Nigerian Actuarial Society News

A MESSAGE FROM THE PRESIDENT Wed, Jan 29th, 2014 - 02:15:19 PM

Dear Colleagues

A very happy New Year  to you. 2014 will in all likelihood be interesting to the Nigerian Actuarial community. 2013 was a landmark year for the Nigerian Actuarial profession. The year brought the profession to the ‘front burner’ of the financial sector due to the Nations’ adoption of IFRS. There was a sudden need for Actuaries to prepare financial reports.
Insurer’s balance sheets now need to reflect Technical Funds at amounts that meet IFRS’s Liability Adequacy Test. Similarly, company balance sheets need to reflect employee obligations (Gratuity, Long Service Award) calculated in accordance to IAS19. Importantly, General Insurance Business liabilities which hitherto had no actuarial input now have to be actuarially calculated!
Thus in one swoop ‘actuarial space’ has been created in the financial community – and it comes with a high level of responsibility. This situation will continue in future as actuaries get involved in Liability Reconciliations, Risk Management and General Insurance premium settings.
This is a great window of opportunity but comes with at least two challenges which need be continuously addressed:

  • Training:  We need to encourage sound training opportunities for students. NAS needs to continuously liaise with, and encourage students taking professional exams and with universities offering Actuarial Science degrees.
    I am pleased to report that NAS took steps in this direction in 2013 – contributions were made to the revision of a university’s curriculum – aimed at obtaining exemptions in professional exams. A town hall awareness meeting was conducted with e-mentorship follow-up.
    I note with pleasure that there was progress in professional exam passes in 2013.

  • Visibility and Involvement:NAS needs to be more visible and represented in professional fora – local and internationally. We also need to start producing position papers in response to relevant national issues in our areas of expertise e.g. mortality studies, Pension Act, Insurance Solvency Standards etc

I wish you the very best in 2014
Rotimi Okpaise

 

 

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The Nigerian Actuarial Society is a professional organisation comprised of qualified and student actuaries practicing in Nigeria.........

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