Confidence of Ghanaians in insurance hits all-time high

Confidence of Ghanaians in insurance hits all-time high

Latest research conducted by the National Insurance Commission (NIC) has shown that the confidence of Ghanaians in insurance is on the rise.

It is perceived – though subject to debate– that most people view their insurance providers with ambivalence.

“The overriding perception of insurance companies is that they are very needed, but not liked, relied on, but not trusted,” the NIC said.

As the regulator of the insurance companies operating in the jurisdiction, the NIC conducted surveys to understand the people’s perception about insurance to effectively make policy decisions that benefits all.

In its Confidence index report, the Commission found that data increased to an all-time high since its first public perception, awareness and confidence index in 2019.

“The Confidence Index (CI) however has seen significant increase, rising to an all-time high of 0.5813 from 0.5666 in 2020 and 0.4650 in 2019.”

The confidence index 0.5813 is higher than the 2020 estimate by 1.5 percentage points.

The data was collected from a sample size of 1613 also showed that contrary to the confidence index, the knowledge index has saw a downward trend over the three-year study period.

“Knowledge index in 2019 stood at 0.5992. The figure in 2020 was 0.5392 while the knowledge index recorded in 2021 was 0.5132.”