Employment in the insurance industry

By Kevin Otieno | Thursday, Jul 2nd 2020 at 09:03
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Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss.

In terms of employment in the Kenyan insurance market, most employees of insurance firms are graduates of Business Management.

In the real sense, graduates who are best suited in these positions are Actuarial science graduates.

Most Actuarial Science graduates have adequate knowledge in applying mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions as compared to Business management individuals.

Speaking to Mr Etyang Isaac, a Tutorial fellow at Tom Mboya University and a Masters degree holder in Actuarial Science, he was quite disappointed in how employment in the insurance industry operates. He said this:

"Actuarial graduates are best suited to be employees in the insurance industry. I believe they have adequate knowledge in Risk assessment and management, Financial modelling, Investment and asset management, and other Actuarial techniques. It is high time that insurance companies in Kenya start recognizing Actuarial graduates. We have great skills in the field of insurance that aren't recognized in Kenya", Etyang said.

Injection of Actuarial graduates in the insurance industry will improve this field's expertise, which will result in the growth of insurance firms in Kenya.

 

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