NIC allays fears over drop in insurance penetration rate

NIC allays fears over drop in insurance penetration rate

COI-Justice Ofori

The National Insurance Commission (NIC) has allayed fears that the decline in insurance penetration rate will hurt the sector.

According to the Commission’s 2018 report, the sector’s penetration rate dropped from 1.12 per cent to 1% – a situation the NIC attributed to the rebasing of the economy.

Addressing the media at this year’s Ghana Reinsurance Cedant Awards, the Commissioner of Insurance, Justice Yaw Ofori affirmed that the sector has seen the entry of more businesses as compared to previous years.

“Now we have oil and gas and the agricultural sector is also doing well so it doesn’t mean that insurance is not doing well,” he said.