The Global Economic Challenges present the insurance industry with opportunities for growth; that’s according to the Bono Regional Minister, Justina Owusu-Banahene.

According to her, there is the need for insurers to take stock of their past performance and achievements as well as reflect on key challenges identified to enable them collectively chart the way forward for further development as a group of insurance companies and brokers.

Delivering the keynote address at the Opening Ceremony of the 8th Insurance Brokers Association of Ghana (IBAG) Educational Conference and Exhibition in Sunyani, she said, “I am optimistic that economic downturn does not only present insurers with challenges but also with opportunities which the industry could harness to its advantage.”

The Regional Minister added, “Insurance is meant to provide financial security in times of disaster, thus, the time may be right for the public to see the value in insurance.”

Justina Owusu-Banahene believes insurers, brokers and the regulator (NIC) must work together to ensure that claims processes are enhanced and effectively communicated to policyholders.

She reiterated calls for prompt payment of genuine claims.

“Due to the economic challenges, the swiftness of insurance companies in settling claims could lead to heightened customer satisfaction and as a result, reinforce the need for insurance.” She said.

Domestic Debt Exchange

The Commission of Insurance at the National Insurance Commission (NIC), Professor Justice Ofori, for his part, reiterated his outfit’s commitment to sustaining the industry through what he describes as ‘regulatory forebearances’ as a result of the effects of the Domestic Debt Exchange Programme.

“The NIC has put together regulatory forebearances to mitigate the impact of the Domestic Debt Exchange Programme on regulated entities which is a key factor to restore economic stability and growth.” He said.

According to him, “the objective is to present an opportunity for a stronger bounce back.”

He however admonished brokers to be mindful of the reduction in the level of public confidence in the economy and the insurance sector as they play advisory role for the public.