Inaugural IFoA African Confab to hold in Lagos April 27

In  demonstration of its  commitment aimed at expanding and deepening African insurance market as well as ensure collaborations among insurance operators in Africa, Institute and Faculty of Actuaries (IFoA), United Kingdom (UK) has concluded plans to hold its inaugural IFoA Africa Conference in Lagos on April 27, 2018.

This was disclosed by the Chairman, Nigerian Insurers Association (NIA), Mr. Eddie Efekoha, in Lagos recently.

Although details of the conference was not disclosed, but presumable it will centre on exchange of ideas and experiences as well as collaboration aimed at expanding and deepening the African insurance market.

He noted that the association has continued to be in the forefront of capacity development for employees of member companies, stressing that the association played host to a team from the Institute and Faculty of Actuaries, UK (IFoA), led by its President, Ms. Majorie Ngwenya, where the issue of dearth of actuaries in the market was extensively discussed.

He noted that the IFoA team has assured the association of its continued support in that regard through regular training programmes and other collaborative initiatives.

“To underscore the high regard which the institute has for Nigerian market, Lagos will play host to the inaugural IFoA Africa Conference on April 27, 2018,” he said.

Efekoha posited that the NIA is partnering College of Insurance and Financial Management and International Labour Organisation (ILO) to train insurance professionals in the area of Micro insurance, market research and product development, adding that the association is optimistic that these initiatives will translate to better underwriting practices and improved bottom line for members.

NIA boss said improved intercompany relationship and market cohesion has paid off tremendously as Insurance companies have uncovered fraudulent.

“It is equally important to inform you that we are witnessing more market cohesion and improved intercompany relationship. Companies now share information on new businesses and claims. This has resulted in the discovery of fraudulent claims in the market especially in the area of motor insurance,” he said.

He commended members for the improved relationship and urged greater collaboration in the market.