Road accidents can impose significant financial burdens on insurance companies due to the costs associated with vehicle repairs, medical expenses, legal fees, and potential liability claims.
The Digital Marketer for Priority Insurance Company Limited, Samuel Kwame Boadu has revealed that even though insurance companies in Ghana take a premium for providing cover for vehicles in case of legitimate liabilities the increasing road fatalities are putting financial burden on insurance companies.
Increasing road accidents have a significant economic cost on the insurance industry in Ghana as insurers are paying huge amounts of monies in claims resulting from these accidents and the overall impact on families, which I am a strong believer of “life cannot be compensated for”.
Samuel Kwame Boadu, Founder of SamBoad Business Group Limited, the Digital Marketing Firm responsible for Priority Insurance Company’s Digitalization said this at a discussion on the impact of Road Accidents in Ghana during the Priority Insurance’s Agents Awards.
The National Road Safety statistics indicated that between January and May 2022, the country experienced 6,472 road crashes, resulting in 6,620 injuries and 1,140 deaths.
On the categories of vehicles involved, the data shows that 4,873 private cars representing 44.88 per cent; 3,669 commercial vehicles, representing 33.79 per cent; and 2,316 motorcycles, representing 21.33 per cent were involved in road accidents.
The National Road Safety data also identified Greater Accra with 2,735, Ashanti with 1,496 and Eastern with 709 as the three top Regions with the highest number of road crashes between January and May 2022
Samuel Kwame Boadu highlighted that the increasing number of road accidents can be reduced if Road Safety education can be more on media platforms and improved by both the National Insurance Commission and the Ministry of Roads and Highways.
He continued by stating that he is extremely happy that Priority Insurance Company Limited, led by Mr. Matthew Aidoo ( Managing Director) and Mr. Abubakar Salifu Godmar (Head of Marketing and Business Development) is taking a leadership role to reduce the cause of road safety through seminars and partnerships with Station Masters to educate their station members.
Samuel Kwame Boadu during the conversation also debunked the notion that some insurance companies unfairly rip off their clients, stating that most of these issues were based on a misunderstanding of the type of insurance policy cover provided by some field agents.
He added that it is very important for potential clients to understand clearly, the terms and conditions of the insurance cover they purchase so they would be compensated appropriately based on the cover.
He said Priority Insurance Company Limited is one insurance company that pays its claims in a timeous manner, explaining that the National Insurance Commission, which supervises, regulates and controls the business of insurance in the country, regulates insurance companies.
He, therefore, advised persons whose legitimate claims were repudiated by any insurance company to seek appropriate redress through the Commission.
