• Thursday, December 07, 2023
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Book on insurance to close knowledge gap for students


 Efforts to close the knowledge gap amongst students of insurance at secondary and tertiary institutions as well as those preparing for professional examinations on insurance and allied subjects received a boost with the debut of a book “Principles and Practice of Insurance: Model Questions & Answers.”

The book written by Peter Irene, a Chartered Insurer, Chartered Accountant and former executive director, Union Assurance Limited is a cumulative of over 30 years experience in insurance practice and administration.

His 322-page book structured in question and answer format, looks at the difficulties students face in answering exam questions to meet expectation of markers.

“This book is not a substitute material for a full text on preliminary principles of insurance, but very essential to students of tertiary institutions who major in insurance or take insurance as an elective. This is because the answers provided are concise and direct to the points, what examiners are looking for not only to achieve a pass mark, but also to obtain distinction.

“I do hope that this attempt at providing model answers to selected questions will provide needed guidelines for answering questions, which are not only theoretical but also practical in nature,” the author noted.

The book has taken a look at the syllabus for each of these examinations and has tried to provide likely questions examiners would be seeking answers on. Examined in the book include Principles of Insurance, including Insurable Interest, Indemnity, Utmost Good Faith, Subrogation, contribution with case studies. It has also looked at issues on reinsurance including Fire, Accident, Motor, Life and other miscellaneous topics.

What is most interesting about the book is that it has looked at current developments in the industry including Compulsory Insurance, Insurance Development in Nigeria and Solvency Issues.

The book, analysts have said would complement the industry effort at grooming new professionals, attract more people into taking a career in insurance, elicit interest in taking insurance exams as well as enhance human capacity development for the sector.

“One of the biggest challenges facing the country’s insurance industry is aging human resources, and this book I believe will go a long way in encouraging more people to write insurance exams and take careers in the industry,” an analyst stated.

Peter Irene was appointed as an executive director, finance and administration in Union Assurance on December 5, 2008, where he was deputy general manager overseeing the unit.

Irene, a multi-disciplinary professionals qualified as a Chartered Accountant in May 1988, elected as an Associate Member in January 1989 and a fellow (FCA) in January 1999. He also qualified as an Associate of Chartered Insurance Institute of Nigeria in 1996, and in 2010 was conferred a fellow of the Institute.

His insurance career stated in Phoenix of Nigeria Assurance Company plc 1978, where he rose through the ranks and became the chief accountant and a member of the executive management before joining Union Assurance in 1998.