Insurance Penetration in Ghana to increase to 6 Percent by 2020

The national Insurance Commission has hinted of increasing the insurance penetration in Ghana from its current two percent to six percent.

This according the Public Relations Officer of Chartered Insurance Institute of Ghana (CIIG), Mr. Kofi Okoampah Akoto will be enhanced by the announced reforms by the National Insurance Commission in raising the recapitalization of some of the insurance companies to improve on claims payments.

“Currently the insurance penetration in Ghana is around 2%, the Insurance Commission has assured us that by 2020 we want to increase our penetration to about 6%. That is the more reason why we have gathered our people to let them know that this where we going. Between 2018 and 2020 we are going to move very hard and in moving very hard we the need the strength and energy to achieve the 6% penetration,” Mr. Akoto stated.

He made this remarks after a health walk organized by the Chartered Insurance Institute of Ghana (CIIG), an umbrella institute for the insurance industry through some principal streets of Accra on Saturday, for the staff of its member companies.

The walk commenced from the CIIG Head office through to the Osu Oxford Street and back to the CIIG Head office for the aerobics session and health screening exercise.

Mr. Kofi Okoampah Akoto said, the health walk among other things was an avenue to make the CIIG visible by sensitizing members and the public of the new brand.

“Our Charter is currently under draft, it will go through parliament and it will get presidential assent and then it will be on same footing as the CIMG, and as Institute of Chartered Accountancy of Ghana (ICAG). That is our ultimate goal so that we can have our own measures to discipline our people to ensure that the right things are done. If you are a professional and you are supposed to quote a particular premium point 5 and you go and quote point one, the institute should be able to call you to order,” he emphasized

Every staff of member companies and insurance brokers were admonished to register and be members of the institute.