By Elliot Williams
Ghana Reinsurance Company Plc, the largest local reinsurance company belonging to the state operating in the country, organized the 2025 edition of its annual life training.
The four -day training program took place at the Volta Serene hotel, HO from Monday June 23 to Thursday June 26, 2025. And took place on the subject: Management of annuities – Principles and practice.
The annual life training program is in accordance with the commitment of Ghana Reinsurance Company PLC to strengthen capacity through technical support for its cedets, including the insurance and reinsurance brokers that give business.
This year's lifelong training by Ghana has aimed to provide technical support to more than 20 participating life insurance practitioners, actuaries and product designers, drawn from five life insurance companies, a reinsurance company, a reinsurance brokerage, the Ghana Re itself and the National Insurance Commission which is the regulator of the industry. The largest contingent of six participants was sent by SIC Life.
The other life insurers who sent participants were corporate life, Glico life, metropolitan life and starred life. Kek Reassurance Brokers also sent participants as well as Ghana Re himself and NIC.
The subject has been selected because annuities are a fairly new life insurance class in the jurisdiction of Ghana, but which has enormous potential for retirement planning and is a real investment tool.
Explaining when the training program is opened, the general manager of Ghana Re, Seth Aklatsi – in a speech for him by Dr. Kweku Appietu Ankrah, the company's general manager, the operations – has recognized that the Ghana insurance industry is confronted with the major challenge of the insurance rate.
“If we want to change this story, the life insurance market offers the best option to do exactly that,” he said. “This means that life insurers must be innovative, develop in new product ranges and explore unexploited opportunities. Traditionally, our industry has largely focused on risks and investments – linked life policies. However, annuities offer us a unique opportunity to diversify and respond to a market -evolving trend. ”
An insurance annuity is a generally written written contract between a customer and a life insurance company in which the insurance company makes a series of payments regularly spaced the customer in exchange for a lump sum premium or a regular bonus paid by the customer.
While a life insurance policy protects the financial well-being of the customer's family in case they disappear, annuities help protect the well-being of the customer by providing a flow of income as a pension that can be used during retirement.
Aklatsi therefore implored the participants of the Ghana Re Training Training Program to openly engage in and practically on the principles and practices of annuities “in order to explore how to unlock the potential of this class of products and obtain an overview of regulatory considerations that can influence its growth, while sharing ideas on the way we, as the industry players, can contribute to the annual solutions central and durable. ”.
The training itself was carried out by William Stanley Owusu and Isaac Kweku Gyasi, both main professionals from Ghana Re.
William Stanley Owusu has been a member of the Ghana Re Life Service for over 15 years and has managed all aspects of life insurance and policy administration processes, by retrocession and complaints, product development.
He is a partner of the Chartered Insurance Institute of London and holder of an insurance diploma from the West African Insurance Institute (WAII) in Banjul, the Gambia where he obtained his diploma overall 2ND Best student.
Isaac Kweku Gyasi is an authorized insurer with 10 years of practical experience in insurance and reinsurance, by developing a reputation for excellence in risk assessment, policies administration and customer consulting services.
He holds a bachelor's degree in actuarial science from the Kwame Nkrumah University of Science and Technology, an insurance diploma from WAII and an advanced insurance diploma from Ghana Insurance College.
The training program brought participants to a complete plethora of subjects relating to annuities, in particular their definition and nature, their types and classifications, the factors determining their ability and their factors that affect rent payments.
The other subjects covered included the calculation of annuities, subscription considerations, their reinsurance and their challenges.
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