Africa-Press – Uganda. Experts have hinted at the dire need that Uganda’s insurance industry is in for actuarial professionals.
Actuarial professionals are skilled individuals who analyze the financial impact of future risks and uncertainties.
These professionals use mathematical, statistical, and financial tools to assess the potential costs of events and help businesses develop policies to manage risk.
Speaking at a function where the top five graduates of Makerere University’s Actuarial Science program were rewarded as part of the Prudential Actuarial Support Scheme (PASS), Prudential Uganda CEO, Tetteh Ayitevie said whereas actuarial professionals are much needed for Uganda’s development, the country doesn’t have many of them.
“In all advanced economies, one of the most thriving sectors powering the economy is the insurance sector. When you look at the Ugandan market, the general business sector is stronger than the life sector which is normal. Life insurance in any advanced economy requires a lot of analytical skills to help put models and solutions but most importantly create predictive models for the future which allow us to arrive at the future and not just guessing,” Ayitevie said.
He said this calls for actuarial professionals, whom Uganda doesn’t have in plenty.
“Our insurance industry is in dire need of these professionals. Our hope is that our partners in the industry can see light and join us in this so that not only these 15 people( supported in the last three years) are qualified but if we can multiply those, ten times in 10 years, we can also make sure of these, 50% are qualified to build a pool and stronger foundation for actuarial professionals in this industry.”
“If we build better predictive models based on proper analysis and having clear analytical teams, we will build a strong insurance sector.”
The Principal of Makerere’s College of Business and Management Sciences, Prof. Edward Bbaale underscored the need for actuarial professionals.
He said having a big number of actuarial professionals contributes greatly to the development of economy, especially through the insurance sector.
The beneficiaries
During the function held at Four Points by Sheraton Hotel in Kampala the top five graduates of Makerere University’s Actuarial Science program were rewarded a total of shs135 million as part of the Prudential Actuarial Support Scheme (PASS), launched in 2022 in partnership with Makerere University.
The initiative recognizes academic excellence while offering mentorship, internships, and funding for professional exams to help top graduates become certified actuaries.
Each graduate received USD 500 and full sponsorship for professional actuarial certification exams.
“This investment secures the future of Uganda’s financial and insurance sector by nurturing the professionals who will drive it,” said Tetteh Ayitevie, CEO of Prudential Uganda.
“Actuaries are essential for pricing, product design, and long-term financial sustainability. These young professionals represent the future of the insurance and financial services sector in Uganda. By investing in their growth today, we are securing resilience, and innovation of our industry.”
Over the last two years, Prudential has supported 15 actuarial students, two of whom are now full-time employees. With each cohort, PASS strengthens Uganda’s capacity to build a self-sustaining actuarial profession led by homegrown experts.
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