Department of Actuarial Science and Insurance

History

The Department of Actuarial Science and Insurance started in 2006/2007, along with six other departments in the College of Social and Management Sciences. The department operates two programmes: BSc Actuarial and BSc Insurance.

BSc Actuarial Science began during the 2006/2007 academic session. At its inception in 2006, two students (both females) were admitted, with one Assistant Lecturer as an academic staff. The following session, 2007/2008, saw an increase in students to eight with the admission of six new students into the 100 level. Two lecturers were added, one full-time and one part-time. The total number of academic staff stood at three. By the 2010/2011 session, the department produced its first set of graduates.

The current synopsis for the two programmes were the reviews of the previous ones to take account of recent developments as well as improving on their relevance in the academic as well as the professional arena while at the same time, keeping within the NUC requirements.

These took effect from the 2013/2014 session for the 100-level students whilst the old synopsis will run until they are eventually phased out by the end of the 2016/2017 session and be fully replaced with the new synopsis.

The requirement for graduation in the BSc Actuarial Science programme is 162 units for students admitted through UTME and 131 units for those admitted by Direct Entry. For the BSc Insurance programme, the required units are 163 and 130 respectively.

The postgraduate programme came on board during the 2015/2016 session, and in the 2018/2019 session, the first set of postgraduates was produced. Six students graduated with a Master of Science in Insurance and Risk Management, that is MSc in Insurance and Risk Management.

Thereafter the department has been producing students through the College of Postgraduate Studies from the 2018/2019 academic session.

Vision

Actuarial Science as a management science is the mathematical aspect of insurance and the use of past data to project into the future. The department will make its own positive contributions through teaching and research in the production of articulate actuaries and insurers, capable of making an impact in the process of building an economically, politically and socially developed country, state or society.

Philosophy

The philosophy of the Department is to train and produce graduates in both Actuarial Science and Insurance with skills required to demonstrate excellence in practice against economic challenges in the area of Actuarial Science and Insurance sectors. Also, to produce graduates who can see opportunities from natural problems and find solutions to such problems.