The Jomo Kenyatta University Actuarial Students Association (JKUASA) on Friday November 12, 2010 held a successful forum aimed at deepening knowledge of the insurance industry.
The Insurance Education Forum, held at the AICAD centre brought together players in the insurance industry, Insurance Regulatory Authority (IRA) and University top management led by the Vice Chancellor, Prof. Mabel Imbuga and Deputy Vice Chancellor, Prof. Romanus Odhiambo.
Commissioner of Insurance and CEO of IRA, Mr Sammy Makove, told the participants that due to the misunderstandings and misconceptions of the insurance products among the public, the regulator had embarked on public education on the importance of such products to increase penetration and ultimately contribute towards attainment of Vision 2030.
He said the regulator would partner with training institutions like JKUAT in mounting the civic education campaigns and pledged support for the same.
Prof. Imbuga said the University would strengthen its programmes to meet the demands of the economy. She said the Department of Statistics and Actuarial Science is exploring possibilities of accrediting the courses to raise their profile internationally so that graduates can further penetrate the global market.
Chairman of the Association of Kenya Insurers and CEO of British American Insurance (BRITAK), Mr Steven Wandera, blamed the low penetration of insurance on lack of sensitization, calling for the deployment of educational tools that will bring insurance terminologies to life.