The National Insurance Commission (NIC) and the Youth Employment Agency (YEA) have signed a Memorandum of Understanding (MoU) aimed at training and giving employment opportunities to some 500 youth for the insurance sector.

The collaborative effort seeks to address the challenges regarding youth unemployment and the low insurance penetration rate which is just about 1% of the sector’s contribution to the country’s Gross Domestic Product (GDP).

During the signing of the MoU which took place at the YEA’s Head Office in Accra, the Chief Executive of the YEA, Malik Basintale bemoaned the situation where many policyholders and potential clients lack access to insurance services due to inadequate number of qualified insurance personnel.

He urged the NIC, the insurance regulator, to lead the training of these youth through the Ghana Insurance College (GIC) with the goal of creating employment and making insurance accessible to every working individual, regardless of their geographical locations.

In her remarks, the Commissioner of Insurance, Dr Abiba Zakariah, expressed the NIC’s gratitude to the YEA and gave the assurance that the Commission is prepared to provide the necessary support to this ground-breaking initiative.

"After the training, the beneficiaries would be deployed to various licensed insurance entities across the country to promote insurance awareness and education on the need to patronise various forms of insurance," she stated.

The significance of the MoU is to address and provide sustainable solutions to the rate of unemployment.

This would therefore, equip and transform the beneficiaries into insurance professionals while attending to the broader improvement of financial inclusion across the country.

The ceremony was attended by top officials of both institutions, other officials from the insurance industry included the Deputy Commissioner of Insurance, Bernard Ohemeng Baah, Head of Marketing and External Relations, Charles Dankyi Ansong, and Senior Manager/Head of Public Relations, Mawuli Zogbenu.

Officials of the YEA who were present at the ceremony included Abubakar Abdul-Kudus Saana, Deputy CEO (ag.), Dr Abdul Salam, Director of Technical Services, Pearl Broohm, Deputy Director of Technical Services and Andaratu Iddrisu, Director of General Services.

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