President urges insurance industry to promote suitable agricultural policies

Presidents Nana Addo Dankwa Akufo-Addo has urged the insurance industry to promote suitable and affordable agricultural policies to support and improve the growth of both commercial and smallholder farming.  

He said since 2017, significant steps had been taken to strengthen the insurance sector, including the passage of the Insurance Act, 2021, to enhance regulatory supervision and innovation.

The President also said that new minimum capital requirements had been implemented, resulting in quadrupling the industry's gross written premium from GH¢2.4 billion in 2017, to GH¢8.1 billion in 2023, and a growth in total assets from GH¢5.4 billion to GH¢15.1 billion.

He, however, said that despite these developments, insurance penetration remained at one per cent, although coverage had increased from 29 per cent in 2016, to 44 per cent in 2022.

This was contained in a speech read on behalf of the President by the Chief of Staff, Akosua Frema Osei-Opare, at a grand ball in Accra to climax Enterprise Insurance’s centenary anniversary celebration. It was on the theme: “Celebrating our legacy, securing your future.”

In attendance were the Executive Secretary at the Presidency, Nana Bediatuo Asante; the acting Commissioner of the National Insurance Commission (NIC), Michael Andoh; the Board Chairman of Enterprise Group Plc, Keli Gadzekpo, and former Finance Minister, Ken Ofori-Atta. 

Also present were members of the diplomatic corps, industry leaders and other stakeholders.

Inclusiveness

President Akufo-Addo further said that “since the majority of citizens work in the informal sector, the insurance industry must champion products that enable access to appropriate and affordable insurance to the financially excluded, under-served, informal sector operators, especially micro and small business enterprises”.

He urged Enterprise Insurance and partners to address challenges posed by climate change and design products to protect people from losses and damages.

“Looking forward, the future holds both opportunities and challenges. Our economy is poised for significant growth, and with it comes an increased demand for innovative and inclusive insurance solutions.

“I urge Enterprise Insurance to continue with its pioneering spirit, embrace new technologies, develop solutions that meet the evolving needs of our communities and remain a leader in the industry,” the President added.

Mr Andoh said his outfit was making efforts to promote international standards and best practices to improve the capacity of the industry. Additionally, he said the commission had developed frameworks to enable it to identify and mitigate major emerging risks such as climate change and cyber risks to significantly improve efficiency, resilience and sustainable profitability of the industry.

Transformation

The Chief Executive Officer of Enterprise Group PLC, Daniel Larbi-Tieku, highlighted the company's transformation through innovation and commitment which, he said, was positively impacting customers' lives.

"From the blueprint set by Enterprise Insurance, we have expanded into a formidable group, leading across various sectors. Our legacy is deeply intertwined with our commitment to innovation and excellence,” he said.

“We are excited about the opportunities that lie ahead. As the digital age accelerates, we are embracing new technologies to enhance our services and deepen our engagement with customers,” he said.

For her part, the Managing Director of Enterprise Insurance, Akosua Ansah-Antwi, emphasised the impact of regulatory changes on the industry, particularly the global shift towards stricter data protection laws and ethical standards.

She said Enterprise Insurance was committed to leading in compliance and ensuring their practices exceeded both regulatory and policyholder expectations.

“We are strategically positioned to develop insurance products to address emerging needs, and ensuring that we stay relevant and essential to our customers' changing lifestyles,” Mrs Ansah-Antwi added.