Vice President Mahamudu Bawumia has lauded the National Insurance Commission (NIC), for taking up the challenge to digitise its initiatives to meet changing trends and also make insurance more attractive and vibrant.
Speaking at a Cocktail organised by NIC in Accra, the Vice President said digitisation is very crucial in the insurance industry since it plays a key role in the programmes of government.
He noted that the Motor Insurance Database set to be rolled out by NIC, coupled with the Agricultural Insurance, will put the country’s industry in a strategic position to compete effectively.
Vice President Bawumia said even though the insurance industry has shown some growth over the past few years, expectations for the sector are yet to be fully met and Insurance companies counted among the active institutional investors on the Stock exchange in particular and the capital market in general.
He indicated that the introduction of Motor Insurance Database, for example, will help improve the number of insured vehicles on the road adding that the new insurance Bill will also contain provisions that will help improve the fortunes of the local marine and Group Life insurance businesses.
He further indicated that the draft national agricultural insurance policy when approved and implemented will provide an appropriate structure for the delivery of suitable, affordable and sustainable agricultural insurance products and services to farmers and agro-businesses.
He urged the NIC to collaborate with other industry players to deepen the digitisation process in the industry.
The Board Chairman of the National Insurance Commission, Ray Ankrah while highlighting some initiatives rolled out to improve insurance penetration in the country said industry players must endeavor to meet the minimum capital requirement of 125 million Ghana cedis by June 30, 2021 deadline.
Currently, the percentage of Ghanaians covered by an insurance policy stands at 30 percent. There is, therefore, the need for drastic and urgent steps to grow the industry.