National Insurance Commission promotes inclusive insurance to enhance access

A stakeholder engagement hosted by the Central regional office of the National Insurance Commission (NIC), was focus on the theme "Enhancing Economic Development in the Central Region through Inclusive Insurance”.

The event, held on April 5, 2024, served as a platform to promote awareness and understanding of inclusive insurance among the public and industry stakeholders.

During the event, Mr. Michael Kofi Andoh, the Acting Commissioner of Insurance, delivered insightful remarks highlighting the commission's commitment to making insurance accessible to all Ghanaians, regardless of their occupation or socioeconomic status.

He emphasized the importance of inclusive insurance in providing financial protection and stability in the face of unforeseen event to the informal sector.

Mr Andoh passionately conveyed, "No matter who you are, whether you are a worker, self-employed, or an artisan, there is an insurance product you can buy. We are promoted what we call 'inclusive insurance,' allowing everyone who earn some income, of a sound mind to partake of insurance.

He further elaborated on the necessity of inclusive insurance, stating, "Whatever you do, there is a risk attached to it. The trader at the market, the farmer on the farm, the fishermen on the sea, the workers in the office—everybody runs a risk, and so It is important to prepare and get some assurance of covering from the loss. Let us not to wait for disasters to occur before seeking assistance’’.

Mr. Kofi Andoh also encouraged vehicle owners to verify the validity of their insurance through the use of the USSD Code *920*57# to avoid fake insurance cover and underscoring the importance of being adequately protected in the event of accidents or tragedies.

Additionally, the Acting Commissioner of Insurance reflected on the commission's role in promoting public education and ensuring fair treatment of policyholder in the insurance industry.

He stated, "We regulate the insurance companies, and nobody can do anything with respect to insurance without reconsidering the National Insurance Commission."

The regional head, host of the stakeholder engagement; Nicholina Naa Yeye Adumuah, echoed Andoh's sentiments regarding the importance of stakeholder engagements in fostering understanding and collaboration within the industry.

She emphasized the commission's mandate to enforce compulsory policies and uphold standards of fairness and transparency.

According to her, such stakeholder engagement provided a valuable opportunity for participants to engage in dialogue, gain insights into the products sold by the insurance companies, the benefits, the processing of claims, helping to address issues on the mind of the public on insurance. At such gathering she indicated that other resource persons like the police, medial officers, fire service, SSNIT, to mention a few also gets the opportunity to clear the minds of the public on issues related to their works. These and many more contributes to the advancement of financial literacy and insurance practices in Ghana.

She concluded by urging the insurance companies to be abreast of developments of inclusive insurance being championed by the Commission to grow the micro insurance sector making it viable and attractive to the low-income, individuals and groups. Above all, she recommended that before making a purchase of any insurance product it is important that the client gets to know the terms and conditions and therefore, called on the insurance companies to train their agents very well so they can adequately inform would be clients. To the insuring public Madam Nicholina, Advice policyholders to reach out to the company they have insured with first with whatever challenges they may have, however the insurance is not treating them well they should come to the NIC office with their petitions to seek redress. She entreats policyholders to carefully, read and comprehend the policy they have purchased and if not comfortable with it, refer to the insurance company