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The Institute and Faculty of Actuaries’ (IFoA) hosted its inaugural African Conference at Crowne Plaza, Nairobi to discuss the future of the actuarial profession in the continent.
The one-day event provided networking opportunities with peers, global employers and representatives from regulatory bodies in line to promoting exchanges and knowledge sharing within the profession.
Kenya was chosen among three African countries – Mauritius and Nigeria – for the roadshow due to its vibrant actuarial presence in the regional market, and the steady growth in number of actuaries it has produced.
James Olubayi, President of The Actuarial Society of Kenya (TASK) in his address at the event highlighted the prime responsibility of actuaries in setting new standards for risk management in the financial services sector.
“We have undertaken several initiatives towards achieving our prime objective of developing and strengthening the actuarial profession in Kenya. This include coming up with an Act that will further bolster the presence of the body in the regional market,” he said.
The number of actuaries in the region is 51, 40 of whom are Kenyan. Also, TASK has introduced Actuarial Academy of East Africa to boost the integrity of education syllabus offered by the regional universities.
Marjorie Ngwenya, the first President of the IFoA to be based outside the UK, said there is a need for actuaries to promote the relevance of actuarial skills and their ability to adapt and innovate.
“Africa is particularly important as a hub for actuaries and aspiring actuaries: we greatly value you, and this Roadshow is a demonstration of our commitment to you and your region,” she said.
Ben Kemp, General Counsel and Director at the IFoA, said: ”We want to understand the challenges faced by actuarial employers and employees and the opportunities which exist for the IFoA to work with you.”