The National Insurance Commission (NIC) , in partnership with some key stakeholders in the insurance industry, have initiated a sensitization program to increase insurance penetration amongst micro and small businesses in the country.
The sensitization program is part of efforts by the Commission aimed at bringing insurance closer to the door steps of these Micro and small Businesses by making it more attractive for clients to purchase the products.
Speaking in an interview with the Media during a “Micro and Small Business Clinic on Insurance” organized for business owners which was held in Techiman, the Bono East Regional capital, Mr. Michael Kofi Ando,h the Acting Commissioner of the National Insurance Commission (NIC) revealed that currently, insurance penetration in the country is estimated at 44.6%.
He said Ghana is targeting to achieve insurance inclusivity especially to all Micro, Small and Medium Enterprises operating in the country.
According to him, insurance policies are mostly designed in ways that do not suit the needs of workers in the private sector although they constitute the majority of the country’s working force hence the sensitization program.
“Those in the informal sector are more than government workers, per the records only 12% of the working population in Ghana are in the formal sector and 88% of them are in the private or informal sector.
“Looking at the structure of our insurance, it seems it has been designed for only those working in the formal sector and that in a way is preventing those in the informal sector to enroll on our insurance policies but the insurance packages do not suit them.
“So the National Insurance Commission has put measures in place to enroll those in the private sector on the Nationals Insurance Scheme by tailoring out policies that will meet their needs.
“Firstly, we trained the various insurance companies in the country to formulate insurance products that will suit the needs and expectations of workers in the informal sector.
“Secondly, we will be organizing a series of training sessions for those in the informal sector about the risks they face in their line of duty and how best insurance can help them to secure their future.
“We are done with the training of insurance companies and we are now on the training for those in the micro and small businesses in the informal sector and connect them to licensed insurance companies. He said
The acting NIC Boss used the opportunity to explain how Small Business Owners can benefit from the right insurance policies, while assuring that the insurance regulator [NIC] will step up public education on how insurance claims are processed.
He therefore urged all MSMEs to get the appropriate insurance policies to protect their Businesses.
“We will train them on the processes they will have to go through to claim their benefits, by doing so, they will know if the insurance companies want to deprive them of their benefits.
“We will also train them on the various procedures they will have to pass through to lodge a complaint, so should the unfortunate happens and an insurance company wants to deprive them of their benefits, they will know the right channel to lodge their complaint
“We have really put in a lot of effort in this initiative and we believe that by the end of the exercise, those working in the informal sector will understand the importance of buying insurance and they will actually buy as many as they want.” He told reporters.
Some Business Owners who participated in the Workshop also shared their perspectives on their purchase or decline of insurance policies, including their understanding of and receptivity to insurance.
Source: Elvisanokyenews.com / Nana Kwadwo Adu
