Insurance C’ssioner asks citizens to insure lives, properties

The Commissioner of the National Insurance Commission (NIC), Ms Lydia Lariba Bawa, has urged Ghanaians to take insurance policies more seriously by insuring their properties against any eventualities.

According to her, many people did not recognise the need for insurance until they encountered accidents, a situation she described as disturbing.

Ms Bawa was speaking at the power breakfast meeting of the Canadian Chamber of Commerce Ghana (CCCG) in Accra last Tuesday.
“Incomes are low and, therefore, having an insurance policy does not fall on the priority list of most people,” she said.

She also added that although there had been series of education on insurance, many people did not bother to make an attempt to insure themselves and their properties.

Making reference to the June 3 fire and flood disasters, Ms Bawa stated that in such cases, insurance would have compensated those who had insured their properties and lives without any stress.

She reiterated that accidents occurred unexpectedly.There was, therefore, the need for people to take insurance more seriously.

Claims for June 3 victims

The Acting Managing Director of the State Insurance Company (SIC), Mr Kwei Mensah Ashidam, revealed that SIC had received claims from many people who were affected by the June 3 flood and fire disasters.

He said the claims involved immovable properties and vehicles.

“We are still receiving more claims but roughly we are looking at somewhere around Gh¢20 million to pay as compensation,” he said.
He said the claims would be paid depending on the value of properties and items lost and added that for vehicles it was always easier to ascertain the cost of damage but with buildings and other properties, experts would have to be consulted to assess the cost of damage before compensations were paid.

Mr Ashidam explained that those who had a fire policy were covered for both their buildings and the belongings in them and the others who had comprehensive motor policies were covered for the cost of their vehicles.
He said the first batch of claims would be paid in the next three to four weeks.