100 Actuarial Analysts To Get NAICOM Full Sponsorship
In a bid to develop and improve human capital development in the industry, the National Insurance Commission (NAICOM) on Thursday said it will offer full sponsorship to 100 Actuarial Analysts.
Mr Sunday Thomas, Acting Commissioner for Insurance disclosed this on the saidline of Actuarial Development Sensitisation Workshop organised by the Commission in Lagos.
He said the sponsorship is aimed at developing necessary professional skills set and talents to drive the insurance sector.
He assured that 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 said.
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 .
“Atuaries 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.”
Thomas also disclosed 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 workshop was in partnership with the College of Insurance and Financial Management (CIFM) ,Nigeria and i