The National Insurance Commission (NIC) says the commission is happy with the contributions of Insurance Brokers Association of Ghana (IBAG) members to the growth of market premiums.
Justice Ofori, Commissioner-NIC, gave this commendation at the launch of the new brand last week in Accra. He indicated that based on the Commission’s third-quarter 2019 figures, brokers generally contributed a quarter (25%) of the total industry premium of GH¢2.3billion.
The Commissioner also noted that about 43% of non-life premiums were generated by IBAG members. According to him: “This is no achievement, and it is my hope that the rebranding will challenge you to do more”.
He however commended the efforts of brokers in helping to spread the knowledge and importance of insurance among the public. He also thanked a significant portion of insures who have obtained insurance cover without necessarily having to go through the hassle of leaving their offices or homes.
He also pointed out that the NIC has embarked on a number of projects to improve the industry and also protect the insuring public. Most recently, the motor insurance database, MID, has become operational.
This is aimed at plugging the leakages in motor premiums through the sale of fake stickers. However, he indicated that the system is not yet perfect as in the case of every new software, he encouraged all IBAG members to play their valuable roles and make it better.