Deloitte moves to train more actuarial professionals for insurance industry

 Deloitte, an inter­national accounting and auditing firm, has launched a programme to train more actuaries for the insurance industry in the country.

Dubbed: ‘the Deloitte School of Actuarial Excellence,’ the initiative is a three-month pro­gramme to train more profes­sionals to address the inadequate actuarial professionals for the insurance industry.

Speaking at the launch in Accra on Wednesday, the Country Managing Partner of Deloitte, Daniel Kwadwo Owusu, said the implementation of the Interna­tional Financial Reporting System (IFRS) 17 reporting standard had created the needed for the training of more actuarial professionals for the insurance industry.

IFRS 17 requires a company to measure insurance contracts using updated estimates and assump­tions that reflect the timing of cash flows and any uncertainty re­lating to insurance contracts. This requirement will provide transpar­ent reporting about a company’s financial position and risk.

The Country Managing Part­ner further mentioned that the programme would help build the professionals with the right skills and knowledge to help the insur­ance industry to thrive and deliver on its mandate.

The Commissioner of Insur­ance, Mr Michael Kofi Ando, in a speech read on his behalf by the Director of Re-Insurance and AML of the National Insurance Commission, Mrs Esther Armah, indicated that the NIC recognised the importance actuary play in the insurance industry.

He said the Insurance Act made it obligatory for insurance companies employ actuaries to among others, properly analyse the financial costs and risks of their insurance products.

Mr Andoh encouraged the insurance companies to take advantage of the Deloitte training programme to build the skills of their actuarial staff.

The Africa Partner for As­surance for Deloitte Africa, Greg Haskins, also stated that Deloitte was committed to the growth of the insurance sector and would continue to build the skills of ac­tuaries in the insurance industry.

Presenting an overview of the Deloitte School of Actuarial of Excellence, Dr Kwabena Situ, Partner, Assurance Services, said the programme was hands-on and practical training for actuarial professionals in the industry.

He explained that the pro­gramme was open to practicing actuarial professionals in the insurance industry and actuarial graduates who had completed their national service and would cover three key areas namely reserving, financial condition reporting and IFRS 17.

Representatives of the Ghana Insurers Association, Chartered Insurance Institute of Ghana, Women in Insurance, Insurance Brokers Association of Ghana, commended Deloitte for intro­ducing the training programme to develop the skills of actuary professionals in the insurance industry.