The Commissioner for the National Insurance Commission (NIC), Lydia Lariba Bawa has attributed the low insurance penetration in the country on the lack of suitable products needed by Ghanaians to improve their livelihoods.
According to her, insurance penetration in the country can largely be improved if companies are able to meet the needs of Ghanaians.
Insurance for the year 2016 stood at 500 million dollars, contributing a little over 1% to the nation’s Gross Domestic Product.
Lydia Larbi Bawa who was spoke at the launch of Bancassurance products by GCB Bank and Star Life Assurance said financial institutions should develop innovative packages in order to rope in more Ghanaians to sign up for insurance policies.
“First of all we lack suitable products designed to help the average Ghanaian mitigate the risks they face in their day to day lives. Also, we need to improve on the value of insurance as there is the need to delight the customer right from the point of need to the point of sale. But more importantly we need to invent innovative, suitable and cost effective products for the consumer,” she remarked.
GCB Bank in collaboration with Star Life Assurance have launched The Child Education Plan, Wealth Master Plan and Home Call Plan.
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By: Anita Arthur/citibusinessnews.com/Gh