TITLE: Practice of Life Assurance in Perspective
Author: Aaron Issa Anafure
Publisher: Kharis Books
Reviewer: Prof. Joshua Yindenaba Abor
Insurance, particularly, life insurance plays a very crucial role in the mobilization of long-term funds for investment in order to spur growth. The intermediation role insurance plays is very crucial in driving capital market development necessary for promoting economic growth and development. This notwithstanding, insurance is still an emerging area of practice in Ghana with insurance penetration still being low in the country.
This is quite worrying as insurance is meant to help manage and redistribute risk, especially in developing countries where many people are vulnerable to both natural and man-made disasters. As such the book, “Practice of Life Assurance in Perspective” is a very timely one, as a book focusing on the life insurance industry is long overdue. I therefore commend Dr. Aaron Anafure for filling this knowledge gap.
Dr. Anafure is an experienced insurance practitioner and lecturer who has garnered immense experience working in various insurance companies in Ghana. With over 25 years working in the insurance industry and also teaching, Dr. Anafure is best suited to author a book that will be a standard reference material for practitioners and students alike.
The foreword to the book has been well-articulated by Dr. Justice Yaw Ofori, the Commissioner of Insurance, Ghana. The fact that the Commissioner of Insurance has written the foreword to a book in the discipline, demonstrates the rigour and relevance of the material being presented. I believe this is a huge endorsement by the industry.
This book is well organised and provides a good foundation on the key principles and concepts of the subject matter. It presents relevant materials on life insurance to equip practitioners and students with the skills they require to function in an emerging and frontier insurance industry. The nine-chapter book breaks down the various aspects of life insurance in Ghana.
Chapter 1 explains the principles of insurance, including definitions, the functions of insurance, the classification and benefits of risks.
Chapter 2 provides a broad overview of the life insurance industry in Ghana, including its history and covers the industry players. It also explains concepts such as micro-insurance and details the role of mobile network operators in insurance.
Chapter 3 presents the nature of life assurance and explains certain key terminologies. The chapter also discusses industrial life assurance and the composition of life insurance companies.
The fourth chapter details the legal framework of life assurance. It explains in very simple language key legal terms used in insurance.
Chapter 5 clearly outlines the types of life assurance cover, including whole life, term and endowment assurance policies.
Chapter 6 provides insights into various life assurance products in Ghana as well as their scope and who is eligible for the various kinds of life assurance products available.
After presenting the various life assurance products, chapter 7 delves into life assurance marketing and selling including detailing how to go about prospecting for customers.
Chapter 8 presents underwriting and claims management in life assurance and finally, Chapter 9 deals with life reassurance and outlines the various life reassurance companies in Ghana and their functions.
Interspersed in the various chapters are overviews of key insurance apex institutions such as the National Insurance Commission, the Ghana Insurance Association and the Ghana Insurance College.
There are a number of appendices which provide various key life assurance documents such as sample medical reports and sample life assurance policy documents. There is also an index for easy referencing of key terms.
This book would be very useful for students and practitioners of insurance as well as the general public.
Though the book is very useful for insurance practitioners, students, lecturers, researchers, and policy makers, I strongly recommend it for everyone. It would serve as a useful guide. It is really a must read for everyone.
Heartiest congratulations to the author for a job well done.
I thank you for your attention.
Prof. Joshua Yindenaba Abor, PhD, FCCA, FGA
Former Dean, University of Ghana Business School