DEPARTMENT OF INSURANCE AND ACTUARIAL SCIENCE

Introduction

The Insurance department of the Imo State University offers courses leading to the award of B.Sc. degree in Insurance and Actuarial Science. Insurance and Actuarial Science was introduced in Imo State University in 1995. Initially, the programme was facilitated as a unit under the then school of Economics, Banking and Finance.

In keeping with the decision of the University Senate, the School of Economics, banking and Finance changed to the Faculty structure and thus became the Faculty of Business Administration in 2001/2002, Insurance and Actuarial Science became a full-fledged department under the Faculty of Business Administration.

Philosophy

The concept of Insurance originates from and / or underlies another bigger concept-risk. In other words, Insurance evokes the idea of risk, and the two are, at it was, almost inseparable. Risk o its own underlies all activities of life from religion, politics, economy, technology, to sports and what have you. Some of the risks in these activities can be quantified, others cannot. Some are deterring, others are surmountable, avoided or reducible. Insurance as a risk protection device encourages the expansion of the frontiers of the human activity by encouraging wise and prudent men to accept risks in life and non-life areas.

The Insurance and Actuarial Science discipline of Imo State University is a highly specialized broad field programme in the Faculty of Business Administration. The discipline focuses on the study of the fundamental principles, methods, techniques and process of risk management, loss prevention, loss prevention, loss indemnification, and the general safe-guarding of property and person against all social or natural disturbances liable to endanger the progress or the economic activities of the nation. The study emphasis is on the activities of the Insurance and reinsurance institutions, their operational principles and practices, as well as their inter-relationship with the international insurance and reinsurance communities in their efforts to spread and combat the adverse effects of risk from global economic and human activities.

Objectives

The Actuarial Science of the discipline trains and equips the students with the placation of the necessary analytical skills and components in the application of the mathematical theory of probability, the theory of compound interest, and statistical techniques in solving problems related to investments, life insurance, general insurance, and to all manner of practical problems that require thorough computation competence and ability. The disciplines involved in these techniques develop in the students a flair for the rapid analysis of the business problems and the development of solutions, which enables them to achieve success as managers.

The main concern of the Actuarial or a specialist in Actuarial Science is with the contingencies of death and survival, which enables him to develop quantitative expressions to observed mortality patterns. He then combines mortality function with interest function to produce monetary values for life annuities and assurances. Training in Insurance and Actuarial Science provides immense career opportunities for graduates in the Discipline in various fields of human endeavours. Thus, the discipline aims at development of high level manpower for challenging positions both in the insurance and reinsurance institutions and other specialized areas. The discipline, above all, enables the students to acquire vast knowledge and experience, professional skills and expertise which can assist them to become good citizens of the country, be useful to themselves, contribute to the overall development of the nation, as well as enable them to adjust confidently in modern sophisticated world of rapidly changing science and technology.

Programme Description

The department runs a four-year programme leading to the award of B.Sc. degree in insurance and Actuarial Science.

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