For a country like Nigeria to tackle the shortage of actuaries, the nation’s insurance industry has been advised to investigate how greater use could be made of volunteers from actuarially developed countries to teach university courses, to act as mentors and to teach short courses in preparation for actuarial exams, with a focus on the development of inclusive insurance markets.
This advice was given by the Insurance Regulation Committee of the International Actuarial Association (IAA) in a Paper titled: “Addressing the Gap in Actuarial Services in Inclusive Insurance Markets.”
The International Monetary Fund (IMF) recently affirmed that there is a shortage of actuaries in Nigeria which the nation’s insurance industry need in view of the fact that insurers are now required to adopt the International Financial Reporting Standards (IFRS).
The IMF therefore advised the National Insurance Commission (NAICOM) to consider using the Education Fund to develop university programmes to groom future actuarial professionals.
IAA maintained that there is need to educate key stakeholders on the value of actuaries and actuarial services as a whole since it may not be obvious to all relevant stakeholders how the actuarial profession can contribute to the insurance industry.
Nigeria has five qualified actuaries including AjibolaOgunshola of AjibolaOgunshola& Co, RotimiOkpaise, Managing Director, HR (Nigeria) Limited, Femi Oyetunji, Managing Director, Continental Reinsurance Plc, Sir ChikeOyeka of ChikeOyeka& Co and Kingsley Miller, an employee of Leadway Assurance Company Limited. It was learnt that Ogunshola is already in retirement.
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.
Actuaries evaluate, manage and advise on financial risks. They apply their knowledge of business and economics, together with their understanding of probability theory, statistics and investment theory, to provide strategic, commercial and financial advice. The core of actuarial work lies within pensions and insurance, where professionals are most likely to start off. Some actuaries may move on to investment banks at a later stage.
Source : Independent