The National Insurance Commission (NIC) has admonished new graduates of the Ghana Insurance College (GIC) to use the knowledge they acquired to create innovative insurance solutions.

According to Acting Commissioner of Insurance, Michael Kofi Andoh, this has become necessary to improve the sector’s contribution to Gross Domestic Product (GDP) currently hovering around 2%.

“Today’s graduation is not the end, but a means to an end. The insurance industry faces a lot of challenges and it is your responsibility to honour the qualifications bestowed on you to create innovative solutions to the challenges the industry faces”, he said at the graduation ceremony.

Mr. Andoh added, “Despite the growth in insurance in the country, it still remains low at 2% particularly in the agricultural sector. We need innovative and cost-effective ways to insure people, I challenge you to use the knowledge you have gained to create solutions to the benefit of Ghanaians and the country as a whole.”

Vice Chancellor of the University of Ghana (UG), Professor Nana Aba Appiah Amfo, commended the GIC for its role in training insurance professionals which has led to increased knowledge and awareness among the general public.

According to her, the scope of insurance has increased and has become relevant to Ghanaian households with more and more Ghanaians buying insurance.

Professor Appiah Amfo however called for a partnership between the University of Ghana and the Ghana Insurance College to train and deepen insurance knowledge for students of Statistics, Actuarial Science and Business at the University of Ghana.

GIC Graduation

A total of 284 students graduated from the College as recognised insurance professionals.

150 graduated with Diploma in Applied Insurance Studies, 119 read Advanced Diploma in Insurance and the remaining 15 were awarded Certificates in Insurance.

The number of students (284) that graduated from the college for the 2022/2023 academic year, is an increase from the 236 students that graduated from the college in the 2020/2021 academic year, an indication of growing interest in the study of insurance at the college.

Graduates of the GIC 16th Graduation Ceremony were issued Diploma in Applied Insurance Studies, Advanced Diploma in Insurance and Certificate in Insurance for successfully completing the 2022/2023 academic year.