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
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
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"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.