‘Intensify public education on insurance’

The Managing Director of Equity Assurance, Mr Prince Adeyemi Adetuwo, has called for intensive public education on the need for people to sign on to insurance policies.

This, he says, is necessary because perceived challenges have now been improved with respect to claims payment.

According to him, gone were the days when claims payment was an issue and people found it difficult to insure their properties.

“Ghana is an emerging market and there are so many areas of growth. I believe that there should be a deeper penetration of the insurance market in Ghana. People in this part of the world consider insurance as secondary. People do not take insurance seriously. Even when the insurance legislations are compulsory, people still cut corners.

Insurance companies will need to engage in more education because of the general perception about the industry,” he said in an interview with the Daily Graphic.

Mr Adetuwo further stated: “We need to reach out to the people more through publicity campaigns about the essence of insurance and let people know that insurance is not what it used to be. Insurance is rapidly changing and people must be made aware.”

Insurance penetration is currently estimated around two per cent, something industry players have called for concerted efforts to improve over the years.

He also called on the regulator of the insurance industry in Ghana, the National Insurance Commission (NIC) to spearhead the enforcement of various fire insurance legislations, particularly the compulsory fire insurance for commercial buildings.

“There are some laws concerning insurance and one is that there should be compulsory fire insurance for commercial buildings. As a regulator, the NIC should liaise with the Ghana Fire Service, the Ghana Insurers Association (GIA) and all the industry players to make sure that the laws are enforced,” he said.

Equity Assurance at 7

Equity Assurance started operations in Ghana in 2008. It recently marked its seventh anniversary and has recorded steady growth over the years, an achievement Mr Adetuwo attributed largely to God and its dedicated staff.

“Customers should expect more quality services from us. We are going to maintain the tempo of our customer service. The primary purpose of being in business is to pay claims; if you are unable to do that, then you are not fit to be in business,” he said.

The company currently has six branches and agency offices all over the country and hopes to open more retail outlets in the coming year.
Equity assurance Limited is the Ghanaian subsidiary of Equity Assurance Plc of Nigeria.

For the full interview with Mr Adeyemi Adetuwo, please grab a copy of today’s Graphic Business at the nearest news-stand.