President of the Chartered Insurance Institute of Ghana (CIIG), Tawiah Ben-Ahmed, has urged the yet-to-be-inducted Fellows and Associates of the CIIG to strongly uphold the ethics of the insurance profession.
Speaking at the 3rd Induction Seminar of the Institute, Mr. Ben-Ahmed quipped the success of the insurance profession and the industry at large is dependent on the strong commitment and exhibition of ethics by insurance professionals.
“As incoming professional members of CIIG, our awareness and commitment to the ethical standards of our profession will make or unmake our profession and your professional practice. CIIG takes professional ethical behaviour of our members seriously, and does not hesitate to discipline members who do not adhere to our code of conduct and ethical standards.
“It is therefore key for all of us, especially our incoming members to go through this seminar to dedicate ourselves to our ethical standards and core values to promote the development of the insurance profession and practice to ensure the integrity of the insurance profession in Ghana, and enable insurance practice and services to conform to internationally accepted best practice,” he stated.
Speaking further at the event, Mr. Ben-Ahmed noted insurance in Ghana suffers the perception of being quick to collect premiums and slow on claims payment, with issues of trust and confidence in the services provided by insurance firms.
Mr. Ben-Ahmed’s assertion is corroborated by a study undertaken by the National Insurance Commission which notes that a sizeable number of the Ghanaian population (46.2 percent) holds the view that insurance companies in the country care more about monies paid to them in the form of premiums than actually helping insurance policy holders who have subscribed to one insurance product or the other.
Aside from those who hold the view that insurance companies care more about money than policy holders, another 43.7 percent believe insurance companies will always delay or make it difficult for their clients to make claims.
Per the report, most Ghanaians view their insurance providers with ambivalence (doubt), with the overriding perception of insurance companies being that they are very needed but not liked, relied on but not trusted.
Presently, insurance penetration in the country stands at a meagre 3 percent of Gross Domestic Product (GDP), with insurance coverage pegged at 44 percent of the population.
The incoming Fellows and Associates of the CIIG will, on Saturday, August 27, 2022, be inducted as new members of the CIIG.
