Ghanaians insure properties at the expense of their lives - Study

A research conducted by the Ghana Insurers’ Association (GIA) has revealed that more than 70% of Ghanaian adults have not subscribed to any insurance package, especially life insurance.

The findings also revealed that two-thirds of Ghanaian property owners have insured their property and have signed on to other insurance packages, including vehicles, buildings, and funeral.

Speaking at the maiden edition of the national life insurance sales roundtable, Deputy Commissioner of Insurance Simon Nero Davor, attributed the low patronage to lack of innovation on the part of the insurance providers and the difficulty in the claim of insurance benefits.

“It is sad to say that, in spite of all of its importance, life importance patronage still has a long way to go. Whether as a ration of premium written in a particular year to GPD or a number of insurance holders, the numbers are still on the low side, indicating that there is still more to be done. Let us adopt the right approach, to rope in many more Ghanaians,” he advised.

Mr. Davor admonished insurance brokers to initiate strategies that are relevant and customer oriented, in order to attract in more subscribers.

“Technology plays and will continue to play a major role in getting the message across, to millions of non-insured Ghanaians…Customers are becoming more interested in the use of technology and sophisticated gadgets in accessing information and insurers must take advantage of that, to break the penetration bridge,” he underscored.

The national life insurance sales roundtable is to gather all stakeholders in the insurance sector to discuss challenges and prospects for the sector.

The event was organized by the Ghana Insurers Association, Consumer Experience Consortium, and the Ghana Insurance Brokers Association.