UNDP pledges to bolster Ghana’s disaster response efforts

By Buertey Francis BORYOR

 The United Nations Development programme Insurance and Risk Finance Facility (UNDP-IRFF), has expressed willingness to support the nation, and key stakeholders in developing financial solutions that protect the most vulnerable and reduce the economic toll of disasters.

Additionally, the UNDP reiterated its commitment to working with the country’s institutions, insurers, and the actuarial community to deepen efforts on inclusive insurance solutions that prioritize low-income households, small businesses, and vulnerable populations like the urban poor.

This initiative, the UNDP believes, is crucial for attaining the Sustainable Development Goals (SDGs) and other agreed global frameworks for disaster risk reduction.

Mr. Sukhrob Khoshmukhamedov, UNDP Ghana Deputy Resident Representative, made this pledge while addressing media at the Milliman Global Actuarial Initiative CEO’s roundtable in Accra.

Furthermore, he urged the country’s institutional leaders to push the boundaries of innovation in insurance and risk finance with the aim to build robust mechanisms that mitigate the financial risks of disasters including from climate change impacts, and in securing a future that is resilient, inclusive, and sustainable.

“I want to mention that collective strength lies in partnership, innovation, and shared commitment to reducing vulnerabilities and protecting the citizenry. UNDP encourages continued collaboration and looks forward to the impactful outcomes of the roundtable,” he added.

Meanwhile, Commissioner of Insurance, Ghana, Kofi Andoh, in remarks at the event expressed worry about the little use of actuarial expertise in the industry.

“One of the reasons accounting for the underutilisation of actuarial expertise is that there is little appreciation for the value that actuaries bring to the table. However, there are few things we are doing to build actuarial capacity, and one of them is this roundtable which aims to throw light on their worth.

“And even as there are efforts on the supply side to improve the supply of actuarial resources, there would be a corresponding response on the demand side to get them into the insurance companies to help them solve the problems and the challenges that they face,” he added.

The event was organised by the UNDP- IRFF in collaboration with the National Insurance Commission through its Global Actuarial Initiative (GAIN). Its key focus areas included, unlocking the values of actuaries, elevating the actuarial profession, and shaping the future of insurance in developing economies.

The roundtable meeting is to throw light on the value that actuaries bring to the insurance companies.

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