Justice Yaw Ofori

Commissioner of Insurance, Justice Ofori, has charged insurance companies and banks to chart a new path that will promote bancassurance in the country.

This according to him will help improve the insurance penetration from its current low rate.

The commissioner noted that, although bancassurance has contributed about 10% to the insurance growth in Ghana, there is the need for development of new products.

Speaking at the launch of a bancassurance partnership between Cal Bank and Saham Insurance, Mr. Justice Ofori said “the National Insurance Commission is ready to support any innovation that will improve insurance coverage in the country and we are solidly behind the banks and insurance companies with any good bancassurance product.”

“Today, the bancassurance distribution channel accounts for approximately 10% of annual insurance premiums payment” he noted.

Explaining further, he said “ the commission is supportive of bancassurance products as it has many years ago and we believe that it will improve the penetration level if technology is introduced into such products.”

The newly unveiled partnership by Cal Bank and Saham Insurance will serve as a vehicle for the improvement of insurance penetration in the country.

This is due to the role the bank will be playing in getting its customers to buy an insurance product from Saham.