The National Insurance Commission (NAICOM) on Thursday announced full sponsorship of 100 practitioners in the insurance industry to be certified as Actuarial Analysts, toward developing the market in next five years.
Mr Sunday Thomas, Acting Commissioner for Insurance, said this at the Actuarial Development Sensitisation Workshop organised by the commission in Lagos.
Thomas said that the initiative was in partnership with the College of Insurance and Financial Management (CIFM), Nigeria, and it was aimed at developing necessary professional skills 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 Analysts (CAA) 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 with 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 steps for effective pricing have 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 potential and make them relevance to the sector,” he said.
According to him, only a couple of the insurance companies have in-house actuaries and this is why the commission has intervened to stem the tide.
Thomas said actuaries were also needed to manage the Annuity business which was becoming quite significance and almost accounting for 35 to 40 per cent of the industry portfolio with an output of N10 trillion.
He urged the potential beneficiaries to be committed to the programme to succeed, as the commission would only give candidates the opportunity to re-write a failed course twice.
“This programme requires sharp, determined, qualitative- 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 operations 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.
In her address, Dr Yeside Oyetayo, Rector, CIFM, lauded NAICOM for offering full scholarship for the programme as a way of giving back to the industry.
Oyetayo noted that processes for the programme commenced immediately and the college would be developing an Actuarial development policy in collaboration with the Nigerian 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-hour study leave for candidates with their employees,’’ Oyetayo said.
The rector noted that the prerequisites for admission into the programme include that a candidates must be citizens of Nigeria with a valid identity card and must possess 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 Nigerian insurance industry for at least five years post qualification and must be referred by a guarantor who is preferably an employer.
In a lecture, Mr Tola Fakoya, an Actuary with Mansar Insurance, listed the functions of the Actuaries to include risk assessment, product development, product pricing, liability valuation, asset liability matching and experience analysis.
Fakoya also mentioned profitability assessment, solvency, financial reporting, reinsurance optimisation, capital adequacy, expenses analysis, among others.
In his remarks, Mr Pius Agboola, Director, Policy and Regulation, NAICOM, described Actuarial Analyst as a noble, enviable and rewarding profession qualification.
He urged the potential candidates to put in their best and take advantage of the opportunity offered by the commission.
Edited By: Adeleye Ajayi
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