Hatim Maskawala Wins IFOA President’s Award for Courage and Integrity: A Journey of Leadership and Innovation

We proudly announce that our Managing Director, Hatim Maskawala, has been honored with the prestigious Institute and Faculty of Actuaries IFoA President’s Award for Institutional Courage and Professional Integrity. Presented by the IFoA President, Ms. Kalpana Shah-Sheth, this award recognizes Mr. Maskawala’s remarkable leadership, unwavering commitment to ethical practices, and significant contributions to the actuarial profession. His journey from a young leader to a distinguished figure in the industry exemplifies the very principles that this award celebrates.

A Visionary Leader in the Actuarial World

Hatim Maskawala is not just a leader; he is a visionary who has significantly impacted the actuarial and insurance sectors in the GCC region. As the co-founder and Managing Director of BADRI Management Consultancy (BADRI), an actuarial and risk management consulting firm based in Dubai, Hatim has led with an exceptional blend of expertise, innovation, and ethical integrity. His rare combination of being a Fellow Actuary, Certified Accountant, and Enterprise Risk Practitioner sets him apart in the industry.

Over the past two decades, Hatim has accumulated extensive experience across the health, general insurance, and life insurance industries. He has worked with multinational and blue-chip companies, including ADNIC, Tokio Marine Middle East, Allianz EFU Health Insurance, and Ernst & Young Actuarial Services in Pakistan. His core expertise in actuarial science, underwriting, claims management, and risk management functions has allowed him to influence and elevate industry standards across the GCC region.

Pioneering BADRI Growth and the Industry

In late 2014, Hatim Maskawala ventured into uncharted waters by establishing BADRI Management Consultancy. His vision was clear: to give back to the insurance industry and help it grow. What began as a start-up has now become a well-known name in the insurance sector across the MENA region. Under Hatim’s leadership, BADRI has grown to serve over 120 unique clients, spanning multiple geographies. These include UAE, Saudi Arabia, Oman, Bahrain, Egypt, and the broader African region. BADRI currently serves as the appointed actuary to around 23 companies in the GCC, employing over 110 staff across three countries.

Hatim’s contributions have not only helped his firm grow but also to the betterment of the entire industry. He has worked closely with insurance companies, local insurance associations, and regulators, providing valuable insights and advice. His efforts have helped evolve best practices across jurisdictions, fostering a more transparent, informed, and innovative insurance industry in the region.

Contributions to Professional Development and Industry Education

Hatim Maskawala has always been committed to furthering his professional development while nurturing the next generation of leaders. He currently holds several voluntary positions, including:

  1. Chairman of the SAMA Working Group on IFRS 17 (KSA).

  2. Member of the Emirates Insurance Association’s Technical Sub-Committee

  3. Member of the IFoA Pool of Investigation Actuaries

  4. Member of PSOA’s Non-Life Task Force

Under Hatim’s guidance, BADRI has organized annual conferences in Dubai since 2015, which have helped educate and unite the insurance industry. These conferences, along with BADRI’s recently held events in the UAE and Pakistan, have attracted a wide range of participants from across the industry. This demonstrates Hatim’s commitment to industry education.

For instance, the BADRI-organized pricing game in Saudi Arabia has set an industry benchmark in addressing pricing challenges through interactive learning. Moreover, the firm’s webinar series, BADRI Speaks, has become a valuable resource for tackling industry challenges in business intelligence, data analytics, and business process reengineering.

Promoting Transparency and Ethical Practices

One of Hatim Maskawala’s core values in BADRI is transparency. In a field often viewed as a “black box,” Hatim has ensured that BADRI’s actuarial work is conducted transparently. Clients are not only informed about processes and calculations but also educated to make well-informed decisions. This commitment to openness and integrity has greatly enhanced BADRI’s reputation and the broader actuarial profession.

A Commitment to Human Capital Development

Hatim’s dedication to human capital growth is evident in his efforts to foster the next generation of actuarial talent. BADRI’s cooperative agreements with King Saud University and King Fahd University in Saudi Arabia reflect Hatim’s long-term vision of investing in Saudi actuarial talent development. These initiatives align with BADRI’s philosophy of giving back to the industry and ensuring sustainable growth.

A Well-Deserved Honor

The IFoA President’s Award for Institutional Courage and Professional Integrity recognizes Hatim Maskawala’s extraordinary contributions to the actuarial profession. His journey from a young leader to a respected figure in the industry is a testament to his courage, integrity, and visionary leadership.

We wish Mr. Hatim Maskawala on this remarkable achievement. His work has set a high ethical leadership standard and paved the way for continued innovation and growth in the insurance industry. As we celebrate this honor, we are inspired to follow in his footsteps. In everything we do, we strive for excellence and uphold the values that define our profession.