The National Insurance Commission (NIC) 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 prioritize 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.