Economist, Kwame Pianim has called on the National Insurance Commission (NIC) to ensure that all church premises that sit more than 300 people at a time are insured.
He also stressed the need for professional bodies, such as hairdressers, bakers, teachers, nurses and bar associations, to take group life insurance policies, while banks and financial institutions should also be made to insure their branches and agents.
Mr Pianim, who made the call, stood on the premise that there is a need to develop a strong insurance industry that will anchor the development of the country.
He said the country should take advantage of the opportunities that the insurance industry brought to develop an economy that would be capable of creating jobs for the youth.
“We should take advantage of the insurance sector as a strategic mobiliser for medium to long-term funds,” he stated.
Mr Pianim made the call when he delivered the keynote address at the second edition of the Chartered Insurance Institute’s (CIIG) Insurance Excellence Awards which was held on the theme ‘Celebrating Excellence in Ghana’s Insurance Industry’.
He said the country needed a very strong insurance sector that would generate the kind of funds needed to finance critical infrastructure projects and productive activities.
He said the country could grow steadily and continuously if it was able to generate funds domestically and not depend on external sources for funds.
Increasing penetration rate
For the country to have a strong insurance sector, Mr Pianim said it was necessary to roll out measures that would help increase insurance penetration which was still very low in Ghana (two per cent).
He, therefore, urged the NIC to ensure that individuals and organisations in the country which failed to buy insurance locally for their local and international trade were penalised.
He said all of these would help increase insurance penetration in the country.
Also speaking at the ceremony virtually, the Commissioner of Insurance, Dr Justice Yaw Ofori, lauded the efforts of CIIG to promote professionalism, integrity and excellence in insurance practice in the country.
He also commended the industry players for their cooperation in the recapitalisation programme to ensure a stronger insurance sector, saving jobs and the ultimate protection of the interest of insurance policy holders.
Dr Ofori entreated the CIIG to continue to incorporate strategies that would promote professional and ethical practice in insurance.
For his part, the President of CIIG, Tawiah Ben-Ahmed, said the objective of the awards was to recognise the enormous contributions of deserving insurance professionals and companies, practitioners and partners contributing to the development of the insurance profession.
He said the vision of the CIIG was to ensure that insurance practices and services were of the highest possible standards and conform to internationally best practices to drive sustained growth of the insurance industry.
Enterprise Life Insurance won the Life Insurance Company of the year, Metropolitan Health Insurance Limited won the Private health insurance company of the year, Olea M&G Insurance Limited won Insurance broker of the year, KEK Reinsurance Limited won the Insurance broker of the year, life category.
The Young insurance professional of the year went to Justice Peprah Agyei of NIC, and Insurance Professional of the Year, Victor Aggrey-Fynn of miLife Insurance and Insurance agent of the Year, Daniel Appiah Agyei of Prime Insurance.