The National Insurance Commission has expressed its commitment to the development of the insurance industry, which it believes is very critical to the transformation of Ghana’s financial sector. 

Launching the Deloitte School of Actuarial Excellence, the Head of Reinsurance and AML, Esther Armah said the insurance industry is evolving despite the many challenges, adding, there are more opportunities for growth and insurance players should prioritise them.

According to her, the Commission will continue on the path of creating an enabling environment for continuous growth and development of the sector.

“Our market is projected to generate gross written premium way in excess of GHS10 billion in 2024, but this is relatively small compared to some of our peers within the continent.  Therefore, more effort is needed by all stakeholders including Deloitte to grow the industry at a rapid but sustainable pace”, she pointed out.

She commended the leadership of Deloitte Ghana for setting up a School of Actuarial Excellence, urging all regulated entities to patronise the Deloitte School of Actuarial Excellence.

The DoASE is a service offering to the industry to give practical training for actuarial employees in areas such as Solvency Assessment and Management, International Financial Reporting Standards (IFRS) 17 and Insurance Reserving.

This offering is being rolled out in other markets including Kenya and Mauritius and would be facilitated by the Actuarial Consulting Team in Africa.

Deloitte Committed to Insurance & Pensions Industries Growth

The Country Managing Partner of Deloitte Ghana, Daniel Kwadwo Owusu, for his part said Deloitte is committed to providing players in the insurance and pensions industries with tailor-made consulting and advisory services.

“We would continue to help businesses of every size prosper by creating impactful solutions tailored to their unique needs today and for the future”, he explained.

He added that the Deloitte School of Actuarial Excellence has come at the right time to provide upskill actuarial resources to ensure that they are up to date with the latest regulatory developments and actuarial techniques

The Assurance Partner of Deloitte Africa, Greg Haskins, said, there is enormous growth for the insurance sector in Ghana.

Therefore, by investing in initiatives such as the Deloitte School of Actuarial Excellence, “we are helping to advance our collective thinking across the sector with the view to supporting its ongoing growth and systemic importance for society”.

He commended the Commissioner of Insurance, Michael Kofi Andoh for his commitment to the importance of actuarial skills and advancing the interests of the insurance community and indeed the public interest in relation to risk-based capital policy and the adoption of the IFRS 17.

Solidarity messages were read by stakeholders in the insurance industry. They included Solomon Lartey, President of the Chartered Insurance Institute of Ghana; Vice President of the Women in Insurance Network Ghana, Lady Kakra Duffuor; Shaibu Ali, President of the Insurance Brokers Association of Ghana and Dr. Kingsley Kwesi Kwabahson, CEO of the Ghana Insurers Association.