The Institute and Faculties of Actuaries (IFoA) and The Actuarial Society of Kenya (TASK) have partnered as they pledge to deliver a sustainable, successful future for the profession, build actuarial capacity and grow the community in Kenya and the Eastern Africa region.

The partnership will see the two actuarial bodies create opportunities for its members by strengthening relationships between key employers, regulators and relevant stakeholders.

“IFoA will continue to support the development of Actuarial Academy of East Africa as it develops, to encourage and support lifelong learning, education and actuarial excellence, across the region, across the continent and globally,” said Irene Redman, IFoA’s Head of EMEA Markets Development during a two-day actuarial convention held at Mövenpick Hotel, Nairobi.

By working together, the two actuarial bodies will provide a trusted voice for the profession with a truly global outreach.

TASK, which was registered in 1993 marked its 25 years of operations in 2018. It has 48 Kenyan actuaries, 12 of whom are women.

“What IFoA is doing for us, especially in the education sector, is giving us reduced rates for our exams and subscriptions,” said Cyrille Nabutola, TASK’s Secretariat.

IFoA came into being in 2010 and is the UK’s only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and internationally.

“TASK is doing a remarkable job of incubating Actuarial talent across the East African region. IFoA has sought to deepen our partnership with TASK to better support our shared professional community,” said Marjorie Ngwenya, the immediate-past President, IFoA.

Over 90 per cent of Kenyan actuaries are Fellows of the IFoA.

Insurance Regulatory Authority’s Acting Commissioner of Insurance Godfrey Kiptum says actuaries are critical market players key to decision making, and have the capacity to venture into territories that were hitherto considered as social or unquantifiable.

“We need to challenge ourselves to make use of existing and potential data resources to improve targeting and more rapidly come up with solutions that respond to the needs of the market,” he added in an address read out by IRA’s chief manager Policy, Research and Development Robert Kuloba during the event.

Recently TASK introduced Actuarial Academy of East Africa as it seeks to enhance the education sector in the profession.

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