Ghana targets 3 percent insurance penetration

Ms Lydia Lariba Bawa, Commissioner of Insurance
Ms Lydia Lariba Bawa, Commissioner of Insurance

Ghana aims to achieve a three percent insurance penetration against the current rate of 1.5 percent.

Ms Lydia Lariba Bawa, Commissioner of Insurance
Ms Lydia Lariba Bawa, Commissioner of Insurance
Lydia Lariba Bawa, Commissioner for the National Insurance Commission (NIC), said this here Monday during the official opening of a two-day training program for journalists on insurance reporting.
Bawa emphasized that, in spite of the steady growth of the insurance industry here, the industry was nowhere near its potential.
?Insurance penetration in Sub-Sahara Africa (SSA) is generally low. Already we are not near the 1.5 percent coverage as a country. This is mainly because the level of insurance literacy is low among majority of the Ghanaian population,? she said.
The Commissioner asked the participants to use their media platforms to educate the populace about their rights and duties on the insurance industry.
?As journalists, you have a big role to play in resolving some of the challenges in the industry. It is my expectation that this course will improve your understanding of the principles of insurance and enhance the technical accuracy and professionalism of your insurance reportage,? she said.
The Chief Executive Officer (CEO) and Secretary General of the West Africa Insurance Companies Association (WAICA), William B. Coker, encouraged journalists to take advantage of the opportunity to improve upon their reportage in the insurance industry.
The President of the Ghana Insurers Association (GIA), Ivan A. Avereyireh, appealed to the Ghanaian government to as a matter of policy take steps to insure all public sector workers to safeguard their future.
Lloyd Evans, president of the Institute of Financial and Economic Journalists (IFEJ), urged participants to build their capacities to report authoritatively in the insurance industry. Enditem

Source: Xinhua

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