The Central Regional office of the National Insurance Commission (NIC) has underscored the importance of insurance for individuals, households and businesses, urging deliberate investments in insurance policies as security against probable future adversities.
Mrs Nicholina Adumuah, the Regional Head of NIC, intimated that insurance provided financial safety net and prepared people and businesses sufficiently against disasters.
Speaking in an interview with the Ghana News Agency (GNA) in Cape Coast, she insisted that insurance was not the preserve of the rich, but a necessity for every citizen.
She indicated that the insurance industry in Ghana offered guarantees in all areas including health, agriculture, transport, business, construction, and property, ensuring cover against fire, illnesses, drought, flood, road crashes among others.
“We believe that if everybody puts themselves into one form of insurance or the other, the insurance companies will definitely come to their support at the time of difficulties.
“For instance, fire accidents can be very devastating but insurance helps you back on your feet, and if your car is insured and you are involved in an accident, you will receive support,” she stated.
But for people who might have troubles with their insurers, she urged them to petition the NIC for resolution, underscoring the role of the Commission as the regulator.
Citing sections of the Insurance Act, Mrs Adumuah noted that some insurance policies were compulsory and failure to abide by them was punishable by law.
Such policies included insurance for fire disasters at commercial places like clubhouses, guesthouses, restaurants and eateries, hotels, and hostels as well as car insurance.
Offenders risked incarcerations and paying fines, she cautioned.
The Regional NIC boss entreated passengers of commercial vehicles to check if the cars they pick up had valid insurance using the shortcode *920*57.
In the Central Region, Mrs Adumuah observed a steady growth in the insurance sector but yearned for more.
She charged insurance companies to work to enhance public confidence in the insurance sector.
Source: GNA
