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Actuarial Academy of EA to boost financial sector in the region

by: Category: Banking & Finance, East Africa, Energy, Featured, In Focus, Insurance, Regional A+ / A-

The academy has committed to the development of the Actuarial Profession in support of East African Community financial sector growth.

The Actuarial Academy of East Africa (AAEA) will open its doors as early as 2017 to begin development of the Actuarial Profession to boost the region’s financial sector.

Financial services industry regulators, financial institutions, public agencies, international development institutions, insurance associations, members of the International Actuarial Association, regional universities and the EAC secretariat, have been tasked with putting up the non-profit institution, final steps have been put in place to operationalize the professional learning institution.

“Actuaries are uniquely positioned to support growth of the East Africa financial sector due to their training in identifying and mitigating risks relevant to financial services,” Holly Bakke said on Tuesday in Nairobi.

Blake is an American attorney who has served as Commissioner of the New Jersey Department of Banking and Insurance – and now serves as Principal with Strategic Initiatives Management Group, travelling globally, advising on financial services, banking and insurance regulation, and management of impaired companies, said the Academy would help strengthen insurance in the region, as well as improve their economic ties.

She is slated to meet with insurance regulator, IRA and explore areas of partnership with Actuarial Academy of East Africa and regional regulators including the Seychelles Financial Services Authority.

She will also be developing content for use in the AAEA’s ‘Train the Trainer Program’ which will run in 2017. The USAID backed Financial Services Volunteer Corps (FSVC) is a partner to the AAEA in this endeavour and is represented by Mourad Baly (FSVC’s Country Director in Kenya). Holly will also give strategic support to the AAEA to be a provider actuarial capacity building services to various African countries.

There are just over 30 qu­alified actuaries in East African market, all based in Kenya, compared to 50,000 globally. The academy is expected to improve professionalism and their numbers in the region.

“We therefore have a duty to the regional market to offer guidance on matters requiring actuarial input such as pensions, insurance, banking, investments and risk management. The academy will provide adequate actuarial capacity for the market in the long-term and short-term” says The Actuarial Society of Kenya’s (TASK) secretary Mukami Njeru.

AAEA is expected to tackle all phases of actuarial development (insurance, pension, investment and banking), to support qualification of actuaries and actuarial analysts, to provide continuing education, to develop specialisation to meet market demands such as reserving and pricing, to conduct research, to promote professionalism and to set best practise in actuarial work.

 

 

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