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Insurance in Ghana Gov't is committed to insurance penetration

Deputy Finance Minister, Helen Mona Quartey, has said government is committed to deepening insurance market penetration which is currently below two percent.

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 Deputy Minister of Finance, Helen Mona Quartey play

 Deputy Minister of Finance, Helen Mona Quartey

Government is committed to sustaining and accelerating the progress of insurance market through policy initiatives that will ensure insurance penetration and financial inclusion, Deputy Minister of Finance, Helen Mona Quartey said.

“Government is committed to sustaining and accelerating the progress of the insurance market by pursuing prudent policy initiatives and measures to improve insurance penetration which currently below two percent," she said at the third annual educational conference and exhibition of the Ghana Insurance Brokers Association (GIBA) held in Koforidua in the Eastern Region.

According to her, “There is an available market for micro-insurance products which could be utilised by the industry to mobilise premium to deepen the sector’s impact on the economy.

“In this direction, the new legal and regulatory framework that has provisions on emerging insurance portfolio such as micro insurance will guarantee the deepening of insurance penetration and access to financial services,” she said.

The conference, which was under the theme “Strategising for Effective Insurance Broking Practice,” brought together stakeholders in the insurance industry to plan, share ideas, establish partnership and strategies that will promote healthy competition in the brokerage industry and promote confidence in the insurance sector.

The minister urged insurance brokers to maintain high standards because anything short of that will lower the capacity of companies to underwrite bigger risks as well as impede the development of innovative products,” she said.

“Brokers must adapt to changes in the new global landscape so as to keep pace with current trends and create a competitive environment for the insurance industry to grow.

“I also encourage GIBA [Ghana Insurance Brokers Association ] to take full advantage of government policy interventions as well as the several opportunities that exist in the agricultural, manufacturing, real estate, telecommunications and oil and gas sectors,” she said.

President of GIBA, Nathan Adu, said insurance brokers must be innovative  and adopt policies to meet the needs of their clients.

“As brokers, we should understand that customers are the very reason we are in business; and we must therefore do everything to make them satisfied.

“We should be innovative and adopt policies which suit the respective needs of clients instead of the straight jacket one-fit-all policies we are used to.”

Mr. Adu pledged GIBA's support to the National Insurance Commission's policies toward developing the insurance sector.

"We assure the industry regulator, NIC, of our continuous support of your programmes and policies towards the development of the industry,” he said.

 

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