Deepening insurance awareness to enhance public confidence

BY: Isaac Yeboah

Does the depth of penetration matter?

There is no denying the fact that Ghana's insurance penetration remains abysmally low, currently below two percent, despite the uptake of insurances being perked at about 30 per cent.

This unfortunate phenomenon appears to give credence to the view of some industry watchers who believe the insurance industry in Ghana is progressing in a retrogressive gear! No and yes, such perceptions or rather misconceptions have some seed of logic in them.

Hardly would a typical media person engage any member of the insurance fraternity without raising the issue of 'penetration is low' and expect the latter to accept it hook line and sinker! No Sir, No Madam!

Indeed, the insurance penetration rate is a function or measure of the insurance industry's total contribution to the Gross Domestic Product (GDP) of the Country. Does the depth of penetration matter?

It is trite that the under two per cent contribution may appear small, and thus, make it easy to conjecture the fact that, yes, insurance is not doing well in Ghana...

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