Insurance sector must anchor Ghana’s development --Kwame Pianim

Renowned Economist, Kwame Pianim has called for the need to develop a strong insurance industry that will anchor the development of the country.

He said the country should take advantage of the opportunities that the insurance industry brings to develop an economy that would be capable of creating jobs for the youth.

“We should take advantage of the insurance sector as a strategic mobiliser for medium to long-term funds,” he stated.

Mr Pianim said this when he delivered the keynote address at the second edition of the Chartered Insurance Institute’s (CIIG) Insurance Excellence Awards which was held under the theme ‘Celebrating Excellence in Ghana’s Insurance Industry’.

He said the country needed a very strong insurance sector that would generate the kind of funds needed to finance critical infrastructure projects and productive activities.

He said the country could grow in a steady and continuous manner if it was able to generate funds domestically and not depend on external sources for funds.

Increasing penetration rate

For the country to have a strong insurance sector, Mr Pianim said it was necessary to roll out measures that would help increase insurance penetration which is still very low in Ghana (two per cent).

He therefore urged the National Insurance Commission to ensure that individuals and organisations in the country which failed to buy insurance locally for their local and international trade were penalised.

He said banks and financial institution should also be made to insure their branches and agents.

Mr Pianim also urged the NIC to ensure that all church premises that have more than 300 people were insured.

“Professional bodies such as hairdressers, bakers, teachers, nurses and bar association should take group life insurance policies,” he stated.

He said all of these would help increase insurance penetration in the country.

Promoting professionalism

Also speaking at the ceremony virtually, the Commissioner of Insurance, Dr Justice Yaw Ofori, lauded the efforts of CIIG to promote professionalism, integrity and excellence in insurance practice in the country.

He also commended the industry players for their cooperation in the recapitalisation programme to ensure a stronger insurance sector, saving jobs and the ultimate protection of the interest of insurance policy holders.

Dr Ofori entreated the CIIG to continue to incorporate strategies that would promote professional and ethical practice in insurance.

Awards

For his part, the President of CIIG, Tawiah Ben-Ahmed, said the objective of the awards was to recognise the enormous contributions of deserving insurance professionals and companies, practitioners and partners contributing to the development of the insurance profession.

He said the vision of the CIIG was to ensure that insurance practice and services were of the highest possible standards and conform to internationally best practice to drive sustained growth of the insurance industry.

Enterprise Life Insurance won the Life Insurance Company of the year, Metropolitan Health Insurance Limited won the Private health insurance company of the year, Olea M&G Insurance Limited won Insurance broker of the year, KEK Reinsurance Limited won the Insurance broker of the year, life category.

The Young insurance professional of the year went to Justice Peprah Agyei of NIC, and Insurance Professional of the Year, Victor AggreyFynn of miLife Insurance and Insurance agent of the Year, Daniel Appiah Agyei of Prime Insurance.