Insurance fair opens in Accra
Dozens of insurance companies are displaying their products and services to commuters and traders in Accra Central as the annual Graphic Business-Ghana Insurers Association (GIA) opened at the Accra Metropolitan Assembly Gardens yesterday.
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Over 25 insurance company brokers and complaint agencies have mounted stands at the Gardens to fanfare and gusto at the three-day event expected to climax on Friday.
Some of the insurance companies are Hollard Life Insurance, Activa International Insurance, GLICO, GLICO LIfe, SUNU Insurance, Provident Life Insurance, Millennium
Insurance, DONEWELL Insurance, enterprise Insurance, Vanguard Insurance and SIC Insurance.
The rest are OLD MUTUAL, Imperial General Assurance, Star Assurance, miLife Insurance, KEK Insurance Brokers Limited, DVLA, Complaints Management and Advice Bureau and Provident Insurance.
Armed with their insurance brochures, booklets, flyers and digital technological stands and screens, the insurers have showed readiness and preparedness to engage their clients and customers.Each Insurance company has mounted stands and booths with decorative banners and paraphernalia to attract customers.
When the Graphic Business spoke to some customers and staff of the insurance companies, they were full of enthusiasm and vigour and told this paper the importance they attached to insurance.
"For me, insurance has been part of my life since time immemorial, and I have not regretted insuring myself and my family and my household, including my house," a client told the Graphic Business at the three-day fair which took off yesterday and it is expected to climax on Friday.
On the theme promoting Inclusivity and Accessibility the fair which is an annual event between Graphic Business and Ghana Insurers Association, is aimed at encouraging the informal sector to get an insurance package.
Innovative ways
The acting Commissioner of Insurance, Mr Michael Kofi Andoh, says his outfit has launched a Sandbox initiative to find innovative ways to get more people to afford insurance.
According to him, this testing programme will entail how to use technology to ensure easy access and affordability.
He admonished Ghanaians to take insurance seriously and make it a part of their life ."This new Insurance Act 2021( Act 1061) has introduced this innovative insurance license and innovative intermediary license to use technology to develop a system that will be an enabler, for instance, people who genuinely don't have money but need insurance to cover them, must be covered without necessarily paying a premium upfront," he stated.
He said the Sandbox programme would address various challenges through identifying new and better ways to reach out to people who genuinely needed insurance and all Ghanaians.
He said this testing environment mechanism which would also solve the low penetration rate of insurance would bring on board the majority of workers in the informal sector to the insurance chain.
Insurance claims rising
The Vice President of the Ghana Insurers Association, Nashiru Iddrisu, stated that over GHC3 million worth of claims had been paid daily by insurance companies since 2022.
According to him, in 2024 the figure will rise to more than GHC5 million."Let us embrace insurance, it is a good thing, the days of delays are over, " he stated
He said insurance was a policy that was a must have for all Ghanaians, lauding the Graphic Communications Group for initiating the fair. He charged insurers to delve into market centre and shops and sell their products and policies to artisans.
Sustainability
The Director of Sales and Marketing at Graphic Communications Group Limited, Franklin Sowa, entreated insurance companies to sign onto the fair and register to be part of it to promote their products and policies.
“This platform gives you the avenue to educate people on insurance and the need to have insurance as a citizen. He charged insurers to make good use of the fair to promote their outfits.