LocationsUNDP Champions Actuarial Skills for a Resilient Insurance Sector in Ghana
September 30, 2024
A group picture of the participants at the CEO's Luncheon
The United Nations Development Programme (UNDP) is taking a proactive approach to strengthening Ghana's insurance sector, by hosting a "CEO's Luncheon" that brought together over 60 top executives from the country's insurance and reinsurance industry.
The event highlighted the critical role of actuaries in building a robust and innovative insurance landscape. The luncheon served as a platform to emphasize the importance of developing actuarial capacity within Ghana's insurance industry. Participants engaged in discussions centered around actuaries' vital role in developing innovative insurance solutions by tailoring products to meet the specific needs of individuals and communities and ensuring fair pricing for insurance coverage and providing timely and equitable compensation for claims.
The event was part of the UNDP's Insurance and Risk Finance Facility (IRFF) project, which is dedicated to assessing insurance needs by understanding the specific insurance needs of vulnerable populations in Ghana and supporting innovation by encouraging the development of new insurance products and services.
Deputy Resident Representative of UNDP Ghana, Sukhrob Khoshmukhamedov, reiterated the UNDP's commitment to collaborating with the Actuarial Society of Ghana (ASG) in collaboration with the National Insurance Commission (NIC), the actuarial community and insurance stakeholders to promote inclusive insurance solutions, especially for low-income households, micro-businesses, vulnerable and underserved groups. He urged stakeholders to push the boundaries of innovation to address financial risks, particularly those associated with climate change-induced catastrophes.
“UNDP is committed to supporting the government of Ghana and key stakeholders to develop financial solutions under the Insurance and Risk Finance Facility project to protect the most vulnerable and reduce disaster impacts.” Stated Sukhrob Khoshmukhamedov.
Sukhrob Khoshmukhamedov, UNDP Deputy Resident Representative in Ghana, delivered keynote remarks at the CEO's luncheon
Mr. Michael Kofi Andoh, the Acting Commissioner of Insurance at the National Insurance Commission (NIC) Ghana, acknowledged the limited deployment of actuaries in the industry due to a lack of understanding regarding their value. He emphasized the need for NIC in collaboration with partners to raise awareness of actuaries’ crucial role in transforming the insurance sector.
“We at NIC will continue to partner with key institutions and development organisations to ensure the resilience of the insurance sector in promoting stability and economic growth.” Noted Mr. Michael Kofi Andoh.
Mr. Michael Kofi Andoh, the Acting Commissioner at the National Insurance Commission (NIC) Ghana delivering keynote remarks at the CEO's luncheon
The CEO's Luncheon marks a significant step towards strengthening Ghana's insurance sector. By prioritizing actuarial skills, the country can develop a more resilient, inclusive, and innovative insurance landscape, ultimately benefiting the Ghanaian people.
Under the IRFF project, UNDP is partnering with Milliman, the largest provider of actuarial services to the global insurance industry through the Global Actuarial Initatiave (GAIN) program. Milliman, with its expertise in risk management and its expertise in data management analytics, has pledged to offer US$1 to 2 million per year in pro bono services until the end of 2025.
Related
content
content
