving scores by one of the leading telematics providers in the world.
- Working with the regulators and relevant ministries of a large Middle Eastern country on designing a scalable telematics solution.
He has spoken about IFRS 17 and its challenges at many events in GCC and is currently the lead principal for the IFRS 17 gap analysis projects around GCC.
Prior to joining Milliman, Asad was a director within the Financial Services team at KPMG in London, where he worked with insurers and banks providing regulatory and actuarial services.
Professional Designations
- Fellow, Society of Actuaries
Education
- Honors B.Sc. Software Engineering with Major in Mathematics, University of Toronto, Canada (2005)
Publications
Read their latest work
Article
KSA Insurance Industry report: Final results for year-end 2023
11 May 2024 - by Safder Jaffer, Muhammad Asad Irshad
Learn about the latest insurance industry trends in Milliman’s 2023 year-end update for Saudi Arabia
Article
UAE Insurance Industry Update: Preliminary 2023
01 April 2024 - by Safder Jaffer, Muhammad Asad Irshad
Insurance revenue in the United Arab Emirates continued to increase in 2023 as the industry showed strong growth and higher profits.
Article
UAE Insurance Industry Update: Mid-year 2023
30 October 2023 - by Safder Jaffer, Muhammad Asad Irshad
In our latest report on the insurance industry in the UAE, we give a market overview for the first half of 2023, plus information on regulatory updates and IFRS 17.
Article
KSA Insurance Industry report: Final results for year-end 2022
05 July 2023 - by Safder Jaffer, Muhammad Asad Irshad
Milliman’s 2022 year-end insurance industry report for Saudi Arabia presents a comprehensive market overview, including developments and regulatory updates for the country.
Article
UAE Insurance Industry report: Final results for year-end 2022
26 April 2023 - by Safder Jaffer, Muhammad Asad Irshad
Business volumes continued to increase as the economy continues its recovery from the pandemic; however profits reduced in 2022 compared to 2021 due to decrease in investment returns and higher expenses.
Article
UAE Insurance Industry report: Preliminary results for year-end 2022
02 March 2023 - by Safder Jaffer, Muhammad Asad Irshad
Business volumes continued to increase as the industry continues its recovery from the COVID-19 pandemic; however profits reduced in 2022 compared to 2021 due to competitive pressures.
Article
KSA Insurance Industry Report 2021
06 June 2022 - by Safder Jaffer, Muhammad Asad Irshad
A 2021 report of 29 insurance companies listed on the Saudi Stock Exchange Tadawul reveals the impact of COVID-19 restrictions and the economic rebound as pandemic pressures eased.
Article
Market Monitor UAE Insurance Industry Report 2020: Based on preliminary results
24 February 2021 - by Safder Jaffer, Muhammad Asad Irshad
UAE Industry Report 2020: Despite COVID-19, nation’s insurance industry stays resilient and records profit increase for fourth consecutive year.
Article
Market Monitor UAE Insurance Industry Report: Financials of listed companies 2020
13 October 2020 - by Safder Jaffer, Muhammad Asad Irshad
Gross written premiums showed an overall increase, showing market resilience despite the COVID-19 pandemic.
Article
Market Monitor UAE Insurance Industry Report: Audited financials 2019
08 October 2020 - by Safder Jaffer, Muhammad Asad Irshad
The UAE insurance market continued its trend for a third consecutive year with an overall increase in their profitability along with a premium growth in 2019.