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Insurance industry stakeholders urged to regain public trust and confidence

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President of the Chartered Insurance Institute of Ghana, Ben Ahmed Tawiah, has called on stakeholders in the insurance industry to put in place measures aimed at regaining the public’s trust and confidence.

A recent perception index conducted by the National Insurance Commission (NIC) showed that 16 percent of respondents have ‘somewhat’ heard about insurance while six percent have no knowledge about insurance.

Speaking at the second edition of the CIIG Insurance Excellence Awards on July 23, Ben Ahmed Tawiah said players in the sector must continue to look at innovative ways to deepen insurance penetration in the country.

“We all need to work together to ensure that we get the public trust with respect to the insurance industry. The insurance space is rather a critical one to our economy and we must all ensure that we champion best practices to improve the sector.”

Renowned Ghanaian economist, Kwame Pianim on his part emphasised the need for insurance companies to introduce tailor-made products that will help boost the sector and improve the general insurance space.

“Ghana is a country that has vast resources and sectors that can spark real change and the insurance industry is one that can propel growth and improve many livelihoods. It is therefore vital for industry players to adopt strategic measures to also rake in revenue.”

He however called on Ghanaians to prioritise insurance as an important financial instrument that can take of certain costs and related ones, in case an accident occurs.

Commissioner of Insurance, Dr. Justice Yaw Ofori, reiterated the commitment of the NIC to ensure the stakeholders adopt best practices and enforcement regulations aimed at improving the sector.

Meanwhile, the awards night recognised key insurance organisations in the country for their sterling efforts and contributions to the insurance profession.

Awards were handed over to life to non-life insurers, insurance brokers, private health insurance and other key stakeholders of the industry in Ghana.