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    World Trade Centre Accra Accra announces partnership with Altkom Akademia to offer professional education in Africa

    Ghana has the 4th cheapest average cost of internet in Africa – Statista

    Africa’s internet economy to cross $180 billion by 2025: Report

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    African Finance Ministers tasked to allocate more resources into education sector

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    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

    E-Levy is an overhyped revenue generation measure – Seth Terkper

    Leverage crises to improve fortunes of continent – Ofosu-Dorte

    Unilever Ghana PLC remains upbeat about future growth prospects

    Citi Business Festival enters final week; forum on agribusiness comes off today

    BoG must enforce regulations on informal forex trading – Prof. Quartey

    DBG will mirror KfW’s successful banking model to benefit SMEs

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Africa’s internet economy to cross $180 billion by 2025: Report

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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COVID-19 slows down selling of Life Insurance policies – NIC

byNerteley Nettey
May 4, 2020
in Local Economy, Top Stories
Deputy Commissioner at NIC, Michael Kofi Andoh.

Deputy Commissioner at NIC, Michael Kofi Andoh.

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Ghana’s Insurance sector has taken some hit due to the novel Coronavirus pandemic, specifically life insurance.

According to the National Insurance Commission, this could significantly affect Ghana’s insurance penetration and insurance companies.

Speaking to Citi Business News, a Deputy Director of the NIC, Mr. Michael Kofi Andoh, explained that, because life insurance policies are mostly sold physically to the public, the three-week partial lockdown and the subsequent restrictions on movement has slowed down business.

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This means, Ghana’s insurance penetration which is still around 2% may not witness an increase if the situation persists for a while longer.

“There are some expected or assumed cases but because we don’t have the figures now, we don’t know exactly to what extent. We are expecting that especially the life side will be hit a little bit harder because life is usually sold by agents. An analysis of our distribution channel tells us that about 65% of life businesses is sold by agents and so when you have this lockdown, and social distancing, you have businesses slowing down because insurance is sold and not bought.”

“…So, when you cannot get close to people and sell to them then it’s going to affect the business. So, we are expecting that both life and non-life will be impacted, but because the day to day selling goes more with the life we are expecting that the life will be hit harder than non-life,” he said.

Following the outbreak of the novel Coronavirus in the country, different sectors of the economy have been affected with several job losses envisaged.

While everyone is concerned about public health, insurance companies will also have to deal with other unique and direct impact of this outbreak. These includes increase in travel claims, business interruption claims and loss of revenue.

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Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

E-Levy is an overhyped revenue generation measure – Seth Terkper

Leverage crises to improve fortunes of continent – Ofosu-Dorte

African Finance Ministers tasked to allocate more resources into education sector

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