The Actuarial Society of Ghana has attributed the low insurance penetration rate in Ghana to the lack of local professionals to create conducive insurance packages that meet the demands of prospective clients.

Speaking to JoyBusiness at the APG Annual Convention, President of the Society, Neil Tagoe says some regulations must be effected in the insurance sector to compel insurance firms seek services of actuaries in crafting insurance packages.

According to him, “regulation is very much needed to ensure that professional actuaries are consulted especially in the drafting and designing of insurance packages that will best fit the interests of prospective clients”.

Deputy Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), David Tetteh-Amey Abbey warned that the field of pensions and insurance could be affected with low confidence if stakeholders do not manage risks very well.

The International Actuarial Association is the worldwide association of professional actuarial associations. The mission is to promote the role, reputation and recognition in the international domain.

The conference brought together about 150 participants from insurance, pensions and banking industries to discuss among other things evolving regulatory reporting, capital planning and recapitalization of the financial industry in the financial sub-sectors.