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29th March 2016
Led by Marjorie Ngwenya, the IFoA hosted an actuarial industry seminar on 1 February in Lagos Nigeria. The event was well attended with lots of lively discussion on actuarial skills and capacity development in the Nigerian context.
Led by Marjorie Ngwenya, the IFoA hosted an actuarial industry seminar on 1 February in Lagos Nigeria. The event was well attended with lots of lively discussion on actuarial skills and capacity development in the Nigerian context.
There was a student programme in the morning, an industry seminar in the afternoon and a networking event in the evening attended by about 80 people.
There were a number of interesting points raised in these sessions, in particular that universities in Nigeria do not currently provide exemptions on actuarial courses. This is something students would like to change, particularly given that some of the Nigerian courses can be much longer than UK courses.
The new Certified Actuarial Analyst (CAA) qualification was well received, although the workshop highlighted the need in the market for more actuaries.
There is a new regulation stipulating that every insurer and re-insurer that offers life business needs to establish an actuarial department to be manned by an actuary or person with relevant qualification and experience. This is creating more demand for actuaries, as many insurers are yet to have an in-house actuary.
Presentations were given by Dr Habila Amos from the National Insurance Commission on its support for the actuarial profession, industry leaders, as well as discussions on volunteering and capacity building. Many solutions were offered on how employers and others could assist with actuarial capacity building in Nigeria; among them the need for an active local actuarial community.
The IFoA would like to thank the British Deputy High Commissioner, Mr Ray Kyles, for kindly hosting the event in his residence, as well as the UK Trade & Industry in Nigeria for its assistance. Thanks to Old Mutual for sponsoring the reception.
There was a student programme in the morning, an industry seminar in the afternoon and a networking event in the evening attended by about 80 people.
There were a number of interesting points raised in these sessions, in particular that universities in Nigeria do not currently provide exemptions on actuarial courses. This is something students would like to change, particularly given that some of the Nigerian courses can be much longer than UK courses.
The new Certified Actuarial Analyst (CAA) qualification was well received, although the workshop highlighted the need in the market for more actuaries.
There is a new regulation stipulating that every insurer and re-insurer that offers life business needs to establish an actuarial department to be manned by an actuary or person with relevant qualification and experience. This is creating more demand for actuaries, as many insurers are yet to have an in-house actuary.
Presentations were given by Dr Habila Amos from the National Insurance Commission on its support for the actuarial profession, industry leaders, as well as discussions on volunteering and capacity building. Many solutions were offered on how employers and others could assist with actuarial capacity building in Nigeria; among them the need for an active local actuarial community.
The IFoA would like to thank the British Deputy High Commissioner, Mr Ray Kyles, for kindly hosting the event in his residence, as well as the UK Trade & Industry in Nigeria for its assistance. Thanks to Old Mutual for sponsoring the reception.
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