The insurance industry offers numerous job opportunities for young people, particularly in areas such as actuarial science and statistics, the Rector of the Ghana Insurance University College (GIU), Dr Richard Okyere, has said.

Dr Okyere has encouraged young people to consider careers in insurance, saying the industry needs more skilled professionals.

He said there is a shortage of qualified actuaries in Ghana and across Africa, explaining that actuaries help insurance companies assess risks and determine appropriate prices for insurance products.

According to him, training more local professionals in these areas would help strengthen the industry and reduce the need to recruit experts from countries such as the United Kingdom, South Africa and the United States.

“This does not help the country. This promotes capital flight; the country throws away significant dollars outside the country,” he said.

Dr Okyere made the remarks while speaking about programmes and admissions at GIU.

The university, which was inaugurated earlier this year, focuses on training professionals for Ghana’s insurance and financial sectors.

Chery names Ghana strategic market as Zonda Tec opens vehicle assembly plant

It developed from the Ghana Insurance College, which was established in 2006 by major insurance industry organisations, including the National Insurance Commission, Ghana Insurers Association, Insurance Brokers Association of Ghana and the Chartered Insurance Institute of Ghana.

Dr Okyere said GIU has introduced degree programmes in Actuarial Science with Insurance and Statistics with Insurance to help meet the growing demand for specialised skills.

“We have merged the two areas to produce professionals with both a computational mindset and an underwriting mindset,” he said.

He also said Ghana’s low insurance coverage presents an opportunity for the industry to expand and create more jobs.

Ghana’s insurance penetration currently stands at about one per cent, according to Dr Okyere.

“Low insurance penetration implies huge opportunity to grow with high demand for manpower,” he said.

He added that graduates with skills in actuarial science, statistics and data analysis could work not only in insurance but also in banking, pensions, healthcare and manufacturing.

The Rector said the university’s close connection with the insurance industry gives students direct exposure to professionals and the world of work.

“Here, the uniqueness is that there is a bridge between the industry and academia,” he said.

He disclosed that graduates would receive a BSc degree jointly issued with the University of Ghana, as well as a professional diploma in insurance through an overseas professional body.

Ghana has six weeks of fuel in reserve – NPA

Dr Okyere urged WASSCE graduates and other young people with strong interests in mathematics, statistics and analytical subjects to consider careers in insurance and related fields.

He said experienced actuaries, statisticians, insurance practitioners, chief executive officers and academics would also teach and mentor students at the university.

DR/MA

Ato Forson: We Will Lock in Economic Stability and Prevent Another 2022 Crisis