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

At the launch of the Deloitte School of Actuarial Excellence, the Head of Reinsurance and AML, Esther Armah, noted that the insurance industry is evolving despite many challenges, and added that there are more growth opportunities.

She urged insurance players to prioritise these opportunities.

According to her, the Commission will continue to create an enabling environment for the sector's continuous growth and development.

“Our market is projected to generate gross written premiums above GHS 10 billion in 2024, but this is relatively small compared to some of our peers within the continent. Therefore, more effort is needed from all stakeholders, including Deloitte, to grow the industry at a rapid but sustainable pace,” she said.

She commended the leadership of Deloitte Ghana for establishing the School of Actuarial Excellence and urged all regulated entities to patronize it.

The Deloitte School of Actuarial Excellence (DoASE) provides practical training for actuarial employees in areas such as Solvency Assessment and Management, International Financial Reporting Standards (IFRS) 17, and Insurance Reserving.

This initiative is being rolled out in other markets, including Kenya and Mauritius, and will be facilitated by Deloitte's Actuarial Consulting Team in Africa.

Deloitte Committed to Insurance & Pensions Industry Growth

The Country Managing Partner of Deloitte Ghana, Daniel Kwadwo Owusu, emphasised Deloitte's commitment to providing tailor-made consulting and advisory services to players in the insurance and pensions industries.

“We will continue to help businesses of all sizes 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 upskill actuarial resources and ensure they are current with the latest regulatory developments and actuarial techniques.

Greg Haskins, Assurance Partner at Deloitte Africa, highlighted the enormous growth potential in Ghana's insurance sector.

By investing in initiatives such as the Deloitte School of Actuarial Excellence, Deloitte is advancing collective thinking across the sector to support its ongoing growth and systemic importance to society.

He commended the Commissioner of Insurance, Michael Kofi Andoh, for his dedication to developing actuarial skills, advancing risk-based capital policy, and adopting IFRS 17 in the insurance industry.

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