Players in the country’s insurance sector are calling for the enforcement of the “compulsory insurance for commercial properties”.
Their call follows the recent fire that gutted the Odorna market on the 17th of January,2019.
Some occupants of the market lost their goods running into thousands of Ghana cedis.
Ghana’s insurance industry however continues to record slow growth with just about 2 percent penetration in the financial sector.
This comes after insurance companies have in recent years developed packages for various classes of products for the public.
These packages include; coverage for disasters such as fires and floods.
Despite the various insurance packages traders continue to lose their investments in these disasters due to failure to insure them
Citi Business News spoke to some of to find out why they have not insured their goods.
“We do insure our businesses but we believe the insurance companies are not always honest with us because they consider us to be illiterates. They come here advertising their products and later on when you need them, their story changes”
“What I want now is for government to pay attention to the market women and traders so that there will be enough transparency in our dealings with them”, one trader said”.
Another by name Kofi said traders like himself are willing to ensure their businesses but are unable to upon the refusal of some insurance companies because of the structures in which they operate.
“I want to insure my goods but I have been told by three different insurance companies that they do not insure wooden structure such as the one I operate from”.
In an interview with Citi Business News, General Manager of RegencyNem Insurance Ghana, Lawrence Busola Omoya said the insurance Act of 2006, Act 742 which makes provision for the compulsory insurance of commercial buildings both under construction and completed should be enforced.
“Government should ensure that the law which makes it compulsory for commercial buildings to be insured must be enforced this is the only way to prevent the loss of property in the event of a disaster”.
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By: Anita Arthur/citibusinesnews.com/Ghana