Friday, 19 July

NIC to set up steering committee for smooth implementation of inclusive insurance

Business
Mr Micheal Kofi Andoh

The National Insurance Commission (NIC) has announced the formation of a steering committee composed of key stakeholders to implement an inclusive insurance initiative aimed at reaching underserved populations in Ghana.

 The committee will include representatives from the Ministry of Finance, Ministry of Agriculture, National Health Insurance Authority, Social Security and National Insurance Trust (SSNIT), and the National Pensions Regulatory Authority among others.

Mr. Michael Kofi Andoh, Commissioner of the NIC, made this announcement during the closing remarks at a two-day workshop focused on Legal and Regulatory Review and Capacity Building, held in the Eastern Region.

The workshop was supported by the United Nations Development Programme's Insurance and Risk Finance Facility (UNDP IRFF).

"The steering committee will ensure the smooth implementation of inclusive insurance in the country, addressing the needs of the underserved and enhancing insurance penetration in Ghana," Mr. Andoh stated.

He assured that the stakeholders will work collaboratively to make insurance more inclusive across the country.

Mr. Andoh emphasized that the next phase of inclusive insurance should focus on microfinance insurance, aligning with the objectives of inclusive insurance.

He also highlighted the NIC's commitment to prioritizing the workshop's recommendations by establishing a secretariat to manage the implementation of these measures and influence policy effectively.

 He thanked the stakeholders for their involvement in reviewing the policy on inclusive insurance.

Ms. Amina Sammo, the UNDP IRFF Representative, underscored the workshop's importance in advancing Ghana's insurance sector.

 "The insurance sector is crucial for promoting economic stability and resilience.

 It provides a safety net that enables individuals, businesses, and governments to recover from adverse events and invest confidently in our futures," she stated.

The workshop focused on three key objectives:

Legal and Regulatory Review: Modernizing the Ghana Insurance Act 1061 to align with international best practices, fostering a more competitive and resilient insurance market. Capacity Building: Enhancing the skills and knowledge of stakeholders through training sessions and knowledge-sharing activities, equipping industry professionals to navigate the evolving insurance landscape and drive innovation. Development of an Inclusive Strategy and Roadmap: Creating a comprehensive and inclusive insurance regulatory strategy that addresses the needs of all Ghanaians, particularly underserved and vulnerable populations.

Ms. Sammo emphasized the necessity of reviewing the Insurance Act to ensure that the regulatory environment remains relevant and resilient amid evolving challenges.

 

Ms. Sammo highlighted the importance of collaboration and the insurance sector's role in economic development, reaffirming the commitment to advancing the sector for the benefit of all Ghanaians.

Source: Classfmonline.com/Cecil Mensah