Stakeholders in Nigeria’s insurance sector have called for stronger actuarial capacity to improve risk management, enhance prudential stability, and boost insurance penetration in the country.

The call was made at an actuarial capacity-building workshop in Lagos, organised by the Nigerian Insurers Association (NIA) in partnership with the United Nations Development Programme (UNDP) and global actuarial firm, Milliman.

The workshop brought together human resources practitioners, senior managers involved in actuarial recruitment, and members of executive management from NIA member companies.

Speaking at the event, NIA Chairman, Mr Kunle Ahmed, represented by the association’s Director-General, Mrs Bola Odukale, commended UNDP and Milliman for sustaining the initiative, which began last year.

Odukale reaffirmed the NIA’s commitment to local capacity development, describing actuarial expertise as critical to the long-term growth and stability of the insurance industry.

While acknowledging that actuarial training is capacity-intensive, she urged insurance companies to invest deliberately in developing actuaries through structured training and funding programmes.

She encouraged participants to engage actively, noting that the workshop was aimed at building a robust pipeline of actuarial professionals to support the sector.

In his remarks, UNDP Programme Specialist Mr Ikenna Orji said the initiative aligns with UNDP’s broader efforts to address Nigeria’s low insurance penetration.

“The low level of insurance penetration in Nigeria poses a developmental challenge. This programme is designed to strengthen actuarial expertise and support industry growth,” he said.

Milliman facilitator, Mr Adrian Allott, said the firm is working globally to build actuarial capacity, adding that its engagement in Nigeria focuses on improving insurers’ risk assessment, prudential management, and balance sheet understanding.