The insurance programme was introduced in the Accountancy Department of the institute in 1976. Effective in 1979, the programme was offered under the Department of Finance until 1983 when the Department of Insurance was established as a distinct and separate unit. Since then, the department has continued to make appreciable progress. It is important to note by passing that the Insurance Department over the years has continued to serve as training school for all in the financial institutions. The HOD is the sole administrator of the department who in turn is directly accountable to the Director of Financial Studies. As a member of the academic board, the HOD represents the department. In his absence, the next senior academic staff takes over.
It is the responsibility of the HOD also to appoint an academic adviser to guide the students on various academic problems. Currently, we have two academic advisers: one for the ND program and another for the HND programme.
The general decision-making of the department is done during the department board meeting which is normally held twice in a semester, at the beginning of the semester and towards the end of the semester, when matters of importance pertaining to the department arises. Departmental policy and practice on staff development are based purely on the institute’s policy. Staff promotion in general is based on the institute’s policy.
Objectives of the Department
The department programme is targeted at the following specific objectives:
- To equip students to acquire the knowledge and skills required to identify and manage risk and take appropriate decisions;
- To help students acquire the knowledge of research procedures for investigating issues and problems in insurance, finance and accounting fields of management science as well as for implementing change in organizations;
- To inculcate in the students the entrepreneurial spirit and competencies for effective starting and growing of new business concerns; and
- To assist in developing students in leadership and interpersonal relations skills in management.
The scope of the programme provides in-depth knowledge in the following core areas of department
- Marine and aviation insurance;
- Insurance of liability;
- Life assurance;
- Pension;
- Property insurance;
- Motor insurance;
- Insurance of the person.
To give a broad-based knowledge to students of the department, the programme audits courses from other departments in the school like Banking and Finance, Accountancy, Marketing, Statistics and other general courses like English.