Insurance Commission launches basic insurance education in second cycle institutions

Second Cycle Institutions in Accra
Second Cycle Institutions in Accra

Students at the second cycle institutions would soon be exposed to basic insurance education to inculcate in them fundamental principles of insurance and to enable them to develop career choices.

The move is intended to also enhance awareness creation among students, increase their knowledge and understanding on the importance of insurance and promote a paradigm shift in career choices.

Mr Justice Yaw Ofori, the Commissioner of Insurance, National Insurance Commission (NIC), speaking at the launch of the Basic Insurance Education in Second Cycle Institutions in Accra, said educating students at the early stages in life is very significant because it enlightens them on basic concepts of insurance and provides indispensable tools for fulfilling future life.

The programme is collaborative efforts between the NIC, Finance Ministry, the Ghana Education Service and the Insurance Awareness Coordinators Group.

The event, held under the theme: “Insurance Awareness among Ghanaians: Setting the Fundamental Right,” brought together students from the Greater Accra Region including Accra Girls and Accra Technical Institute to learn at first hand the benefits of having an insurance policy.

Mr Ofori said the NIC was implementing a nationwide insurance education programme to ensure robust insurance penetration with 1,500 police personnel in eight regions sensitised on the importance of insurance to social life.

He described as woefully inadequate the current two per cent insurance penetration rate to the Gross Domestic Product (GDP) and called for concerted efforts by all stakeholders to improve the understanding of insurance among the populace.

Mr Sampson Aklugu, Director of Financial Services Division, Ministry of Finance, who represented the Finance Minister, Ken Ofori-Atta, said educating students on the importance of insurance provided guidance for career choices.

He said insurance was a vehicle for mobilising long-term funds for national development and enabled the nation to be better organised and grow at a faster pace.
He said subscribing to an insurance policy was a way of transferring individual risk to an insurance firm, saying that, “Insurance is a risk management tool and social welfare for households”.

Mr Aklugu underscored the need to imbibe positive cultural orientation of insurance in the younger generation so that they would subscribe to insurance policies voluntarily in the future.

He said government would continue to implement effective insurance education plan, noting that, Ghana was signatory to the African Trade Insurance Agency (ATIA) that enabled investors that want to do business in the country to receive insurance cover from the ATIA upon duel assessment.

This, he said, promotes Foreign Direct Investment and boosts the national economy for accelerated growth.

Dr Kwabena Bempah Tandoh, the Deputy Director-General of the Ghana Education Service (GES), lauded the move to educate SHS students on basic principles of insurance saying the GES would work closely with other relevant stakeholders to develop a comprehensive curriculum on insurance in second cycle institutions.

Mr Wilson Tei, the Chairperson of the Insurance Awareness Coordinators Group and Board Member of the Accra Academy, expressed disquiet about the recent fire outbreak at the Accra Academy noting that the School properties were not insured.

He explained that the money that would go into rehabilitating the damaged school property would be huge.

Mr Tei was of the conviction that, if the buildings had been insured, the cost of repairs would have been borne by the insurance firm.

He called for concerted efforts by all stakeholders to change the negative mindsets people have about insurance in order to safeguard their future.

Ms Priscilla Mawufemor, a Form Three Student of Accra Girls High School, told the GNA that, her presence at the event has enhanced her knowledge and understanding on the relevance of insurance and would advise her parents to subscribe to an insurance policy.

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