By Isaac Arkoh
Cape Coast, July 17, GNA – The National Insurance Commission (NIC) on Thursday morning orchestrated a pioneering street insurance campaign within the Cape Coast Metropolis to raise public awareness and adoption of insurance products.
The initiative aligned with the NIC’s ongoing efforts to develop tailored insurance offerings that address the unique needs of diverse workers across both formal and informal sectors.
The objective is to transcend the notion of insurance as a mere privilege for salaried employees, transforming it into a practical instrument accessible to all strata of society.
The campaign also aimed to tackle the nation’s alarmingly low insurance penetration rate, which currently languishes at a mere fraction of Gross Domestic Product.
The event witnessed enthusiastic participation from all leading insurance firms, whose representatives, attired in branded NIC Lacoste apparel, distributed flyers and engaged the public regarding the benefits and extensive array of available insurance policies.
The procession commenced at the University of Cape Coast taxi station in Abura, traversed through the Abura main market and culminated at Kotokuraba.
Dr Kingsley Kwesi Kwabahson, the Chief Executive Officer of the Ghana Insurers Association, in an interview with the Ghana News Agency, urged the public to adopt proactive measures to safeguard themselves against unforeseen risks and losses.
He underscored the significance of the street insurance campaigns as pivotal in fostering inclusive insurance, particularly for the informal sector, which constitutes approximately 80 percent of Ghana’s workforce.
He said many individuals within this sector, including petty traders, farmers and artisans, traditionally faced impediments in accessing insurance due to structural and informational barriers.
By bringing insurance education directly to the streets, the NIC and its partners aspire to demystify the concept of insurance, rendering it more accessible and pertinent to the daily lives of Ghanaians.
He said the approach also enhances financial inclusion, fortifies resilience against unexpected risks and promotes economic empowerment among vulnerable populations.
However, Dr Kwabahson dispelled prevalent public misconceptions that insurance companies were quick to collect premiums yet reluctant to settle claims.
He said: “There’s a fallacy that insurers are solely focused on collecting premiums and hesitant to disburse claims. That is unfounded.
“On the average, insurers in Ghana disburse millions daily in claims, yet this rarely garners media attention,” he noted.
Addressing the media before the exercise, Mrs Nicholina Naa Yeye Adumuah, the Central Regional Head of NIC, urged individuals and institutions to prioritise insurance.
That she said was an essential means of providing financial protection against unforeseen events, such as accidents, natural disasters, health emergencies, or property damage.
She explained the necessity of engaging with licensed insurance agents: “Always request the licence of any insurance agent before committing to any policy,” she advised, cautioning against unverified or unauthorized agents.
GNA
Edited by Alice Tettey/Kenneth Odeng Adade