Academic scholars, regulatory giants, and industry veterans converged at the Lagos State University of Science and Technology on Tuesday, 5 May 2026, for the 2026 Insurance Day. The event, themed ‘Risk Quantification and Insurance Mechanism: Bridging Theory and Practice’, served as a critical platform to address the growing complexities of the Nigerian financial landscape.
Organised by the Department of Insurance and Actuarial Science in partnership with the Financial Reporting Council of Nigeria, the symposium aimed to equip students with the tools necessary to navigate a world defined by uncertainty.
A major highlight of the event was the keynote address by Dr Ashim Sogunro of the Department of Actuarial Science & Insurance, Faculty of Management Sciences, University of Lagos. Sogunro sounded an alarm regarding the severe shortage of actuarial professionals in Nigeria, revealing a staggering statistic: despite having over 50 insurance companies, Nigeria currently boasts fewer than 28 qualified actuaries.
“In Nigeria, we have not covered two per cent of the actuarial science potential in the world.
These professionals are nowhere to be found in our pension, healthcare, and financial industries,” Sogunro stated.
He further warned that the rise of artificial intelligence is no longer a future threat but a present reality that risk managers must embrace, saying, “If you are a risk manager or an actuary and you are not adapted to this AI, then you are in trouble. As far back as 2006, actuarial models predicted the industry failures we see today.”
The Financial Reporting Council provided a regulatory perspective, emphasising the transition from the “weak regulation” era to a period of financial stability. Mufutau Olasunkanmi, the Head of the Directorate of Audit Practice Standards at FRCN, credited the council’s strict corporate governance codes for ending the era of family-dominated financial institutions.
He said, “In the 90s, a father would be the chairman, the wife the director, and the son the MD. With the coming of the FRCN and corporate governance implementation, there is now stability in the financial system.”
Olasunkanmi reiterated that the council’s primary objective remains the protection of investor and stakeholder interests to ensure long-term economic health.
The Head of the Department of Insurance and Actuarial Science at LASUSTECH, Adebola Banjo, welcomed the guests by emphasising that intelligence must be paired with character. She noted that the “Insurance Day” was specifically designed to connect students with the harsh realities of the profession they are preparing to enter.
She said, “True excellence lies in the bridge between theory and practice. Success in this field demands integrity, critical thinking, and continuous learning.”
The event concluded with a vibrant display of departmental pride and the inauguration of new student executives as participants engaged in networking sessions with the visiting experts. The symposium underscored a collective resolve: to move Nigeria’s insurance sector from aspirational growth towards a data-driven, sustainable reality.
