NAN-HE-1
Insurance
By Bukola Adetoye
Lagos, Dec. 11, 2016 (NAN) As part of efforts to further enhance insurance service in Nigeria, the College of Insurance and Financial Management (CIFM) has partnered the International Labour Organisation (ILO) on development of Actuarial profession.
The Rector of the College, Mrs Yeside Oyetayo, said this at the thanksgiving service for 12 graduating students of the college on Sunday in Lagos.
The News Agency of Nigeria (NAN) reports that Actuarial is a process of compiling and analysing statistics in order to calculate insurance risks and premiums.
She said the College partnered the Impact Insurance Facility of the ILO and other various international organisations such as GIZ, a German trade facilitation agency.
“And Actuaries without Borders, a non-profit volunteer organisation within the International Actuarial Association (IAA) with a mission to develop, organise and promote the actuarial profession globally,“ she said.
Oyetayo said that the college was in talks with some universities both within and outside Nigeria on the need to develop human capital within the country and to encourage the choice of insurance profession among students.
She urged the graduating students to upkeep the values that had been inculcated into them in the course of the training.
“More importantly, let me seize this auspicious opportunity to charge you all to go into the industry with the high ethical standards that were inculcated in you during your training at the college.’’
“As you are aware, the industry has zero tolerance for unethical behaviour and the Chartered Insurance Institute of Nigeria (CIIN) is taking very serious steps in this regard.
“Accordingly, no matter the temptation or challenge, you must not compromise the ideals of the profession. Only by so doing, will you remain worthy ambassadors of the insurance profession,’’ NAN quotes the rector as saying.
Oyetayo said that the college “offers full-time and part-time Diploma in Insurance and Certificate Courses in Risk Management, Pensions and Annuity, and Islamic Finance and Takaful’’.
She said the college also conducted induction training for new recruits in the insurance industry.
“CIFM is currently collaborating with universities in Nigeria offering degree courses in insurance on our Foundation Programme geared toward increasing the enrolment levels in insurance courses.
“It is specifically geared toward assisting insurance and non-insurance graduates desirous of a career in insurance to attain professional qualification within a short time.
“I can boldly say that the objectives of our programme have continuously been met by the over 90 per cent success rate of our students in the Chartered Insurance Institute of Nigeria (CIIN) examinations held in April and October.
“Besides, over 75 per cent of our unemployed graduates have subsequently secured employment in various insurance companies. Certainly, we have delivered on our promise,’’ she said.
Speaking, the best graduating student, Mr Gideon Yorkina, decried the low rate of insurance penetration in the country, which he said was less than one per cent
“It saddens us that a country as big as our country lacks proper insurance coverage.
“Not that the practitioners are not giving their best in pushing out risk products and services; simply that citizens are not insurance cultured.
“We are already of positive mind-set that we would move insurance to next level,’’ NAN quotes Yorkina as saying.
NAN reports that the school had its first graduation in 2015 with 15 students.
CIFM was established in 2014 by CIIN to fortify insurance practitioners with quality insurance education. (NAN)
OBA/IKU/AJA
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(Edited by Tayo Ikujuni/Adeleye Ajayi)