Josef Gauci, a senior member of Mapfre MSV Life plc’s actuarial team, has recently successfully completed all required examinations which lead to a fellowship qualification with the Institute and Faculty of Actuaries (IFoA) in the UK.
Mr Gauci joined Mapfre MSV Life in September 1999 after successfully completing his first degree, a BSc. (Hons) in maths and physics at the University of Malta. He started working in the company’s client services unit as an executive trainee.
He continued furthering his studies through the Association of the Chartered Insurance Institute and then went on to embark on the challenging journey towards achieving the IFoA actuarial qualification.
The actuarial unit of Mapfre MSV Life currently boasts a team of six employees as well as a trainee who are specialised in mathematics, accounting, economics and statistics.
“Qualifying as an actuary is not for the faint-hearted, even more so while working on a full-time basis and also raising a young family,” said CEO David G. Curmi.
“The training programme is long and arduous and successful candidates are rare.
“Achieving the final qualification required the passing of 15 examinations, with most subjects requiring between 150 and 400 hours of study.
“Mapfre MSV Life has always encouraged and supported its employees to further their studies as it is a firm believer that training and development initiatives are mutually beneficial for both employees and employer.”
Actuaries are experts in risk management. They use their mathematical skills to measure the probability and risk of future events and to predict their financial impact on a business and their clients.
Mapfre MSV Life plc is authorised under the Insurance Business Act, Cap 403 of the Laws of Malta and regulated by the Malta Financial Services Authority.