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Business News of Monday, 26 July 2021

Source: thebftonline.com

Comprehensive Life Insurance guide outdoored for practitioners, regulators

Dr Justice Yaw Ofori, NIC Commissioner at the launch of the Life Insurance guide Dr Justice Yaw Ofori, NIC Commissioner at the launch of the Life Insurance guide

A comprehensive book on life insurance titled, ‘Practice of Life Assurance in Perspective’ has been outdoored for insurance practitioners.

It was launched at the auditorium of the National Insurance Commission and attended by key insurance regulators and practitioners.

The book was authored by Dr. Aaron Issa Anafure, Managing Director-Quality Life Assurance Company (QLAC) and reviewed by Professor Joshua Yindenaba Abor, former dean of the department of finance University of Ghana Business School. Solidarity messages also came from the Ghana Insurance Association (GIA), Insurance Brokers Association Ghana (IBAG) and Chartered Insurance Institute of Ghana (CIIG).

Speaking at the launch, that author remarked that: “Becoming an author one day was one of my greatest life dreams, which is now a reality. Growing up in the remote community of Zebilla in the Upper East Region of Ghana, the first book I ever held made such a profound impression on me.

“Having looked at the profiles of authors of the first few books I came across, I realised to my dismay that none of them came from my area simply by their foreign names. The question I kept asking myself was: how can an author come from Zebilla?”

According to him, he often wondered and marvelled at how the book authored by foreigners got this far to our part of the world: “And this ignited my passion and interest in writing”. In view of this, several years and decades later he started reflecting on the idea of writing his memoirs or autobiography.

“At a point I started doing some preliminary work in that regard, but this was soon suspended in favour of writing academic books to support students in the present and postponing the autobiography to a later date.”

“At this point, the choice of areas to write in was a dilemma. However, with time this decision became easier because of his broad and deep knowledge of life insurance in Ghana and the West African sub-region, coupled with the yawning gap in educative and simplified literature on life insurance.”

More importantly, too, in the long history of practicing life insurance in Ghana, there was unfortunately not much dedicated literature on the subject. He therefore took this as an opportunity and a civic duty to fill in the gap by pouring his expertise in the subject area into a book.

“After completing my PhD in 2016, I started my dream journey by writing and rewriting a manuscript that finally metamorphosed into a structured document as the foundation of this book for students,” he said.

“As a seasoned life insurance practitioner with over 30 years’ experience and a part-time lecturer, my goal was to produce a resource that would serve the dual purpose of providing sound fundamentals and theoretical underpinnings of life insurance, and in-depth practical materials on life insurance practice in Ghana.”