School Guide

Best Universities to Study in Insurance and Actuarial Science in Nigeria

Actuarial science and insurance is the subject of financial risk assessment in the insurance and finance sector using

mathematical and statistical methods.

Actuarial science applies the mathematics of probability and statistics

to identify, analyze and resolve the

financial impacts of uncertain future events.

This is usually a 3 year course but duration can vary depending on the

university. To qualify for a Bachelor of

Actuarial Science degree, one must be proficient in mathematics and/or statistics.

In today’s article, we’ll be looking into the best universities to study actuarial science and insurance in Nigeria.

Best Universities to Study Actuarial Science and Insurance in Nigeria

Actuarial science and insurance is the subject of financial risk assessment in the insurance and finance sector using mathematical and statistical methods.

Below are the best universities to study actuarial science and insurance in Nigeria

1. University of Lagos

The University of Lagos should be at the top of your list if you want to study insurance or actuarial science. This prestigious university is recognized as Nigeria’s leading center for actuarial training and education.

Established in 1962, the Department of Actuarial Science at Unilag offers top-notch programs at the undergraduate and postgraduate level. Their dedicated faculty has years of industry experience to help prepare you for a successful career. Unilag also partners with leading professional bodies like the Institute and Faculty of Actuaries (IFoA) and the Chartered Insurance Institute of Nigeria (CIIN) to provide relevant and up-to-date curricula.

Overall, the University of Lagos should definitely be on your shortlist if you want to become an actuary or work in the insurance industry. You’ll get a world-class education, opportunities for networking and work experience, and the skills and knowledge to have a meaningful career.

2. Covenant University

If you want a top-notch education in actuarial science, look no further than Covenant University. This private Christian university offers an excellent program for aspiring actuaries and insurance professionals.

Covenant University’s Department of Statistics and Actuarial Science offers both undergraduate and postgraduate degrees in Actuarial Science. The curriculum provides a strong foundation in business, mathematics, statistics, finance, and actuarial modeling.

Beyond the classroom, Covenant University provides various opportunities to gain practical experience. You can participate in internships, join the Actuarial Students Association, and take part in skills training workshops.

If you’re looking to become a leader in the world of actuarial science and make a rewarding career helping companies manage risk, Covenant University deserves your consideration. Their high-caliber program and focus on faith-based values can prepare you for a lifetime of impact and success.

3. University of Ibadan

The University of Ibadan is one of the top universities in Nigeria and all of West Africa. Founded in 1948, it is renowned for its business and insurance programs.

If you want to become an insurance professional or actuary in Nigeria, UI is an excellent place to study. They offer bachelor’s, master’s, and PhD degrees in Insurance, Actuarial Science, and other related fields. UI’s Department of Actuarial Science and Insurance is one of the oldest in Africa, established in 1976.

If you want a world-class education and skills that will set you up for success as an insurance professional, the University of Ibadan should be at the top of your list. Between their prestigious reputation, knowledgeable professors, challenging coursework, and career support services, UI offers all the elements for a first-rate education in insurance, actuarial work, and beyond.

4. University of Nigeria Nsukka

The University of Nigeria Nsukka (UNN) is one of the top universities in Nigeria for studying insurance and actuarial science. With over 60 years of experience providing high quality education, UNN has an excellent reputation for their business and actuarial science programs.

UNN’s Department of Actuarial Science and Insurance offers undergraduate and postgraduate programs in actuarial science, insurance and risk management that are accredited by the Institute and Faculty of Actuaries (UK). These programs are highly ranked in Nigeria, producing many leaders in the insurance and finance industries.

UNN has a team of experienced and qualified lecturers, many of whom are fellows of the Institute and Faculty of Actuaries (UK), the Chartered Insurance Institute of Nigeria, and other professional bodies. Students benefit from their industry experience and expertise.

5. Nigerian Turkish Nile University

Nigerian Turkish Nile University (NTNU) in Abuja is an up-and-coming choice for studying actuarial science in Nigeria.

NTNU offers undergraduate and postgraduate programs in actuarial science that are accredited by the National Universities Commission. Their actuarial science department is focused on providing students with a solid foundation in mathematics, statistics, finance, and business.

While NTNU is still establishing itself, its actuarial science program shows a lot of promise. Students seeking an affordable, career-focused education and smaller class sizes may find NTNU a perfect fit. With continued investment and growth, NTNU seems poised to become a leader in actuarial education in Nigeria.

Conclusion

Studying insurance and actuarial science in Nigeria is a good choice. The reward of studying this great course is great.

FAQs

Below are some common FAQs and answers to help guide you.

1. What programs are offered?

Most top universities in Nigeria offer bachelor’s degrees in actuarial science, insurance, or related fields like finance and statistics. Some also offer master’s degrees and PhDs for those looking to advance their education. Programs provide a mix of technical skills, industry knowledge, and practical experience.

2. What are the entry requirements?

Entry requirements vary but usually include a minimum of 5 credits in WAEC/NECO/GCE O’Level including English, Mathematics, Economics and two other relevant subjects. For universities like UI and UNILAG, you’ll need high scores in UTME. Some schools may require you to take additional tests like POST UTME. The more competitive the school, the higher the cut-off mark.

3. What job opportunities are there?

Insurance and actuarial science graduates are in high demand in Nigeria. Possible career paths include:

Actuary: Uses statistics and financial theory to analyze risks for insurance companies.
Underwriter: Assesses applications for insurance policies and determines appropriate coverage and premiums.
Claims Adjuster: Investigates insurance claims to determine the extent of the insurance company’s liability.
Insurance Sales Agent: Sells various types of insurance policies to businesses and individuals.

4. What is the career growth?

The job market for insurance and actuarial professionals in Nigeria is expanding rapidly. According to estimates, the insurance industry will need over 50,000 new professionals by 2025.