'Street insurance campaign is novel' – Insurers Association board member

Creating insurance awareness among Ghanaians has become increasingly important in recent years due to the country’s low insurance penetration rate, which hovers around just 1% of Gross Domestic Product (GDP).

As part of activities to mark this year’s Insurance Awareness Month, the Ghana Insurers Association (GIA), the umbrella body of insurance companies, organised a public walk through major streets of Accra.

The event aimed to educate the public about their rights and expectations regarding insurance claims when risks for which they have insured themselves materialize.

The GIA also took the opportunity to publicise its Claims Management and Advice Bureau (CMAB).

The "Street Insurance Campaign" saw industry players marching from the Legon Police Station to the Accra Mall amidst music, entertainment, and banner displays, engaging drivers caught in the morning traffic on Friday, July 11, 2025.

Another group walked from the 37 Military Hospital to the same destination, where both teams converged to address members of the public.

Speaking to the media, Mercy Naa Koshie Boampong, a GIA Board Member and CEO of Serene Insurance Company Ltd, described the Street Insurance Campaign as a novel initiative.

She said it allowed insurers to engage directly with both existing and potential policyholders.

She added that this was one of the motivations behind the establishment of the Claims Management and Advice Bureau (CMAB) a few years ago, to address issues related to claims.

According to Boampong, the CMAB was designed as a one-stop centre for resolving insurance-related grievances.

She emphasised the importance of educating the general public, including beneficiaries, policyholders, and third-party claimants, about their rights and responsibilities.

She expressed satisfaction that the CMAB has successfully handled a significant number of claims-related complaints amicably.

She also noted that initiatives like the Street Insurance Campaign were necessary to sustain and scale these efforts by engaging directly with the public.

Boampong further shared that members of the public can reach the Bureau via the shortcode 800442#, enabling them to lodge complaints or make inquiries remotely without being physically present.

This, she explained, is part of a broader strategy to build trust among policyholders, increase insurance uptake, and improve the national insurance penetration rate.

The Street Insurance Campaign was also held in other cities, including Kumasi, Cape Coast, and Takoradi, with the Accra event marking the finale.

For his part, GIA CEO Dr. Kingsley Kwesi Kwabahson debunked the perception that insurers are quick to collect premiums but slow to pay claims.

He revealed that Ghanaian insurance companies pay out as much as GHS10 million in claims daily.

However, because this is not widely known, the public has developed the misconception that insurers are primarily interested in collecting premiums.

He stated that the Street Insurance Campaign was launched, in part, to correct these false narratives.