Yemisi Izuora
The Executive Council of the Nigerian Actuarial Society (NAS) has pushed for stronger collaboration with the Nigerian Insurers Institute (NIA), to provide better access to sustain insurance coverage in Nigeria.
The partnership support came up when the NAS team paid a courtesy visit to the Director General of the Nigerian Insurers Association (NIA) Mrs. Bola Odukale, on Thursday,13th February 2025.
The visit was geared towards strengthening the existing relationship between NIA and NAS, as well as officially present the drafted copy of the Actuarial bill to the NIA DG for the assessment, suggestions and contributions of Insurers before presenting it to the National Assembly.
The NIA DG, Mrs. Odukale, in her welcome remark, commended NAS for its long-standing partnership with the NIA, noting that the NIA recognises the significance and support of NAS in enhancing its operations.
Odukale said: “I thank you for your support in providing clarity over some expectations from our regulator. As actuaries, you have been quite handy.
“Your involvement within the Nigeria Mortality Development table has also helped to ensure progress in that regard. Hence, your partnership is invaluable to us.
“We are doing a whole lot together, and I solicit your continued support in that regard and other aspects too’’.
According to the Director General, the issue of capacity building for actuaries and dearth of actuaries within the insurance industry was a topical issue, adding that both the insurance operators and regulators were looking into it wholistically.
Odukale pledged that the NIA, though a non-profit making association, would continue to rally support for NAS towards the passing into Act of the Actuarial Bill by leveraging the goodwill of top minds within the insurance industry.
“Actuary is a sort after profession and a prestigious career with lots of prospects and value, so there is a need to do more to develop the interest of younger professionals.
“The NIA, among other support, will continue to encourage its member companies to support candidates for the Actuarial examination, which is usually expensive,” she said.
In his address, the President of NAS, Mr Jolaolu Fakoya, appreciated NIA for the massive support extended to the Actuaries and for housing NAS Secretariat at the Insurers House at no cost.
Fakoya also lauded the NIA DG for recognising the role, importance, and contributions of Actuaries, noting that as the insurance industry grows, Actuaries must also grow and improve their visibility.
He noted the that courtesy visit was embarked upon to strengthen partnership with the NIA and also present the drafted copy of the Actuarial Bill to the Association for comments, corrections and contributions as a major stakeholder before forwarding it to the National Assembly.
Fakoya hinted that NAS is also working on getting a Charter recognition as accorded to other similar professional bodies.
According to him, NAS would continue to support the NIA and insurance industry at large as the need arises.
Similarly, NAS Managing Director, Ms. Yeside Gbenro also thanked NIA for its continuous support while calling for deeper collaborations to train more professional actuaries and develop the skills of actuaries, among other commitments.
Other NAS Council members present at the visit were : Mr Adebowale Adesona and Mr Ganiyu Shefiu.