Deputy Volta Regional Minister, Colonel Cyril Necku, (rtd), has scolded the insurance industry for poor returns on premiums, delays in processing claims and murky, confusing policy details. According to the deputy minister, insurance claims paid for his burnt brand new car was just enough to buy him two tyres, contrary to his expectation that claims for a vehicle under comprehensive insurance cover should be enough to replace the lost one. This follows complains by participants who attended a public lecture to mark the Insurance Awareness Month in the Volta Region. The complains, however, brought insurance executives present to their feet, conceding that participants’ assertions were right. President of the Ghana Insurers Association (GIA) Mr Richard Yoa Fenuku-Doamekpor, and Col Necku both called for immediate improvement in the insurance business in the country. Mr Fenuku-Doamekpor also pointed out that the challenge is huge and, therefore, the need for all in insurance to brace up, build confidence and trust in policy holders and stop premium undercutting. He particularly urged the media to help raise the stake of the insurance business in Ghana for national development. Mr Fenuku-Doamekpor further revealed that the developed world raises a lot of money from the insurance business and that Ghana must do the same. On his part, Col. Necku said Ghana must accumulate funds to invest in crucial areas, noting, that the business of insurance "is a positive catalyst in the investment process". "It is, therefore, not out of place to examine the performance of the insurance industry vis-à-vis the socio-economic and political climate of our country and offer appropriate suggestions for improvement". Source: GNA