The Vice President Alhaji Dr Mahamudu Bawumia has stated that Government will modernize the delivery of insurance services in Ghana through digitalisation and encouraged partners in the business to cooperate to induce trust.
He said the government’s vision was to further develop micro and agricultural insurance products to grow access and fortify the balance sheet of the insurance industry.
The Vice President Mahamudu Bawumia made this statement at the Annual General Meeting and Education Meeting of the West African Insurance Companies Association (WAICA) in Accra on
.
The two-day conference was on under the theme : “The New Normal, Fact or Fiction – How Realistic in Practice and Spread of Insurance in West Africa?”
It pulled in insurance agencies and partners to examine and strategise on approaches to expanding services in the midst of the Covid-19 pandemic.
The Vice President prevailed upon industry players to help government’s plan towards guaranteeing a financial comprehensive society.
He said the nation was on a recuperation way from the desolates of the COVID-19 as statistics showed a growth rate of 5.4 percent, last year.
By and large, all critical drivers of the economy.
The insurance business was a basic area of concentration in driving the country’s development efforts , he said, and that government would guarantee it fed into the capital market and converted into more extensive economic development.
As a component of the government’s digitalisation drive, the National Insurance Commission (NIC) had carried out a motor insurance data set to control the danger of vehicles with counterfeit motor insurance tickets.
With the execution of the motor insurance, the Vice President said it had prompted growth from 19% in 2020 and 26 percent in 2021, while the value of the business likewise expanded from GHc566 million out of 2017 to GHc2.3 billion of every 2021.
There was additionally work to coordinate the data sets of the NIC and the Driver and Vehicle Licensing authority to guarantee harmony in getting insurance services to free the business of illegalities, he stressed .
Dr Bawumia complimented the Association’s strategues towards further developing insurance coverage and infiltration in West Africa.
The government, he noted , had set up measures, for example, the entry of another Insurance Act, which gave rigid services structure to safeguard customers and increase accessibility of insurance to the Ghanaian people, especially to the informal sector , operators, and consumers in the low-level of income .
“It likewise gives measures pointed toward fortifying the corporate governance practices within the business and as per global best standards of risk based administrative structure,” he noted .
“The new Insurance Act had additionally fortified the administrative abilities of the NIC and gave the guideline of marine insurance, rural insurance, micro insurance and innovative insurance.”
Government had likewise set out on a recapitalisation of the insurance business to assist in fortifying the asset report of directed protection substances, pointed toward improving the guaranteeing limit of insurance to empower them to accept higher insurance risk, he reiterated
It would guarantee asset accessibility for interest in fundamental useful regions like innovation, products advancement, and distribution of suitable insurance packages .
Dr Justice Yaw Ofori, the Commissioner of the NIC, said the continuous recapitalisation continue to be one of the NICs critical undertakings.
That, he said, was on the grounds that the NIC accepted that its implementation would set the stage for much development and productivity within the business.
Dr Ofori said the Commission was likewise working keenly with partners to uphold the implementation of the different mandatory insurance.
He asked individual safety net providers to change their organizations and working modules to re-emerge more grounded than previously.