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.
KEY ACCOUNTABILITIES, MEASURES & INTERFACES
Operational Delivery
Lead the actuarial and pricing team, fostering technical expertise and professional growth.
Oversee the calculation of and review monthly reserving.
Maintain the integrity of actuarial and valuation data.
Oversee the calculation of regulatory and economic capital requirements.
Oversee actuarial input into capital strategy, including capital adequacy targets, capital optimisation and solvency monitoring.
Oversee actuarial input of IFRS 17 technical provisions and related disclosures.
Prepare and sometimes present actuarial matters to the Executive Committee, Board and Board Committees.
Develop and maintain actuarial reserving and capital models, and pricing models.
Set premium rates that reflect expected losses, appropriate expense loadings and profit margins relative to the capital requirements.
Ensure models are well-documented, regularly calibrated, validated, and fit for decision-making.
Make recommendations on changes needed for reserving, capital management and pricing related policies, processes and procedures.
Comply with key regulatory and risk management procedures/frameworks.
Ensure that the pricing methodologies are adequate with due consideration to industry practices and international benchmarks such as the OECD guidelines on the pricing of export credit insurance.
Maintain and oversee the actuarial model governance, including model validation, change control, documentation standards and independent review.
Oversee the Corporation’s Asset–Liability Management (ALM) framework, including providing actuarial input data, validating assumptions and results produced by external ALM consultants, and assessing implications for capital management and risk appetite.
Ensure ALM outputs are appropriately reflected in capital management, ORSA, and strategic decision-making.
Own Risk and Solvency Assessment (ORSA) process
Contribute to the development and implementation of the Own Risk Solvency Assessment (ORSA).
Provide actuarial input into the design and optimisation of the reinsurance programme, including assessing capital efficiency, risk transfer effectiveness and pricing implications..
Collaborate with other units (Economists, Underwriters, and Risk Managers) to align actuarial projections and analyses with broader Corporation’s goals and risk appetite.
Ensure maintenance of ORSA documentation.
Develop with other units stress-tests, and model the solvency impact under such scenarios.
Key Measures
Quality of actuarial reserve reports (accuracy and appropriate incites on reserve movements).
Updated models and policies.
Evidence of the adequacy and effectiveness of premium and reserving policies.
Key Interfaces
ECIC functions especially Finance, Risk, Portfolio Management Workout, Political Analysis and Economic Research and Underwriting.
ECIC Executives and Heads of Units.
Various Management and Board committees.
Regulatory Stakeholders.
QUALIFICATIONS AND EXPERIENCE
Must have a relevant Bachelor’s degree and be a qualified actuary or nearing qualification (Technical Member, Associate or Fellow) with the Actuarial Society of South Africa or an equivalent international actuarial body. Fellowship will be advantageous.
Minimum 10 years actuarial experience across reserving, capital management and pricing
Extensive experience in Microsoft Office packages e.g. Word; Excel and Power-Point.
Experience with actuarial modelling tools and programming languages (e.g. VBA, R, Python, SQL)
Closing Date: Friday, 3rd April 2026
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