The National Insurance Commission (NIC) has assured of continued efforts to increase insurance penetration in the country in 2022.
According to the NIC, even though insurance is one of the most important sectors in the economy, it has not recorded the needed patronage it deserves.
Speaking on behalf of the Commissioner of Insurance at the 20th Anniversary Thanksgiving Service of Enterprise Life in Accra, Head of Supervision at the NIC, Stella Jonah, urged financial institutions to develop innovative packages in order to rope in more Ghanaians to sign up for insurance policies.
“Life Insurance has evolved over the years and has gone through several phases of growth. The advent of digitalization, innovation and recently, green insurance have also presented a whole new set of market challenges and customer demands. Throw in trying to meet the needs and demands of clients while staying compliant with regulatory requirements into the mix, and things can get complex.”
“Our market has responded to the above with enhanced product offerings, innovative ways of insurance management and technological support, and Enterprise Life has played a commendable role in this ongoing insurance revolution. The Commission will continue to introduce and implement policies in her bid to build a strong and sustainable insurance market and we look forward to the future of the insurance sector,” she said.
The rate of insurance penetration, defined as gross premium over Gross Domestic Product (GDP) has remained relatively stable at 1% over the last five years, according to the Bank of Ghana’s Financial Stability Review 2020 report.
Also, the National Insurance Company (NIC) commended Enterprise Life for its role in the ongoing insurance revolution.
20th Anniversary Thanksgiving Service of Enterprise Life
The Thanksgiving service which was held as part efforts to appreciate God for all the guidance and support throughout the year, 2021, saw staff of Enterprise Life and insurance partners clad in white dresses sing and dance in an exciting and jubilant service.
Delivering the sermon on the theme: “For Thou Art, Me”, Senior Pastor of the Morning Star Cathedral, Lighthouse Chapel International, Kakra Baiden stressed the importance of Thanksgiving and called for all to make the expression of thanksgiving an integral part of their lives in order to attract the blessings of the world.
He urged the staff and management to make the expression of thanksgiving an integral part of their lives in order to attract the blessings of the world.
Prophet Kakra Baiden also charged the staff to read their Bibles and pray without ceasing if they want to succeed in 2022.
Enterprise Life also rewarded its long service staff as part of the occasion.