Nana Osei Bonsu, Founder on the Private Enterprise Foundation (PEF) has bemoaned period of time penetration on the insurance industry near your vicinity.
He described the industry’s not as much as two per-cent contribution towards country’s gdp as “woefully inadequate”, and necessary advanced collaboration among stakeholders to build the sector.
Nana Bonsu said this in the 4th annual conference and exhibition from the Ghana Insurance Brokers Association (GIBA) in Ho.
The conference was on the party theme: “Enhancing market capacity through dedication to effective collaboration as well as networking.”
Nana Bonsu noted that telcos were gradually posing competition to players inside insurance industry using virtual platforms to present micro insurance services and charged the GIBA to strategise to mitigate unhealthy competition.
He said the country’s financial sector has not been profiting and urged players while in the insurance industry to boost many and reap the benefits of opportunities throughout the economy.
Madam Lydia Lariba Bawa, Commissioner of Insurance, National Insurance Commission, also underscored the importance of collaboration among players in the market and said, “its either you collaborate or perch”.
She commended GIBA for resulting in a vibrant industry and restated commitment with the NIC to further improve insurance penetration in the country.
Madam Bawa said the nation’s Insurance carrier (NIC) with support from stakeholders had improved use of insurance for low income earners and hinted of collaboration using the Ghana Police Service additionally, the Ghana National Fire Want to monitor and enforce laws racing and motor insurance policies.
She considered necessary market lobby group that can help address challenges during the sector.
Mr Nathan Adi Adu, GIBA President said the Association was collaborating with underwriters to support build capacities to enhance the retention limits with the companies.
He attracted the NIC to resume the operating license of GIBA Energy Company Limited while it worked “to be recognised while in the Petroleum Guidelines in good time”.