Insurance coverage reaches 44.6% – Commissioner of Insurance

The Commissioner of Insurance, Dr Justice Ofori, has disclosed that insurance coverage as of December 31, 2020 stands at 44.6%.

This means nearly 50% of the working population of Ghana has one form of insurance or another.

He made this disclosure when the National Insurance Commission (NIC) in collaboration with the Ghana Prisons Service launched the training of Prisons Officers and Recruits on the basic principle of Insurance and Risk Management.

“I am delighted to disclose that following these efforts, the number of working Ghanaians who have one form of insurance or another stands at 44.6% as of the year 2020. This is a phenomenal increase of 14.6% over the 2019 figure.’’

Dr. Justice Ofori noted that: “The NCI’s objectives and functions per Sections 2 and 3 of the Insurance Act 2021, (Act 1061) include supporting and encouraging financial inclusion, promoting public awareness and undertaking public education on insurance. This launch for Prisons’ Cadet Officers and Recruits is therefore a priority to the Commission.

“The training will centre on the basic principles of insurance, as well as highlights of various lines of insurance that will accrue to the benefit of these officers throughout their lives and careers in the Service. The future can only be brighter for the industry that serves as a risk management mechanism for individuals and organisations such as the Ghana Prison Service. The risk your officers are exposed to on a daily basis are quite well known’’.

The Director-General of the Ghana Prisons Serves, Mr. Isaac Kofi Egir, on his part commended the NIC for its decisive resolve to provide literacy on insurance of officers of all security agencies, including the Ghana Prisons Service, in the country. ‘’The Ghana Prisons Service appreciates the commitment of the Commissioner of Insurance to educate officers on the essence of insurance.

“We as a Service look forward to enjoying more avenues of collaboration which will make our officers more knowledgeable about insurance, and put them in a better position to benefit from the various types of insurance,” he noted. He further stated: “We agree that an informed appreciation of insurance will help, to a large extent, every Prison Officer to mitigate the effects of some of life’s mishaps. Working with such information, we believe, will benefit not only fficers but also their families and the people they supervise.”

The training launch forms part of the Commission’s structured campaign to create insurance awareness, and is an on-going process across all other Security Agencies and allied bodies.

Dr. Ofori pledge continuous collaboration with the Ghana Prisons Service in order to provide more sensitisation on the need for Insurance uptake.

On his part, the Director of the Ghana Insurance College, Mr. Rich Okyere, disclosed that the college has so far trained over 400 chartered insurers. This move, Mr. Okyere reiterated, has created employment in the insurance industry for many young people.

The NIC is the supervisory and regulatory body of Ghanaian insurance industry, and has for some time now championed training key categories of personnel as part of the Commission’s mandate of making everyone aware of the needs and benefits of insurance.