NAS Urges Actuaries to Embrace Global Trends
The Nigeria Actuarial Society (NAS) has said that corporate organisations and the nation’s economy will gain tremendous advantages from a more robust deployment of actuarial data in the management decision making process and economic development.
According to a statement, during the inaugural annual conference of the society in Lagos, the society noted that actuaries must embrace emerging global trends to help NAS gain a step forward in achieving its vision of bridging the actuarial gap in Nigeria.
It added that this would be made possible if actuaries could go beyond producing numbers to helping their managements make quality decisions from the numbers.
The conference with the theme “Actuaries: Delivering value beyond numbers” focussed on current topical issues in the Nigerian economic landscape including the introduction of risk-based capital, IFRS 17 – the reporting standard and actuaries’ contribution to a defined contribution fund. It added that the IFRS 17 is the new accounting standard on insurance which would be coming into effect in 2022.
The aim of the new standard, it added, was to introduce uniformity in the approach in which insurance companies present their reports, which would enable increased comparability between firms.
In her opening remarks, the society’s President, Ms Yeside Kazeem, stated that the value of the data that the professional had access to and interpretes lies in the ability of management to draw inference and make decisions from such data, thus adding value to and propelling the growth of the organisation.
While mentioning an example in the nation’s pension industry, Kazeem said the pension industry in Nigeria was growing and with the introduction of multifunds choice to RSA holders, there was an increased need to consistently test that investments are fit for purpose.
She stated “The multifunds are designed to match a range of risk appetite and the actuaries should be able to offer guidance on the projections of not just the funds being accumulated but the likely pension that is payable during retirement.”
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