Business News Fri, 17 Jan 2020

GES, NIC launch Basic Insurance Education initiative for second cycle institutions

The Ghana Education Service, National Insurance Commission and the Insurance Awareness Coordinators Group (IACG) have launched an educational initiative for second cycle institutions.

The initiative dubbed; the Basic Insurance Education is expected to be incorporated in the educational syllabus to create a nationwide educational drive about the benefits of insurance among students in senior high schools.

The Commissioner for Insurance, Mr. Justice Ofori speaking at the launch of the program on January 17, explained that the move was necessary to impact career choices in insurance for students but also create solvency and sustainability for their future.

“The focus of the initiative ensures that the emphasis and fundamentals of insurance are set right and it is expected that this initiative will increase insurance awareness amongst our students with an aim at improving the understanding of insurance in general. It is also our firm conviction that this initiative will create a paradigm shift with regards to career development choices,” he explained.

According to him, one of the objectives of the initiative is exposing students to insurance at an early age to sharpen their focus and vision in terms of pursuing a career with a wide range of opportunities to choose from.

He added that another objective of the initiative is to in the long run increase the contribution of insurance to the country’s Gross Domestic Product (GDP).

“The Commission has identified low education on insurance as one of the factors for the current low penetration rate and this project is being pursued to provide the much need vehicle for an increase in insurance penetration in the country leading to a significant contribution to Ghana’s growth,” he stated.

In 2019, Senior Minister, Yaw Osafo Maafo lamented at the insurance industry’s contribution of less than two percent of GDP.

Director of the Financial Sector Division at Ministry of Finance, Sampson Akligoh reading a speech on behalf of the Finance Minister, Ken Ofori Atta charged students in second cycle institutions to have a positive outlook on the benefits insurance can have on their future.

“This cannot be done by the older generation but rather younger people like you and please don’t let anyone deceive you that insurance is a bad thing but as you grow up, you should be the agent of change. The Commission will also work very hard to make sure that insurance companies are responsible towards young people,” he advised.

Deputy Director General of the Ghana Education Service (GES), Dr. Kwabena Tandoh in his remarks said the National Council for Curriculum and Assessment (NACA) is in the process of redesigning and reviewing the Junior and Senior high school curriculum to allow the basic insurance education to be implemented.

“This initiative is coming at the right time for such fundamental lessons on insurance to be introduced because the National Council for Curriculum and Assessment (NACA) is in the process of redesigning and reviewing the junior and senior high school curriculum for implementation,” he noted.

Source: www.ghanaweb.com