The National Insurance Commission (NAICOM) has concluded plans to train at least 60 professional actuaries at the College of Insurance and Financial Management (CIFM) to boost their skills on the job.
NAICOM explained that an actuary was a person who compiles and analyses statistics as well as uses the data gathered for the calculation of insurance risks and premiums for the commission.
Confirming the planned training, NAICOM Rector, Dr. Yeside Oyetayo, in an interview with newsmen in Lagos yesterday, said that funds have been released to the college for a successful training exercise.
Oyetola added that the college had conducted a first scholarship qualification assessment on December 22, last year and some candidates had been notified of their success after the exercise.
The NAICOM Rector, who noted that another qualification assessment had been scheduled to hold on January 29, stressed that the funds cover the registration of 60 candidates, their course materials, tutorials, and mock examinations.
“Due to the social distancing order induced by COVID-19, we are doing online tutorials in conjunction with Nigerian Society of Actuaries and the first set of scholarship awardees will write the Certified Actuarial Analysts (CAA) exams in May,” she added.
NAICOM had, on January 23, 2020, announced full sponsorship of 100 practitioners in the insurance industry to be certified as actuarial analysts. This, she said, was in an effort toward developing the market in the next five years.
Earlier, NAICOM’s Commissioner for Insurance, Sunday Thomas, said the initiative was in partnership with CIFM, Nigeria, and was aimed at developing necessary professional skills and talents to drive the insurance sector.
Thomas said the move became necessary because only a few insurance companies had in-house actuaries, thus the intervention by the commission to stem the tide.
“Part of our plans is that within the next five years, we want to produce at least 100 CAA and we will take responsibility for the commitment. 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 than ever. 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 relevant to the sector,” he said.