Ghana’s evolved insurance university inaugurated: Institution holds 19th graduation ceremony

By Elliot WILLIAMS

On Friday, May 15, the Ghana Insurance University College (GIUC) – its new incarnation after two decades as the Ghana Insurance Institute – was inaugurated and conducted its 19^th graduation and awards conferment ceremony at a double-headed event held at the La Palm Royal Beach Hotel in Accra. The theme for the event was: “Building the Future of Insurance: Where Research, Education and Industry Converge.”

The inauguration of the institution formally marked its evolution from its status as the Ghana Insurance Institute to that of a fully-fledged university college. This was accompanied by the conferment of diplomas and certificates on a total of 234 students as well as 27 awards at an event that culminated in a dinner for participants and guests at the plush hotel.

After a State of the College Address by the Rector, Dr Richard Okyere, Ghana’s Commissioner of Insurance – Dr Abiba Zakariah – who doubles as Chairperson of GIUC’s Governing Council delivered her remarks. This was followed by the main address by the Guest Speaker, Augustine Kwame Addo – Chairman of Mainstream Reinsurance, Quality Insurance Company and Quality Life Assurance Company –  and then goodwill messages from H.E. Ronald Mcallef, the High Commissioner of Malta to Ghana, Professor Nana Aba Appiah Amfo, Vice Chancellor of the University of Ghana and Ramon Musicat, the Director of the Malta International Training Centre.

Prior to the event itself goodwill messages had be sent to GIUC by the National Insurance Commission; the Ghana Insurers Association (GIA); the Chartered Insurance Institute of Ghana (CIIG); and the Insurance Brokers Association of Ghana (IBAG).

In his address, the Guest of Honour, Augustine Kwame Addo acclaimed the GIUC as “an institution that has, for nearly two decades, quietly built the human capital the keeps Ghanaian households whole, Ghanaian businesses solvent and Ghanaian dreams, insurable.”

He noted that for too long in this part of the world, research education and industry have been handled separately, and called for an end to that era.

He pointed out that insurance penetration in Ghana hovers at around 1% of GDP while the global average is 7 – 9%., even as emergent issues such as climate change throw up new risks that are already real.

Consequently he called on GIUC’s faculty to build the insurance research culture and disseminate the findings, on industry to support the University College’s training efforts, and on the graduating class itself to listen carefully since each graduate is not graduating into a job but into a Trust.

After the formal inauguration of the GIUC and the swearing in of its Governing Council, certificates, diplomas  and advanced diplomas were presented to graduating students by the Commissioner of Insurance, Dr Abiba Zakariah and GIUC’s Rector, Dr Richard Okyere.

Professional Advanced Diplomas in Risk and Insurance were conferred on 107 graduates; Professional Diplomas in Risk and Insurance were conferred on 118 graduates; and Certificates in Insurance were conferred on nine graduates.

Awards were conferred on the three best students for Certificate in Insurance with the award for overall best going to George Guagraine of Emple Life. Similarly, awards were given to the three best students in the Advanced Diploma in Insurance group, with the overall best going to Adwoa Pinaman Acquah of Western Insurance Brokers. The best overall student among the top three awarded with regards to Professional Diploma in Risk and Insurance was Farhan Zuwmini Shamsudeen of the National Insurance Commission.

Special awards were also conferred in each of the 12 compulsory subjects for the Advanced Diploma in Insurance and for each of the six modules for a Professional Diploma in Risk and Insurance.

Valedictory addresses were given by Farhan Zuwmini Shamsudeen who was the best overall student for the Applied Insurance Studies Diploma and by Adwoa Pinaman Acquah who was the best overall student for the Advanced Applied Insurance Studies Diploma.

The Ghana Insurance Institute (now Ghana Insurance University College) was founded in 2006 by the principal stakeholders engages in the practice of the profession namely: The National Insurance Commission, GIA, CIIG and IBAG. The Governing Council is the highest decision making body of the GIUC and the Rector is the CEO, leading a management team.

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