Ghana reports shortage of actuaries in insurance sector

In Ghana, the insurance sector has significant potential for youth employment, but it is experiencing a shortage of actuaries and other technical specialists. This was stated by Dr. Richard Okyere, rector of the Ghana Insurance University College (GIU), MyJoyOnline reports.

Okyere urged WASSCE graduates and other young people interested in mathematics, data and analytics to consider careers in insurance. According to him, the low level of insurance penetration in the country creates opportunities for the industry’s development and increases the need for qualified workers.

Training technical specialists

GIU offers bachelor’s degree programmes in actuarial science with insurance and statistics with insurance. The rector explained that these fields are intended to train specialists who combine computational skills with knowledge of insurance underwriting.

According to Okyere, the shortage of local actuaries and other technical workers in Ghana and other African countries sometimes forces insurance and financial institutions to recruit specialists from the United Kingdom, South Africa and the United States. He believes that developing local expertise will help insurance companies price products more accurately, assess financial risks and make better-informed decisions.

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Education and the insurance market

GIU, which was inaugurated as a higher education institution earlier this year, originated from the Ghana Insurance College, established in 2006 by key participants in the insurance market. They include the National Insurance Commission, the Ghana Insurers Association, the Ghana Insurance Brokers Association and the Chartered Insurance Institute of Ghana.

GIU programmes also include artificial intelligence, financial and predictive modelling, and data analytics. Graduates will receive a bachelor’s degree jointly issued with the University of Ghana, as well as a professional diploma in insurance administered in cooperation with an overseas professional organisation.

Okyere noted that the skills acquired may be needed not only by insurers, but also by banks, pension funds, healthcare institutions and manufacturing companies. Actuaries, statisticians, insurance practitioners, company executives and academics are planned to be involved in teaching and mentoring students.

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