Financial experts decry shortage of actuarial experts in Nigeria

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Lagos  –  Some financial experts on Thursday in Lagos decried the shortage of actuarial experts in Nigeria.
They expressed their concern at a breakfast session on actuarial service offerings with the theme: “Unlocking the Value of Actuarial Skills for Improved Business Performance.’’
The News Agency of Nigeria (NAN) reports that the event was organised by the Deloitte West Africa.
Actuarial experts use statistical models to manage financial uncertainty by making educated predictions about future events.
Citing reports by the Financial Reporting Council of Nigeria (FRC), the experts said that the country had about 19 actuarial experts; a situation they said was grossly inadequate.
Insurance companies, banks, government agencies and corporations use actuarial analysis to design optimal insurance policies, retirement plans and pension plans and to analyse investment risks.
Mr Debo Ajayi, the Chairman, TAF Consulting Group, said that there was need to create awareness on the relevance of actuarial skills in the financial and insurance sectors of the economy.
Ajayi, in a keynote address titled “Insurance Portfolio Management,’’said that the insurance sector in Nigeria needed to leverage on the value added by actuarial experts to reposition the sector.
According to him, actuarial experts are needed in the management of risks in the business ecosystem.
The expert said that insurance companies required the services of actuaries in the effective management of budget.
“Reinsurance is an area where actuarial experts can help.
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“Actualists are beginning to emerge as a natural thing for risk management,” he said.
In his remarks, Mr Nicholas Okpara, a representative from the National Insurance Commission (NAICOM), said that insurance business could not be done without actuaries.
Okpara also said that the commission was concerned that life insurance was not thriving as expected in the country. (NAN)

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