THE Acting Commissioner of Insurance, Dr Abiba Zakariah, has reiterated her commitment to ensuring the growth of the insurance industry through inclusive insurance and stakeholder participation.
“Together, we are building a stronger, more inclusive insurance landscape,” she stated.
She said this when the Committee on Insurance Penetration officially presented its report to her at the Head Office of the National Insurance Commission (NIC) in Accra.
The Committee on Insurance Penetration was constituted by Dr Abiba Zakariah with the mandate to investigate and proffer recommendations that would help in the growth of the insurance penetration rate, which is currently about one per cent.
Receiving the report, she intimated that it will offer key insights into the current state of insurance penetration in the country as it marks a significant step towards expanding coverage, improving public trust, and shaping policies that will make insurance more accessible to all.
Presenting the report, the Chairman of the Committee, Larry Kwesi Jiagge, said despite the findings in the report, we were of a strong belief that the recommendations would go a long way to engender growth of the industry.
He highlighted portions of it which included the: avoidance of compulsory motor insurance by some motorists and vehicle owners and what the Committee’s recommendations were
significant unreported leakages within the industry and, limited and cumbersome reporting structures on inclusive insurance.
The Chairman stressed that economic stability is essential to driving insurance penetration. He called for stronger collaboration with the regulatory body, the NIC to ensure that Professional Indemnity Insurance, as enshrined in Sections 216 and 217 of the Insurance Act, 2021 (Act 1061), maintains its mandatory requirement status, thereby strengthening industry accountability and consumer protection.
The Committee, chaired by Larry Kwesi Jiagge of Risk Management Advisory Services (RMAS), comprises of Salifu Abubakari – Ghana Insurers Association (GIA); Mr. Peter Nyarko Dennis – Chartered Property Casualty Underwriters (CPCU); Esther Armah – NIC; Kofi Okoamprah Akoto – Insurance Brokers Association of Ghana (IBAG); Emma Ocansey – GIA; Jacob Odae – Ghana Private Roads Transport Union (GPRTU), and Josephine Agyemang Aboagye – NIC.
The Acting Commissioner of Insurance reaffirmed NIC’s commitment to work with stakeholders in implementing the Committee’s recommendations, ensuring a more robust and sustainable insurance ecosystem for the country.
Ghana’s insurance penetration rate is a measure of the insurance industry’s life and non-life insurance contribution to the Gross Domestic Product (GDP).