Confidence of Ghanaians in insurance hits all-time high – NIC reports

It is perceived – though subject to debate– that most people view their insurance providers with ambivalence.

“The overriding perception of insurance companies is that they are very needed, but not liked, relied on, but not trusted,” the NIC said.

As the regulator of the insurance companies operating in the jurisdiction, the NIC conducted surveys to understand the people’s perception about insurance to effectively make policy decisions that benefit all.

In its Confidence index report, the Commission found that data increased to an all-time high since its first public perception, awareness, and confidence index in 2019.

“The Confidence Index (CI) however has seen a significant increase, rising to an all-time high of 0.5813 from 0.5666 in 2020 and 0.4650 in 2019.”

The confidence index of 0.5813 is higher than the 2020 estimate by 1.5 percentage points.

The data collected from a sample size of 1613 also showed that contrary to the confidence index, the knowledge index has seen a downward trend over the three-year study period.

“Knowledge index in 2019 stood at 0.5992. The figure in 2020 was 0.5392 while the knowledge index recorded in 2021 was 0.5132.”

In other news, the Policy think tank, IMANI Ghana, per its latest fiscal recklessness index has ranked Ghana's Finance Ministry as the most financially reckless ministry in the country.

This is because officials of IMANI Ghana explain that based on irregularities tracked in the Auditor-General’s reports between 2015 and 2020, the Ministry has recorded more than GHS 11 billion in losses to the state.

Speaking at the forum in Accra on Tuesday, May 31, 2022, Research Consultant for the IMANI Ghana, Dennis Asare said, “over the 6-year period, the Ministry of Finance consistently appeared as the most reckless in the institution.”