The Insurance Brokers Association of Ghana (IBAG), in line with its mandate to spread the knowledge of insurance and insurance broking, has declared its anniversary month of October as “Broker Awareness Month.”

According to the association, many Ghanaians are not aware of the value of buying insurance through an Insurance Broker, hence the need to create awareness as the only Trade Association and the mouthpiece of Insurance Brokers in Ghana.

In respect of the above, the leadership of IBAG has outlined several activities for this October, under the theme “The Insurance Broker, Your Gateway to Insurance” with the aim of reaching and educating various target groups on the role and relevance of Insurance Brokers in ensuring fair treatment, adequate cover at competitive rates, prompt settlement of claims and other benefits to the insurance consumer.

Activities for the Month

The campaign shall commence with interviews on selected radio stations in Greater Accra (namely, Joy FM, Adom FM, and Citi FM) as well as a month programme on TV from 11th October to 27th October, 2022.

There will be education on insurance and career opportunities in selected Senior High Schools in Greater Accra. Donations will also be made to the selected schools and prizes will be given to some students by the IBAG Delegation.

Again there will be presentations to various trade associations. IBAG representatives will also engage various trade Associations to educate them on the benefits of placing insurances through Insurance Brokers, amongst others.

Insurance penetration remains low

Insurance coverage and penetration remain low in Ghana, fueling the need for consumer education and public awareness creation in insurance.

Nevertheless, most of the insurance industry’s educational campaigns in the past, have focused on insurance in general and have paid little attention to promoting the role and relevance of Insurance Brokers.

As a result, the public has little knowledge about Insurance Brokers, whose role is to act on behalf of insurance consumers.