The Deputy Commissioner of the National Insurance Commission (NIC) Ghana, Simon Nerro K. Davor has appealed to Ghanaians to patronize the various micro-insurance products in the country.
Mr Davor made the appeal on Wednesday in Accra at a stakeholders’ workshop organized by the NIC on Micro Insurance as part of activities marking the 4th National Literacy Week, under the theme, ‘Financial Literacy Key to a secured future.’
The objective of the workshop was to create awareness among the general public about the numerous micro insurance products in Ghana.
According to Mr Davor, “We currently have 34 micro insurance products available in the market being offered by 16 insurance companies covering areas such as education, funeral, family, accident, hospital and others.”
He said the products were specifically targeted at the low-income earners, adding that they are affordable, accessible and designed for the target groups.
The Commissioner noted that “the NIC is determined to make things very simple and easy for the policyholders of micro insurance products. One such effort is the Claims payment process. All Micro Insurance claims are supposed to be paid within 10 days of receipt of claims information and details.”
He assured policyholders that the commission will continue to ensure that their policies are protected from fraud and theft.
In line with this, he said all Micro Insurance policies will have one distinguished feature or logo which the Micro Insurance providers will use.
Meanwhile, Supervisor of Insurance Companies at NIC, Michael Kofi Andoh, speaking to BUSINESS GUIDE, in an interview, urged stakeholders to be wary of the kinds of policies they opt for.
According to him, the lack of proper understanding about the policies available on the market sometimes result in confusion between insurance firms and policyholders.
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