Insurance industry takes education to tertiary institutions

April 17, 2017
Insurance industry takes education to tertiary institutions

The Insurance Awareness Coordinators Group (IACG), has held a stakeholder forum at the University of Ghana campus, as part of efforts to underscore the importance of insurance to the socio-economic development of the country.

Under theme: “Insurance for inclusive national development”, the forum was aimed at formulating a strategy to help educate the general public on insurance.  

The event, which also featured a series of lectures, was a collaboration between the (IACG), University of Ghana Business School (UGBS), Ghana Insurers Association (GIA), Ghana Insurance Brokers Association (GIBA), National Insurance Commission (NIC), and the German Development Corporation (GIZ).

Lydia Lariba Bawa, the Commissioner of Insurance, in her opening address said, most Ghanaians still do not know the difference between insurance and savings.

As a result, she lamented that such people wonder why “they always get their savings back with interest from the bank, but not always get their insurance back from the insurance company.”

She however, added that efforts are been made to help explain the nature of insurance, how it differs from savings and other financial services, and how beneficial it can be to personal and corporate risk management.

“The NIC is proud of its relationship with GIZ to provide access to insurance for about 7.5million people through micro insurance “the Commissioner added.

Professor Joshua Yindenaba Abor, Dean of the UGBS, disclosed that academia is ready to team up with the insurance industry to improve insurance penetration, which currently stands below two percent.

The IACG campaign wagon, which draws support from all the insurance apex groupings, insurance companies, and brokers will undertake similar educational forums at the Kwame Nkrumah University of Science and Technology, Takoradi Technical University, University for Development Studies, as well as other tertiary institutions.

Christian Widmann, Programme Director, GIZ congratulated the insurance industry for buying into the idea of collective educational outreach, adding that the event at the University of Ghana campus has been a great success.