NIC decries shortage of actuarial scientists in insurance industry

The National Insurance Commission (NIC) has expressed concern about the lack of actuarial scientists to help with proper forecasting for the insurance companies in the country. 

It has, therefore, urged science students or students doing mathematics related courses to pursue actuarial science courses, because “it is very rewarding in the field of insurance.”

According to the NIC, there were about 50 insurance companies in the country with only 10 actuarial scientists who have come under a lot of pressure due to the workload.

The Ashanti Regional Manager of the NIC, Dennis Farouk Dramani, said these to the Ghanaian Times, in an interview,at the maiden Tertiary Institutions National Insurance Debate, at the school of Business of the Kwame Nkrumah University of Science and Technology, at the weekend.

He mentioned the importance of actuarial data needed for proper forecasting without which insurance companies were likely to run into serious troubles, saying “we need such data to be able to make predictions, be able to calculate and determine premium supposed to be charged.”

“In Ghana, we do not have the actuarial scientists in numbers, meanwhile every insurance company is expected to submit actuarial report, this is why the Insurance Debate was organised to encourage students to be interested in the course,” he intoned. 

Mr Dramani was hopeful the debate would increase the knowledge levels of the students, clear misconceptions they might have about insurance and empower them to be change agents within their communities.

DrGodfredAawaar, lecturer, School of Business, KNUST, also added his voice to the call on science students to take keen interest in actuarial studies.

He observed that the lack of actuarial scientists in the country was a danger to the insurance companies,”because we do not have a requisite generation that will be able to predict into the future and to determine premiums.”

Dr Aawaar called on students to be interested in pursuing actuarial studies.

Six tertiary institutions(St. John Bosco College of Education, Bolgatanga Technical University, KNUST, Hilla Liman Technical University, Nalerigu College of Nursing and Tamale Technical University) took part in the northern zone debate.

At the end of the two-day debate, St John Bosco College of Education, placed first with 72 points with Bolgatanga Technical University coming second with 65 points.

The winner would be meeting the winner from the Southern Zone where eight schools would contested, in the grand finale scheduled to take place in Accra, come November 16,this year. 


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