The Acting Commissioner of Insurance, Dr Abiba Zakariah, has once again emphasized her dedication to fostering the growth of the insurance industry through inclusive insurance practices and active stakeholder engagement.
In a recent meeting at the National Insurance Commission (NIC) headquarters in Accra, Dr Zakariah received the official report from the Committee on Insurance Penetration. This committee, which was established by Dr Zakariah herself, was tasked with investigating and providing recommendations to enhance the current insurance penetration rate in the country, which currently stands at just one percent.
Dr Zakariah expressed her belief that the report will provide valuable insights into the state of insurance penetration in the country and serve as a crucial step towards expanding coverage, building public trust, and shaping policies that will make insurance more accessible to all.
The Chairman of the Committee, Larry Kwesi Jiagge, highlighted key findings from the report, including the issue of some motorists and vehicle owners avoiding compulsory motor insurance, as well as significant unreported leakages within the industry. He stressed the importance of economic stability in driving insurance penetration and called for closer collaboration with the NIC to uphold the mandatory requirement status of Professional Indemnity Insurance, as outlined in the Insurance Act, 2021 (Act 1061).
The Committee, led by Larry Kwesi Jiagge of Risk Management Advisory Services (RMAS), consists of representatives from various industry bodies, including the Ghana Insurers Association, Chartered Property Casualty Underwriters, and the Insurance Brokers Association of Ghana.
Dr Zakariah reaffirmed NIC’s commitment to working with stakeholders to implement the Committee’s recommendations, with the aim of establishing a more robust and sustainable insurance ecosystem in the country.
Ghana’s insurance penetration rate serves as a measure of the insurance industry’s contribution to the Gross Domestic Product (GDP). With the collaborative efforts of industry stakeholders and regulatory bodies, the hope is to increase this rate and ensure a thriving insurance landscape for all.
