Website Export Credit Insurance Corporation of South Africa Soc Ltd (ECIC)
The Export Credit Insurance Corporation of South Africa (ECIC) was established 20 years ago, in July 2001. The ECIC provides insurance that enables South African exporters to offer their services and products on the international markets, with particular focus on Africa and other emerging markets… read more that are considered too risky by conventional insurers. Its overarching goal – and its mandate from the South African government as its sole shareholder – is to make South African exporters attractive to international buyers to earn foreign income, stimulate economic growth and create jobs. Along with the ECIC’s major shareholder – the Department of Trade and Industry – the ECIC makes use of market research tools and specialised business development units to create new insurance products that support government’s export promotion objectives. The revised performance bond insurance product, which was launched in 2016, is one such example. The ECIC is also able to price African risk more competitively, given its knowledge of the African market. The ECIC addresses obstacles through facilitation and by aiding in the release of funding required for infrastructure, which is of particular concern to global organisations seeking a presence in Africa. Export credit is imperative, considering capital exports are long-dated assets. It is customary for firms to finance such exports with bank debt for cash flow-management purposes. Export credit financing is therefore an important and key aspect of international trade.
WHAT THE GRADUATE TRAINEE WILL BE DOING
Insurance reserves
Collect, review, recon and maintain data for the purposes of calculating actuarial technical insurance reserves and IMU liability for financial statements and for regulatory returns.
Assist with performing data analysis work in preparation for all calculations.
Assist in preparing the quarterly actuarial valuation report.
Capital requirements
Collect, review, recon and maintain data for the purposes of calculating capital requirements using the regulatory standard formula and ECIC’s economic capital formula to determine solvency position.
Assist with performing data analysis work in preparation for all calculations.
Assist in updating and recalibrate economic capital calculation.
Assist in preparing quarterly and annual qualitative returns (QRTs), and actuarial components of the annual quantitative returns (QRR).
Assist in preparing quarterly capital management report.
Pricing
Assist in the development and maintenance of pricing models for insurance products.
Assist in rate reviews and pricing updates based on experience analysis.
Assist in performing data validation, cleansing, and preparation for pricing purposes.
Assist in ensuring pricing models and outputs comply with internal governance and regulatory requirements.
Collaborate with underwriting, finance, and risk teams to support business decisions
Own Risk and Solvency Assessment (ORSA)
Assist with ORSA solvency projections and stress/scenario testing.
Asset and Liability matching (ALM)
Assist with ALM projections.
Reporting & Compliance Support
Assist with the maintenance and updating of risk registers.
Assist in the tracking and reporting of Key Risk Indicators (KRIs).
Contribute to the preparation and maintenance of Combined Risk Management Plan (CRMPs).
Maintain and regularly update the unit’s findings tracker, ensuring timely follow-up and resolution of identified issues.
Provide general reporting support to ensure accurate and timely submission of risk and compliance-related information.
WHAT WE EXPECT FROM YOU
Bachelor’s degree in Actuarial Science, Mathematics, Mathematical Statistics, or a closely related quantitative discipline, and be actively pursuing actuarial board examinations;
Must be a South African Citizen
ECIC welcomes applications from persons with disabilities (Must provide a medical certificate confirming nature of the disability).
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