{"id":102973,"date":"2025-06-12T06:07:24","date_gmt":"2025-06-12T06:07:24","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-insurance-industry-needs-actuarial-experts"},"modified":"2025-06-12T06:20:58","modified_gmt":"2025-06-12T06:20:58","slug":"ugandas-insurance-industry-needs-actuarial-experts","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/ugandas-insurance-industry-needs-actuarial-experts","title":{"rendered":"Uganda’S Insurance Industry Needs Actuarial Experts"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>Experts have hinted at the dire need that Uganda\u2019s insurance industry is in for actuarial professionals.<\/b><\/p>\n

Actuarial professionals are skilled individuals who analyze the financial impact of future risks and uncertainties.<\/p>\n

These professionals use mathematical, statistical, and financial tools to assess the potential costs of events and help businesses develop policies to manage risk.<\/p>\n

Speaking at a function where the top five graduates of Makerere University\u2019s 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\u2019s development, the country doesn\u2019t have many of them.<\/p>\n

\u201cIn 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,\u201d Ayitevie said.<\/p>\n

He said this calls for actuarial professionals, whom Uganda doesn\u2019t have in plenty.<\/p>\n

\u201cOur 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.\u201d<\/p>\n

\u201cIf we build better predictive models based on proper analysis and having clear analytical teams, we will build a strong insurance sector.\u201d<\/p>\n

The Principal of Makerere\u2019s College of Business and Management Sciences, Prof. Edward Bbaale underscored the need for actuarial professionals.<\/p>\n

He said having a big number of actuarial professionals contributes greatly to the development of economy, especially through the insurance sector.<\/p>\n

The beneficiaries<\/p>\n

During the function held at Four Points by Sheraton Hotel in Kampala the top five graduates of Makerere University\u2019s Actuarial Science program were rewarded a total of shs135 million as part of the Prudential Actuarial Support Scheme (PASS), <\/b>launched in 2022 in partnership with Makerere University.<\/p>\n

The initiative recognizes academic excellence while offering mentorship, internships, and funding for professional exams to help top graduates become certified actuaries.<\/p>\n

Each graduate received USD 500 and full sponsorship for professional actuarial certification exams.<\/p>\n

\u201cThis investment secures the future of Uganda\u2019s financial and insurance sector by nurturing the professionals who will drive it,\u201d said Tetteh Ayitevie, <\/b>CEO of Prudential Uganda.<\/p>\n

\u201cActuaries 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.\u201d<\/p>\n

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\u2019s capacity to build a self-sustaining actuarial profession led by homegrown experts.<\/p>\n

For More News And Analysis About Uganda<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. Experts have hinted at the dire need that Uganda\u2019s 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 […]<\/p>\n","protected":false},"author":84,"featured_media":102972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234],"class_list":["post-102973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-uganda"],"yoast_head":"\nUganda'S Insurance Industry Needs Actuarial Experts - Uganda<\/title>\n<meta name=\"description\" content=\"Experts have hinted at the dire need that Uganda\u2019s insurance industry is in for actuarial professionals. 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