MIC launches Home Insurance product

Accra, Sept. 10, GNA - Metropolitan Insurance Company on Wednesday launched a specially designed home insurance policy to protect holders against the risk of loss or damage to their properties and personal possessions.

The package known as MET Home Insurance will indemnify policy holders for losses or damages suffered as a result of fire, lightning, explosion and other such vagaries to their homes, contents and personal possessions.

Besides the provision of alternative accommodation as part of the policy, the insurance cover is automatically extended to domestic employees for injuries incurred in the performance of their duties. Mr Kojo Yankah, President of Africa Institute of Journalism and Communications, who launched the product, said there was the need for a change in attitude of Ghanaians towards insurance, as its importance had for far too long be taken for granted.

He said global trends indicated that knowledge-based societies were developing faster than those who lacked the opportunities to access relevant information on issues affecting their lives. "We can bridge the poverty gap through informing ourselves and applying what we have learnt to our daily lives," he said. Mr Daniel Aidoo Mensah, Chief Executive Officer of Metropolitan Insurance Company, said there was the need for education of the public on the importance of insurance in order to overcome the challenges facing the sector.

He said constraints such as inflation, low disposable income and lack of education had combined to rob people of the use of insurance as one of the major elements of personal financial planning. "In spite of these challenges, there is still a place for insurance in each individual's financial plan."

Mr Mensah said the company hoped to consolidate the gains made in recent years by improving customer care and attending to the individual needs of client.

In this direction, the company has started the second phase of its Information Technology strategy to enhance existing process and increase efficiency.

"We have recently acquired a new robust and reliable Insurance Management System that is set to enhance our operations, especially in the area of general and accident insurance business." The company also launched its new website to act as a portal for new and existing users to obtain up-to-date information on the company and its product portfolio.