This is why many Ghanaians do not patronise insurance packages

Magdalene Teiko Larnyoh 17:07 - 04 July 2017

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According to the Commissioner for National Insurance Commission (NIC), Lydia Lariba Bawa most insurance products currently do not meet the needs of Ghanaians.

Insurance companies in Ghana need introduce innovative and suitable packages needed by Ghanaians to ensure more people subscribe.

According to her, insurance penetration in the country can largely be improved if companies are able to meet the needs of Ghanaians.

Insurance for the year 2016 stood at 500 million dollars, contributing a little over 1% to the nation’s Gross Domestic Product.

She was speaking at the launch of Bancassurance between GCB Bank and Star Life Assurance in Accra.

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“First of all we lack suitable products designed to help the average Ghanaian mitigate the risks they face in their day to day lives. Also, we need to improve on the value of insurance as there is the need to delight the customer right from the point of need to the point of sale. But more importantly we need to invent innovative, suitable and cost effective products for the consumer,” she remarked.

GCB Bank in collaboration with Star Life Assurance have launched The Child Education Plan, Wealth Master Plan and Home Call Plan.