The Young African For Opportunities (YAFO), an insurance think tank based in Accra, has launched the 2022 exploratory report on motor vehicle insurance experience in Ghana.
The ‘Driver Mo’ report was based on exclusive research based on vehicle insurance advocacy in Ghana.
The report is also aimed at stopping alleged police harassment of drivers, and igniting behavioral driver changes by advocating for better vehicle insurance policies that are market-driven and responsive to the needs of drivers.
Mr. Nathaniel Dwamena, YAFO Project Lead, told the Ghana News Agency that the report would help transform the motor vehicle insurance industry in the country.
The YAFO Founder identified administrative bottlenecks, illiteracy rates among the clients, and the insurance companies as major hindrances to insurance penetration that needed to be addressed so as to make insurance policies and packages better in the country.
He also called for relentless public advocacy to generate public interest in the insurance industry.
Mr. Charles Ansong Denkyi, a Senior Manager in charge of Marketing and External Relations at the National Insurance Commission (NIC), outlined the complaint procedure of the commission which included the writing of a formal letter addressed to the Commissioner of Insurance or a call personally at the offices of the Commission.
He said the petition should state briefly the reasons for the complaint, and be attached with copies of the Police report, Medical report, and two passport-size photographs authenticated by a medical officer in the case of a motor claim.
Mr. Denkyi noted that a Letter of Administration in a claim on behalf of a deceased must also be attached to the petition.
He said any communication between the complainant and the insurance company concerned, all other areas of complaint must be accompanied by the relevant documents.
On the type of companies, Mr. Denkyi noted that as of March 2021, the insurance industry was made up of 27 Non-Life companies, 21 Life companies, three Reinsurance companies, 116 Broking companies, five Reinsurance Brokers, one Reinsurance Contact Office, and 12,500 insurance agents.
He explained the main classes of Non-Life business including fire burglary, property damage, accident, marine and aviation, motor, and general liability; while the main classes of Life products focused on universal life, funeral, whole life, endowment, term, and group life.
Mr. Denkyi said the NIC, among other things, was committed to ensuring that insurance companies operating in the Ghanaian Market were financially sound and honorable in their obligations towards policyholders.
“The NIC’s ultimate objective is to establish an efficient, fair, safe and stable Insurance Market, which promotes healthy competition and growth in the interests of policyholders for the benefit of all.
“When that state of affairs is attained in the Ghana Insurance Market, it could be said that insurance service delivery in Ghana has reached a level where it can be easily integrated into the Global Financial Services Sector,” he said.
Mr. Denkyi emphasized that “the NIC believes that one way of developing transparency in the Ghana Insurance Market is to increase public awareness about insurance issues and the operations of the NIC.”
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