From Left: Member, Committee on Actuarial Development, National Insurance Commission (NAICOM), Oladimeji Salami; NAICOM Director, Policy & Regulation, Pius Agboola; Rector, College of Insurance and Financial Management, Dr. Yeside Oyetayo; Acting Commissioner, NAICOM, Sunday Olorundare Thomas; Facilitator, Nigeria Actuarial Society (NAS), Jola Fakoya; Chairman, NAICOM Committee on Actuarial, Taiwo Adeoye at the event.
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Chuks Udo Okonta
The National Insurance Commission (NAICOM) has announced plans to raise 100 actuarial analysts in the next five years, who will help to enhance the growth of the insurance sector.
The Acting Commissioner for Insurance, Sunday Thomas, who disclosed this today at the Actuarial Development Sensitisation Workshop organised by the Commission in Lagos, stated that the initiative was in partnership with the College of Insurance and Financial Management (CIFM) and is aimed at developing necessary professional skills set and talents to drive the insurance sector.
He said all expenses of the course and examination would be fully funded by the commission and offered at no cost to the selected participants.
“Part of our plans is that within the next five years, we want to produce at least 100 Certified Actuarial Analyst and we will take responsibility for the commitment.
“We must analyse our job, role and the need to change our focus on how to develop the market and ensure compliance to regulatory policies .
“Part of the development is the human capital development, as the growing potential of the industry is built on the capacity to have the required capital that will drive it forward.
“The issue of measuring and taking necessary step for effective pricing has made the Actuarial profession to be more pertinent more than ever before .
“There is need to develop young professionals and give them a future in the insurance industry and we are determined to develop their potentials and make them relevance to the sector, “he posited.
According to him, only a couple of the Insurance companies have an in-house Actuaries and this is why the commission has intervened to stem the tide .
Thomas said Actuaries are also needed to manage the Annuity business which was becoming quite significance and almost accounting to 35 to 40 per cent in the industry portfolio with a output of 10 trillion .
He urged the potential beneficiaries to be committed to the programme to succeed ,as the commision would only give candidates the opportunity to re -write a failed course twice.
“This programme requires sharp, determined, qaulitative minded and serious individuals, so think critically about it before opting for it.
“We are ready to give you all the necessary support and will persuade the Chief Executive Officers of the Insurance companies to give the candidates adequate time to study, ” he said.
Thomas also noted that the NAICOM Academy would kick-off operation within the year in Abuja to train and empower its in-house staff.
He said the academy would be the first of its kind for regulators in West Africa and would be structured to acquire and share more knowledge to promote the industry.
The Rector, CIFM, Dr. (Mrs.) Yeside Oyetayo, lauded NAICOM for offering full scholarship for the programme as a way of giving back to the industry.
Oyetayo said the processes for the programme commences immediately and the college would be developing an Actuarial development policy in collaboration with the Nigeria Actuarial Society (NAS) to train the candidates home-based.
She said among other roles, the college would conduct an assessment of candidates for the sponsorship, register selected candidates, offer free registration for CAA examination twice a year.
“We will also offer two weeks intensive tutorial and mock examination before the actual examination and arrange for a compulsory 160 hours study leave for candidates with their employees,” she noted.
The Rector maintained that the prerequisite for admission into the programme includes that a candidates must be citizens of Nigeria with a valid identity card and must possess an analytic skills.
She said the beneficiaries must also be engaged in the industry ,either as an underwriter, loss adjusters or academia ,among others .
According to her, beneficiaries must be interested to work as an Actuary in the Nigeria insurance industry for at least five years post qaulification and must be referred by a guarantor which is preferably an employer.
Tola Fakoya, an Actuaries with Axa Mansand Insurance Plc, listed the function of the Actuaries to include: Risk Assessment, Product development, Product pricing , Liability Valuation, Asset Liability Matching, Experience Analysis.
Other functions according to Fakoya, are, Profitability Assessment, Solvency , Financial Reporting, Reinsurance optimisation,Capital adequacy and Expenses analysis.
Director, Policy and Regulation, NAICOM, Pius Agboola, discribed Actuarial Analyst as a noble, enviable and rewarding profession while urging the potential candidates to put in their best and take advantage of the opportunity offered by the commission.