Reach out to the informal sector-President

THE President, Prof. J.E.A. Mills, has advised the captains in the insurance industry to reach out to the informal sector where businesses urgently need insurance policies to protect themselves from unforeseen circumstances.
Prof. Mills said insurance could keep low-income families from falling below the poverty line in the event of calamities.
President Mills gave the advice at the inauguration of a multi-purpose corporate head office for the Ghana Life Insurance Company Limited in Accra.
The President, whose speech was read on his behalf by a Deputy Minister of Finance and Economic Planning, Mr Fifi Kweytey, commended the insurance industry for been a reliable partner for national development.
Prof. Mills said the introduction of the insurance laws by the government was aimed at ensuring adequate capitalisation of insurance companies, improving corporate governance and ensuring adequate protection of policy holders, among other things.
Additionally, the President said the rationale for the separation of life insurance from non-life insurance was to make the mobilisation of funds for effective long-term national development possible.
He urged the players in the insurance industry to design products that were simple, easy to understand and easily accessible to bring on board the large portion of the population who did not appreciate the inherent benefits of insurance to do so.
Prof. Mills also commended the management and staff of Ghana Life Insurance Company for their remarkable effort in revamping the company to regain its position in the life insurance industry.
“In recognition of the support of the insurance industry, government has also put in place measures to ensure the smooth operation of the industry,” he said.
In his address, the Chairman of the company, Ing Cyril Ajagu, said the company had introduced onto the Ghanaian market tailor-made products that were targeted at all segments of the society to assist in the economic well-being of the policy holders.
Ing Ajagu said insurance policies were to enable those within the informal sector to have something they could depend on during difficult times.
“The repositioning of Ghana Life Insurance, therefore, is to make life comfortable for Ghanaians when the need be,” he added.
To achieve that objective, the chairman hinted that the company was setting up a robust and modern Information and Communication Technology (ICT) system to help them to deliver a timeous and quality service to its policy holders.
Ing Ajagu said as part of the revamping process, “we have brought on board seasoned professionals who will drive the vision of the company”.
Ing Ajagu, who is also the President of Conau Nigeria Limited, a majority shareholder of Ghana Life Insurance, said the vision was to make the company the most prominent life insurance company in Ghana and a leading global player by the year 2015.
For his part, Mr Kofi Andoh of the Insurance Commission said the life assurance industry in Ghana had seen a tremendous growth in the past partly due to the improvement in the macroeconomic environment and the emergence of appropriate products on the market.