The appearing Commissioner of Insurance coverage, Dr Abiba Zakariah, has maintained her agency stance on guaranteeing the expansion of the insurance coverage trade by way of inclusive insurance coverage and stakeholder participation.
“Collectively, we’re constructing a stronger, extra inclusive insurance coverage panorama,” she emphasised.
She made these remarks when the Committee on Insurance coverage Penetration formally introduced its report back to her on the Head Workplace of the Nationwide Insurance coverage Fee (NIC) in Accra.
The Committee on Insurance coverage Penetration was constituted by Dr. Abiba Zakariah with the mandate to analyze and proffer suggestions that will assist in the expansion of the insurance coverage penetration price, which is at present about 1%.
Receiving the report, she intimated that it’ll supply key insights into the present state of insurance coverage penetration within the nation because it marks a major step in direction of increasing protection, bettering public belief, and shaping insurance policies that can make insurance coverage extra accessible to all.
Presenting the report, the Chairman of the Committee, Mr. Larry Kwesi Jiagge, Esq., expressed the truth that regardless of the challenges in popping out with the report, they’re of the robust perception that their findings and suggestions would go a protracted approach to engender progress of the trade. Mr Jiagge proceeded to focus on parts of it which included the:
- avoidance of obligatory motor insurance coverage by some motorists and car homeowners, and what the Committee’s suggestions are;
- vital unreported leakages throughout the trade and;
- Restricted and cumbersome reporting buildings on inclusive insurance coverage.
The Chairman harassed that financial stability is important to driving insurance coverage penetration. He known as for stronger collaboration with the regulatory physique, the NIC, to make sure that Skilled Indemnity Insurance coverage, as enshrined in Sections 216 and 217 of the Insurance coverage Act, 2021 (Act 1061), maintains its obligatory requirement standing, thereby strengthening trade accountability and client safety.
The Committee, chaired by Mr. Larry Kwesi Jiagge of Danger Administration Advisory Companies (RMAS), includes the next Members:
- Mr. Salifu Abubakari – Ghana Insurers Affiliation (GIA)
- Mr. Peter Nyarko Dennis – Chartered Property Casualty Underwriters (CPCU)
- Mrs. Esther Armah – NIC
- Mrs. Kofi Okoamprah Akoto – Insurance coverage Brokers Affiliation of Ghana (IBAG)
- Ms. Emma Ocansey – GIA
- Dr. Jacob Odae – Ghana Personal Roads Transport Union (GPRTU)
- Mrs. Josephine Agyemang Aboagye – NIC
The Commissioner of Insurance coverage reaffirmed NIC’s dedication to work with stakeholders in implementing the Committee’s suggestions, guaranteeing a extra sturdy and sustainable insurance coverage ecosystem for the nation.
Ghana’s insurance coverage penetration price is a measure of the insurance coverage trade’s life and non-life insurance coverage contribution to the Gross Home Product (GDP).
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