Cape coast: The National Insurance Commission (NIC) on Thursday morning orchestrated a pioneering street insurance campaign within the Cape Coast Metropolis to raise public awareness and adoption of insurance products. The initiative aligns with NIC’s ongoing efforts to develop tailored insurance offerings that address the unique needs of diverse workers across both formal and informal sectors.
According to Ghana News Agency, the objective is to transcend the notion of insurance as a mere privilege for salaried employees, transforming it into a practical instrument accessible to all strata of society. The campaign also aimed to tackle the nation’s alarmingly low insurance penetration rate, which currently languishes at a mere fraction of Gross Domestic Product.
The event witnessed enthusiastic participation from all leading insurance firms, whose representatives, attired in branded NIC Lacoste apparel, distributed flyers and engaged the public regarding the benefits and extensive array of available insurance policies. The procession commenced at the University of Cape Coast taxi station in Abura, traversed through the Abura main market, and culminated at Kotokuraba.
Dr. Kingsley Kwesi Kwabahson, the Chief Executive Officer of the Ghana Insurers Association, in an interview with the Ghana News Agency, urged the public to adopt proactive measures to safeguard themselves against unforeseen risks and losses. He underscored the significance of the street insurance campaigns as pivotal in fostering inclusive insurance, particularly for the informal sector, which constitutes approximately 80 percent of Ghana’s workforce.
He highlighted that many individuals within this sector, including petty traders, farmers, and artisans, traditionally faced impediments in accessing insurance due to structural and informational barriers. By bringing insurance education directly to the streets, the NIC and its partners aspire to demystify the concept of insurance, rendering it more accessible and pertinent to the daily lives of Ghanaians.
Dr. Kwabahson also addressed prevalent public misconceptions that insurance companies were quick to collect premiums yet reluctant to settle claims. He clarified that insurers in Ghana disburse millions daily in claims, though this rarely garners media attention.
Addressing the media before the exercise, Mrs. Nicholina Naa Yeye Adumuah, the Central Regional Head of NIC, urged individuals and institutions to prioritize insurance as an essential means of providing financial protection against unforeseen events, such as accidents, natural disasters, health emergencies, or property damage. She advised engaging with licensed insurance agents and cautioned against unverified or unauthorized agents.