NIC is committed to aggressive education to boost insurance coverage – Ag Commissioner

The National Insurance Commission has expressed commitment to undertake aggressive regular education to boost insurance coverage in Ghana.

The move is to ensure that many individuals who lack the knowledge of the need to insure or invest in insurance do so.

Acting Commissioner of Insurance, Michael Kofi Andoh, said his outfit will do its utmost best to drive insurance penetration, admitting that the low education on insurance is partly to be blamed for the country’s low insurance coverage.

“Insurance dwells a lot on education and people tend to buy or spend their monies on what they appreciate, understand and give value to them. So we need to educate the public on insurance. This is very important and the National Insurance Commission is doing a lot in this field which we’re intensifying moving forward”.

“You also know that we have a different segment of the population and various programmes are being developed for all these segments of the population,” he said.

The situation of low insurance coverage in Ghana has been a concern to stakeholders for some time now.

This is part of the reasons Joy Business is collaborating with the NIC to create a platform to provide more information on insurance to viewers and listeners.

Mr. Andoh also disclosed plans to start naming and shaming insurance firms and individuals that violate the laws as a deterrent to the industry players.

He was speaking at the Joy Business/NIC Insurance Dialogue, a thought leadership programme.