Dr Richard Okyere, Rector of the Ghana Insurance University College (GIU), said on Thursday that the insurance industry in Ghana offers significant employment opportunities for young people, especially in specialised fields such as actuarial science and statistics.
He urged WASSCE graduates and other young people with strong interests in mathematics, data and analytical work to consider careers in insurance, noting that the sector continues to face a shortage of skilled professionals.
Okyere highlighted that Ghana’s low insurance penetration presents considerable room for growth, creating opportunities for professionals who can help expand the industry and manage increasingly complex financial risks.
Speaking about GIU’s admission process and programmes, the Rector explained that the institution, inaugurated earlier this year, is owned by players in the insurance industry, giving it a direct link between professional practice and academic training.
GIU evolved from the Ghana Insurance College, established in 2006 by key industry stakeholders including the National Insurance Commission, Ghana Insurers Association, Insurance Brokers Association of Ghana and the Chartered Insurance Institute of Ghana.
The university now offers degree programmes in specialised areas such as a Bachelor of Science in Actuarial Science with Insurance and a Statistics with Insurance degree, merging computational and underwriting mindsets to produce professionals equipped for the industry.
Okyere said the programmes aim to address a shortage of actuarial and other technical professionals in Ghana and across Africa, helping insurance companies price products appropriately, assess financial risks and make better-informed decisions.
He warned that the shortage of local expertise often forces insurance and financial institutions to rely on professionals from the United Kingdom, South Africa and the United States, a practice that promotes capital flight and wastes significant dollars outside the country.
Developing local expertise, he added, could help retain foreign exchange, strengthen the insurance industry and improve Ghana’s ability to compete in the global financial market.
GIU is also incorporating emerging fields such as artificial intelligence, financial modelling, predictive modelling and data analytics into its programmes, preparing students for changing demands in the insurance and wider financial services sectors.
Graduates will receive a Bachelor of Science degree jointly issued with the University of Ghana, alongside a professional diploma in insurance administered in collaboration with an overseas professional body. Experienced actuaries, statisticians, insurance practitioners, chief executive officers and academics will also be involved in teaching and mentoring students.
Okyere urged parents and prospective students to consider insurance-related programmes as viable career options, stressing that the skills acquired could be applied beyond the insurance industry, in sectors such as banking, pensions, healthcare and manufacturing where actuarial, statistical, financial modelling and risk management skills are increasingly relevant.
He concluded that GIU’s broader objective is to develop the skilled workforce needed to expand insurance coverage and strengthen financial risk management in Ghana, encouraging WASSCE certificate holders with strong analytical and cognitive interests to explore emerging career opportunities within insurance and related sectors.
