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January 30, 2020480

With the goal of developing essential professional skills and talents to drive insurance sector, the National Insurance Commission (NAICOM) in collaboration with the College of Insurance and Financial Management (CIFM) has declared plans to produce 100 actuarial analysts in the next five years.

The acting Commissioner for Insurance, Sunday Thomas, who disclosed this at an Actuarial Development Sensitisation workshop organised by the commission in partnership with CIFM, said the initiative would aid in boosting the sector’s growth by filling the dearth of actuarial analysts in the industry.

Thomas said all expenses of the course and examination would be fully funded by the commission and offered at no cost to the selected participants.

He said, “As I speak, we have a need for actuarial analysts in the industry; the growing size of annuity as well as other aspect of the business has necessitated the need for more actuaries. So, part of our plans to grow the profession 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 analyzing 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 further added that only few of the insurance companies have in-house actuaries and this is why the commission has stepped in to stem the tide.

He therefore, 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 noted.

Thomas also disclosed that the NAICOM Academy would kick-off operations within the year in Abuja to train and empower its in-house staff.

On her part, the Rector, CIFM, Mrs. Yeside Oyetayo, commended NAICOM for offering full scholarship for the programme as a way of giving back to the industry.

Oyetayo said the processes for the programme commences immediately and the college would be developing an actuarial development policy in collaboration with the Nigeria 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.

Listing the requirements for admission into the programme she said, that candidates must be citizens of Nigeria with a valid identity card, must possess analytic skills and must be engaged in the industry either as an underwriter, loss adjusters or academia, among others.

Presenting a lecture on the roles of an actuary, Mr Jolaolu Fakoya, an Actuary with Axa Mansard Insurance, said an actuary functions include; risk assessment, product development, product pricing, liability valuation, asset liability matching and experience analysis.



January 30, 2020410

The Nigerian Insurers Association, NIA, has disclosed that Lagos State generated about 40 per cent of total premium by the Industry in 2018.

A NIA document revealed that insurers in the State pooled the largest premium of N196.56 billion from policyholders for the insurance sector in 2018.

The document disclosed that, the figure represented about 40 per cent of the N413.85 billion total premiums generated by the industry for the period under review.

According to NIA, the Federal Capital Territory (FCT), Abuja, followed by generating N15.53 billion premium for the insurance market while Rivers provided N5.53 billion.

Oyo State generated N3.49 billion; Kaduna pooled N2.05 billion; Kano recorded N1.81 billion and Delta generated N1.49 billion premium income.

Other states, according to the data, provided less than N1 billion.

A further breakdown of the data revealed that on a regional basis, operators generated N329.12 billion premium from South West, amounting to over 75 per cent of the total premium income generated by the insurance industry in 2018 financial year.

North Central pooled N39.17 billion premium income, followed by South-South with N24.84 billion even as North West generated N14.26 billion. South East contributed N5.76 billion premium into the industry while the North East recorded the least premium of N689.36 million.

Analysis of claims paid by insurance firms; South West offered N171.29 billion out of the total N211.52 billion paid in the year. North Central has N19.93 billion; South South, N12.97 billion; North West, N4.73 billion; South East, N2.54 billion and North East, N52.91 million.

The NIA stated that the industry grew at a faster pace than the economy, though penetration remains very low.

With agency reports




October 21, 2019790

Nigeria Deposit Insurance Corporation (NDIC) said it has paid N11.29 billion as insured deposit to over 500,000 customers of closed financial institutions since its inception 30 years ago .

Managing Director/Chief Executive, NDIC, Alhaji Umaru Ibrahim, disclosed this in Abuja at a press conference to flag off activities to commemorate 30th  anniversary of the Corporation.

He said the anniversary provides an opportunity to undertake a comprehensive review of the Corporation’s past legacies and a platform to fine-tune its vision and mission, while also allowing the management to cast a searchlight on the future, particularly the challenges and opportunities.

Noting that over the past 30 years, NDIC has delivered on its deposit guarantee mandate, Ibrahim stated: “Since its inception, the Corporation successfully responded to economic realities and yearnings of depositors by periodically increasing the Maximum Deposit Insurance Coverage to enhance the confidence of the  public in the Nigerian financial system. On average, this is done every five years in line with Global best practice.

The corporation increased the maximum deposit insurance coverage twice, from ¦ 50,000 per depositor per deposit money bank (DMB) at inception, to  N200,000 in 2006 and  N500,000    in 2010.

“Similarly, maximum coverage per depositor of PMBs/MFBs was increased from  N100,000    in 2006 to  N200,000    in 2010. Coverage per depositor per PMB had since been increased to  N500,000    to reflect the increased deposits structure in the sub-sector and to stimulate Mortgage Savings.

“To date, the NDIC has paid a cumulative sum of over  ¦ 8.25 billion as insured amount to 442,999 depositors of closed DMBs;  paid over  ¦ 2.97 billion to 83,415 depositors of closed MFBs,  and over  ¦ 70.53 million was paid to 869 depositors of closed PMBs.”

Highlighting the impact of the bridge bank initiative in resolution of the failure of  Afribank, Spring Bank and BankPHB in 2011 and Skye Bank in 2018, Ibrahim said: “The bridge bank initiative safeguarded 12,667 jobs, protected deposit liabilities of over ¦ 1.759 trillion which ensured that depositors had uninterrupted access to their funds, and prevented the systemic repercussions of the failure of the bank on the entire financial system. The Bridge bank option engendered macro-economic stability, sustained daily operations of the failed banks including meeting maturing obligations and enhanced the confidence of Depositors and other Stakeholders.”