The National Insurance Commission (NIC) has begun moves which could see insurance companies explore the possibility of selling their products through rural banks.

The commission has joined hands with the German Development Corporation (GTZ) to train officials of insurance companies to develop simplified insurance products for the market.

Currently, only 3 per cent of the population access insurance products in the country.

The NIC is however hopeful this initiative would help increase insurance penetration in the country.

“Micro-Finance institutions and the rural banks are very good channels for selling insurance to the low-income and rural population,” Mr Josephine Amoah is the Commissioner of NIC said.

He said the move would also ensure that insurance does not become a preserve for the rich and high-income earners.

A similar move has seen some insurance companies partnering banks to sell a similar move has seen some insurance companies partnering banks to sell their product in what they call Banc Assurance.

Meanwhile the NIC says it is taking steps to ensure that all commercial and public establishments take up insurance policies to cover people who visit their premise.

Under the current insurance laws owners of commercial buildings under construction and public places are supposed to be insured. However it appears most owners of these buildings are flouting the law.

Source: Joy Business/Myjoyonline.com/Ghana

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