NAICOM disburses fund to CIFM for training of 60 Actuaries

Agency Report

The National Insurance Commission (NAICOM) on Monday disbursed an undisclosed amount to the College of Insurance and Financial Management (CIFM) to train 60 professionals as Actuaries in the industry.

Dr Yeside Oyetayo, Rector CIFM made the disclosure in an interview with the News Agency of Nigeria (NAN) in Lagos, explained that an actuary is a person who compiles and analyses statistics and uses them to calculate insurance risks and premiums.

Oyetayo said that following the release of the fund, the college had conducted the first scholarship qualification assessment on Dec. 22, and some candidates had been notified of their success.

She noted that another qualification assessment had been scheduled to hold on Jan. 29.

“The fund disbursed covers registration of 60 candidates, their course materials, tutorials and mock examinations

“Due to the social distancing order induced by COVID-19, we are doing online tutorials in conjunction with Nigerian Society of Actuaries and the first set of scholarship awardees will write the Certified Actuarial Analysts (CAA) exams in May,” she said.

NAN reports that NAICOM had on Jan. 23, 2020 announced full sponsorship of 100 practitioners in the insurance industry to be certified as Actuarial Analysts, toward developing the market in the next five years.

Mr Sunday Thomas, Commissioner for Insurance, said that the initiative was in partnership with CIFM, Nigeria and was aimed at developing necessary professional skills and talents to drive the insurance sector.


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