A platform that would offer opportunity to grow a bank of actuaries in the nation’s insurance and financial services market has been unveiled. Being driven by TAF Consulting Group, an international firm of consultants and actuaries with offices in Dubai, Lagos and Accra, the firm is targeting producing 300 qualified actuaries annually.
TAF Consultants bring over 150 years of combined local and international experience, culminating in its ability to deliver the highest quality actuarial, strategy conception, strategic management consulting, capacity development, and advisory services across all major industries in the markets served. With the combined industry experience of its team members, TAF is among only a few select firms with requisite cross disciplinary actuarial capabilities within the region.
Coming at a time when the Nigerian insurance market was said to be in shortage of actuaries whose role is expected to impact on its risk management capability, product development and underwriting.
Debo Ajayi, chairman/consulting actuary of TAF Consulting, said the firm has come to address a major challenge facing the market, particularly when reports say that there are only 12 professional actuaries in the market where risk management is critical aspect of the business.
Ajayi stated that TAF Consulting (Nigeria) Limited, is establishing a centre for actuarial training to develop professional actuaries for Nigeria to serve domestic and foreign markets. “There is no reason why Nigeria cannot start to export actuaries or have foreign actuarial work in-sourced to Nigeria, he said.
Actuaries traditionally work for life, health, pension and casualty/general insurance companies. But the direct relevance of actuarial skills has since established actuaries as lead professionals in non-traditional areas such as financial engineering and enterprise risk management which expanded the scope of actuaries to work for virtually most sectors and industries.
“Actuaries are well-paid (rated as the best job in the USA for decades running), in short supply and high demand, considered the most ethical professionals, and globally recognised credential.”
Ajayi said” “ We have now established a Centre for Actuarial Training, making it possible for individuals to train to become professional actuaries within Nigeria and yet able to secure jobs anywhere in the world.
“We need companies to partner with us, nominate their staff and pay for their training, and with that we would have started building capacity for the market,” he noted.
TAF Consulting commenced its business operation in Nigeria in 2012 after it was incorporated under the Corporate Affairs Commission (CAC). The early beginnings of the firm date back several years when the founders spent time understanding the Nigerian, African and global financial and business landscapes with in-depth understanding of the value that actuaries can add to the design and development of risk management solutions in the region.
The first set of student trainees will commence their regular classes March 9, for May dies actuary exams.
Nigerian insurance consists of N300bn in annual gross written premiums, capital base of N650bn, accounting for only 3 percent of the assets in the financial sector Premiums grew at 19 percent from 2003, driven by key sector reforms such as the 2003 Insurance Act, increased capital requirements in 2007, and No premium/ No cover guideline in 2013.
Nigeria’s insurance sector is dominated by the general insurance sector which is over 45 percent motor and oil & gas. This is a real concern as insurance cannot have any significant relevance to the economic development as long as general insurance dominates life, says TAF boss.
Modestus Anaesoronye
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