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“BUILDING UP THE ACTURIAL PROFESSION IN AFRICA” PRESENTER : Douglas Hoto BSc (Hons) F.F.A.

International Actuarial Association – 3 rd International Professional Meeting of leaders of the Actuarial Educators in English-speaking Africa 7 June to 9 June 2007 – Nairobi, Kenya. “BUILDING UP THE ACTURIAL PROFESSION IN AFRICA” PRESENTER : Douglas Hoto BSc (Hons) F.F.A.

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“BUILDING UP THE ACTURIAL PROFESSION IN AFRICA” PRESENTER : Douglas Hoto BSc (Hons) F.F.A.

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  1. International Actuarial Association – 3rd International Professional Meeting of leaders of the Actuarial Educators in English-speaking Africa7 June to 9 June 2007 – Nairobi, Kenya “BUILDING UP THE ACTURIAL PROFESSION IN AFRICA” PRESENTER: Douglas Hoto BSc (Hons) F.F.A. Director – Altfin Insurance Company

  2. THE ACTUARIAL PROFESSION IN ZIMBABWE Summary: • The Actuarial Society of Zimbabwe is the Professional Board • It is a small Board • Does not have its own Code of Conduct; relies on the Code of ASSA, Institute and Faculty • Has had a number of setbacks • Currently has - 5 Fellow Members - +/- 40 students • Meets much less frequently Prepared by Douglas Hoto Altfin Insurance Company

  3. HISTORY • The Society was formed in 1998 • There were 12 Fellow Members and +/- 60 students • Inaugural meeting was attended by the then President of the Faculty of Actuaries • Sessions for discussions and CPD were being held monthly • Now meeting about once in six months • Number of students remains steady Prepared by Douglas Hoto Altfin Insurance Company

  4. AREAS OF OPERATION AREAS OF OPERATION AREAROLE Life Assurance Statutory Pensions Statutory Short Term Insurance Not Statutory NSSA Statutory Investments Not Statutory Prepared by Douglas Hoto Altfin Insurance Company

  5. RECOGNITION RECOGNITION • Commissioner of Insurance recognises Fellows of the Institute, Faculty and Society of Actuaries as required to sign Statutory reports • Resistance in non-statutory areas • Cost seen as too high Prepared by Douglas Hoto Altfin Insurance Company

  6. EDUCATION • ‘A’ Level Mathematics a must • Plenty of A grades in ‘A’ level mathematics • Limited opportunities for training on the job UNIVERSITY EDUCATION National University of Science & Technology (NUST) offers a degree (B.Com) with possibility of exemptions from Institute Core Technical subjects • Small class (10-15 students) • Shortage of staff actuaries • Programme under threat • Most students emigrate to South Africa Prepared by Douglas Hoto Altfin Insurance Company

  7. WAY FORWARD • Continued support of education programme • Discounts offered by Institute and Faculty very handy • More actuaries need to participate in the teaching • Zimbabwe co-operates to support programmes • Restoration of normal economic and political conditions Prepared by Douglas Hoto Altfin Insurance Company

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