Nearly 50% of working population has one form of insurance or the other – Commissioner of Insurance

Nearly 50% of working population has one form of insurance or the other – Commissioner of Insurance

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

This means nearly 50 per cent of the working population of Ghana has one form of insurance or the other.

He disclosed this when the National Insurance Commission (NIC) in collaboration with the Ghana Prisons Service launched the training of Prisons Officers and Recruits on the basic principles 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 the other stands at 44.6 percent as of the end of year 2020. This is a phenomenal increase of 14.6 percent over the 2019 figure.”

Dr. Justice Ofori noted that “The NIC’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.”

He added that “The training will centre on the basic principles of insurance as well as highlights of various lines of insurance that will inure to the benefit of these Officers throughout their lives and career 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 Prisons Service. The risk your Officers are exposed to on a daily basis are quite known”.

The Director-General of the Ghana Prisons Service, Mr Isaac Kofi Egyir, on his part commended the NIC for its decisive resolve to provide literacy on insurance to 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 that will make our Officers more knowledgeable about insurance and to put them in a better position to benefit from the various types of insurance,” he noted.

He further stated that “We agree that an informed appreciation of insurance will help, to a large extent, every Prison Officer to mitigate the effects of some of the life mishaps. Working with such information, we believe, will benefit not only Officers but their families and the people they supervise.”

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

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

Director of the Ghana Insurance College, Mr Richard 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 the training of key categories of personnel as part of the Commission’s mandate of making everyone aware of the needs and benefits of insurance