The Actuarial Society of Ghana has attributed the low insurance penetration rate in the country to the lack of local professionals who could create attractive insurance packages that meet the demands of prospective clients.
Mr Neil Tagoe, president of the society, speaking to JoyBusiness on the sidelines of a recent conference, said that some regulations must be passed in the insurance sector to compel insurers to employ the services of actuaries in designing insurance packages.
Separately, deputy CEO of the National Pensions Regulatory Authority, David Tetteh-Amey Abbey, warned that the field of pension and insurance could be hit by low confidence if stakeholders did not manage risks well.
Ghana is currently drafting a new insurance law which has been under discussion and review since 2013. It would seek to update the current law passed in 2006. Among other things, the new law would establish control functions such as internal audit, risk management and actuarial functions.