Chartered Insurance Ladies Association of Ghana has turned focus to instill integrity in its members as a way of increasing insurance penetration in the country.
Bank of Ghana’s Financial Stability Review 2019 shows from December 2014 to December 2019 insurance penetration, which is defined as premium income to Gross Domestic Product (GDP) has remained relatively stable at about 1%.
This is after increases in premium income. CILAG attributed this to lack of trust in the industry.
Project Officer of the Association, Nana Adwoa Serwaa Addo believes there should be a deliberate attempt to improve trust by ensuring integrity in industry players.
“So we believe integrity is key to win the trust and since women act right in most cases we have come together as chartered ladies playing key roles in the industry to execute our duties with all professionalism and integrity”, she explains how the group intends to improve trust.
The low level of insurance penetration suggests that the insurance industry has significant room to grow.
For this reason, the association believes the industry holds job opportunities for women, hence the need to whip up interest.
“This is first to encourage up and coming ladies to aim at professionalism by learning to charter and then training them by the activities of the group to attach integrity”, she added.
Meanwhile, the group has supported the King Jesus Orphanage in Kumasi with food items and sanitary wares worth thousands of cedis.
It is part of social responsibility the group has taken up to help build communities.
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