In pursuit of increasing insurance penetration in the country, the National Insurance Commission in collaboration with the Ghana Education Service and the Ghana Insurance Awareness Coordinators Group (IACG) launched an educational initiative for second cycle institutions in Accra last week.
The initiative, with theme ‘Insurance Awareness among Ghanaians setting the Fundamentals Right’, was attended by students from the Accra Girl’s School, Accra Technical Institute and members from the Security Services – which include the Fire Service and Police.
The Basic Insurance Education Initiative is expected to be incorporated into the educational syllabus and create a national educational drive about the benefits of insurance among students in Senior High Schools.
Justice Yaw Ofori, Commissioner of Insurance, in his opening address explained that teaching insurance at the basic level will go a long way in exposing young ones to the importance of insurance as well as the various job opportunities available in the insurance industry.
The Chairman of the Insurance Awareness Coordinators Group (IACG) – Wilson Tei, compared Ghana’s Low Insurance Penetration rate to the countries which understand the sector’s importance to economic growth.
He indicated that with less than 3% of Ghana’s population subscribing to an insurance package – and close to none of the government-owned properties insured, he is disturbed that the trend will cost the country much money in the medium- and long-term.
He cited the recent fire disaster that ravaged a section of the Accra Academy Senior High School, saying some dire economic consequences can be foreseen if government does not prioritise insurance.
He said it is regrettable that the Accra Academy was not insured. This means that instead of falling on the needed insurance cover to reconstruct the areas ravaged by fire, government will now have to spend more on reconstruction.
The GES–NIC/IACG Basic Insurance Education at the second cycle institutions’ initiative is the outcome of a series of engagement with the Ghana Education Service to promote a two-hour education exposure on insurance. The objective of this educational drive is to create awareness about insurance and its benefits that will get to the nooks and crannies of the country through this ‘catch them young’ approach.