Barnett Waddingham has partnered with Callund Consulting to develop the first mortality and morbidity tables tailored specifically to Nigeria’s insurance and pensions market.
The project is being delivered on behalf of the Nigerian Mortality Table Development Committee and is authorised by the Nigerian Insurers Association, working in collaboration with the Nigerian Actuarial Society, the National Insurance Commission and the National Pension Commission.
The data from Nigeria’s insurance and pensions sectors will be analysed to produce actuarial tables that reflect local experience within the next year. The tables will support more accurate pricing, reserving and long-term planning, strengthening risk assessment across Nigeria’s growing insurance and pensions market.
Barnett Waddingham partner Vivienne Maclure says: “We are excited to be working with Callund to assist the Nigerian market in achieving its aim of creating the first set of local mortality and morbidity tables and to build long-term capability within the Nigerian actuarial community so they can maintain and update these going forwards. Our involvement in similar projects for other countries has shown that there is significant value of having tables that capture the local demographics and product types.”
Callund Consulting director of African operations Rosemary Nantambi says: “We are delighted to be supporting the development of new mortality tables in Nigeria; and working closely with the Nigerian Mortality Table Development Committee, the regulators, the Nigerian Insurers Association, and the Nigerian Actuarial Society. Having had discussions on producing mortality tables in Nigeria for a number of years, we are thrilled to be involved and support this invaluable work.”
NIA director general Bola Odukale says: “We are thrilled to bring key stakeholders together to deliver Nigeria’s first mortality table. This has been a long-standing ambition of the NIA over years, and seeing it come to life is both fulfilling and energising. This work will elevate the insurance and pensions industries and set a new benchmark for data-driven decision-making in Nigeria. We sincerely appreciate Africa Re for their support in making this milestone a reality.”
NMTDC chair Muibat Jimoh says: “On behalf of the NMTDC, I’m proud of the progress we’re making on this landmark initiative. Creating Nigeria’s first mortality table is a major step for our insurance and pensions sectors.
“We value the strong collaboration of NIA, NAS, NAICOM, PenCom, and the industry participants. Together with Callund and BW, we are laying the groundwork for better pricing, stronger reserving, and long-term financial stability.
