The Commission has also renamed its building as the ‘Appiah Ampofo House’ after a former Commissioner of the Commission for his selfless contribution to the Commission.
Ms Lydia Bawa, Commissioner of Insurance, said the initiatives were part of the Commission’s 25th anniversary celebration on the theme “Advancing the Frontiers of Insurance in Ghana”.
She said the celebration was necessary to take stock of what has been achieved over the years as well as gather momentum and strategies and chart the way forward.
Ms Bawa observed that even though the insurance industry has been growing at an average rate of about 30 per cent per annum over the past six years, market penetration was still as low as two per cent, adding that the roles of insurance agents were critical to remedy the situation.
She commended the efforts of all stakeholders who contributed to the success of the Commission, adding that there would be a public lecture on “Insurance, a catalyst for national development.
Ms Bawa said the Commission had initiated reforms to strengthen the financial and operational capacities of regulated entities to ensure that they deliver promptly and fairly on claims obligations.
Mr Lionel Molbila, Board Chairman of the Commission, said the Commission was established in 1989 to ensure effective administration, supervision, regulation, monitoring and control of the business insurance to protect policy holders and the industry.
He said the Commission among others licensed insurers and insurance intermediaries who transact insurance business in the country and provide bureau to which complaints may be submitted by members of the public for resolution.
The Associations of Insurance Companies have extended their solidarity message to the Commission towards anniversary and pledge their commitment to work with the Commission to address the challenges that confront the industry.