The Komenda College of Education has emerged winner of the first-ever National Insurance Debate that was held in Accra last Wednesday.
Sixteen Insurance Awareness Clubs were selected nationwide to participate in the debate’s maiden edition from November 4th-5th, 2022 at the Kwame Nkrumah University of Science and Technology and University of Cape Coast, where Komenda College of Education from Cape Coast and St. John Bosco’s College of Education from Navrongo battled to the finals.
These clubs were formed as part of the ‘Think Future Think Insurance’ educational campaign.
The debate was centred on the topic ‘The recently passed Insurance Act 2021 (Act 1061) is a panacea for the low Insurance penetration and coverage in Ghana’. Komenda College of Education spoke against the motion while St. John Bosco’s College of Education spoke for it.
Komenda College of Education came first, winning by 85.3 points; and St John Bosco’s College of Education was second with 71.6 points.
The event-winner walked away with souvenirs from all sponsors and also a cash prize of GH¢3,500 and a trophy, while the runner-up took home souvenirs and GH¢2,000.
The debate was honoured with by presence of the National Science and Math quiz moderator, Elsie Effah Kaufmann.
Addressing the audience, Mr. Michael Lamptey – a representative from the Ministry of Finance, indicated that the programme seeks to increase the knowledge of tertiary students in insurance; clear misconceptions concerning insurance; and empower students to become agents of change within their communities.
“The 2021 demand survey report seeks to, among others, highlight the level of access to financial products and services used by financially-included individuals – and indicates that 68 percent of the adult population have health insurance coverage against 4 percent for life insurance; 3 percent for pension; 2 percent for accident and 1 percent coverage each for third party, comprehensive vehicle, property damage and education insurance,” he revealed.
One of the judges, Mr. Samuel Kyeremanten, Head of National Sales-SIC Life, also listed some key strategic measures that need to be put in place to encourage people to get involved with insurance. He mentioned public awareness/education and innovative products as among the measures to match the various market segments.
“The channel of distribution should be made easier. We should be able to pick up our phones and buy insurance,” he said.
The debate was sponsored by Ayo, DONEWELL Insurance Company, Starlife Insurance, SICLife, National Insurance Company, IBAG, KEK Insurance Brokers Ltd., IACG and Giz, among others.