Ghana’s insurance industry has significant potential to create jobs for young people, particularly in specialised fields such as actuarial science, statistics and data analysis, the Rector of the Ghana Insurance University College (GIU), Dr Richard Okyere, has said.
He said the industry is facing a shortage of qualified professionals, particularly actuaries, creating opportunities for young graduates with strong mathematical, statistical and analytical skills.
According to Dr Okyere, actuaries play a critical role in the insurance industry by assessing risks, analysing data and helping insurers determine appropriate prices for insurance products.
He said developing more local expertise would enable Ghana and other African countries to reduce their reliance on professionals recruited from countries including 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.
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Dr Okyere made the remarks while discussing programmes and admissions at GIU.
The university evolved from the Ghana Insurance College, established in 2006 by key industry institutions, including the National Insurance Commission, Ghana Insurers Association, Insurance Brokers Association of Ghana and the Chartered Insurance Institute of Ghana.
Dr Okyere said GIU had introduced degree programmes in Actuarial Science with Insurance and Statistics with Insurance to respond to the demand for specialised skills within the industry.
“We have merged the two areas to produce professionals with both a computational mindset and an underwriting mindset,” he said.
He explained that the combination of technical and insurance knowledge would equip graduates to work across different functions within the industry while also preparing them for opportunities in other sectors.
Graduates with expertise in actuarial science, statistics and data analysis, he said, could also find employment in banking, pensions, healthcare and manufacturing.
Dr Okyere said Ghana’s relatively low insurance penetration also provided significant room for the industry to expand, creating additional demand for skilled workers.
He put Ghana’s insurance penetration at about one per cent and said the low level of coverage indicated substantial untapped demand for insurance products.
“Low insurance penetration implies huge opportunity to grow with high demand for manpower,” he said.
An expanding insurance market could therefore create employment opportunities not only for traditional insurance professionals but also for specialists in data, technology, risk management, finance and customer services.
The Rector said GIU’s close relationship with the insurance industry was intended to give students practical exposure to the profession while they studied.
“Here, the uniqueness is that there is a bridge between the industry and academia,” he said.
He said experienced actuaries, statisticians, insurance practitioners, chief executive officers and academics would teach and mentor students, helping them understand the practical demands of the industry.
Graduates would receive a Bachelor of Science degree jointly issued with the University of Ghana, alongside a professional diploma in insurance through an overseas professional body, he added.
Dr Okyere encouraged 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 strengthening local expertise in specialised insurance disciplines could help Ghana build a stronger financial services workforce while retaining more professional income within the economy.
