Players in the insurance sector last week gathered at the 2022 Chartered Insurance Institute of Ghana’s (CIIG) Educational Conference to deliberate on the impact of the country’s rising inflation on insurance premiums and how the industry can sustain the value of their clients in the face of it.

The annual conference among other things sought to ensure that practitioners look at the impact of inflation on the insurance business from the perspectives of Life Insurance, General Insurance, Health and Pensions.

The conference was also to identify challenges hampering the growth of the industry and map up strategies to sustain client value in the current economic challenges.

Speaking to the media at the closing ceremony of the conference, the President of CIIG, Mr Tawiah Ben-Ahmed said insurance companies existed because of their clients, hence the need to dedicate the 2022 conference to how they could sustain value for clients.

“We have come here as Insurance practitioners to assess the impact of this rising inflation on insurance premiums and cover amounts and how we can sustain value to the clients we serve because we exist because of our clients. If you look at the economic environment today, as at October, inflation is said to be about 40.4 percent. Same period last year Inflation was 11 percent.

“So if the benefit we pay suffer inflation then we need to rethink and find out how we can sustain client value; that’s why we are here”, he explained. 

Mr Ben-Ahmed also added that the annual educational conference provided a perfect platform for Insurance professionals to come together to learn, unlearn and relearn.

He said this would help the industry serve the good people of Ghana very well.

Engendering trust 

In his address, the Commissioner of Insurance, Dr Justice Ofori who chaired the event urged insurance professionals to live above reproach in ensuring that clients get value for their money. 

This, he said, would further engender the trust in the industry.

The Guest Speaker, Mr Gustav Siale who is a former Managing Director of Ghana Re Insurance Plc, for his part also admonished the young professionals to be more diligent in the discharge of their duties as insurers. 

“The future of the industry is in your hands. The momentum in building a strong and enviable institution which we can now see, which is evident should not be allowed to flack but the flames must be fanned,” he stated.

Demonstrate professionalism 

Lawyer and Veteran Insurance Practitioner, Mr. Larry Jiagge, in a presentation also emphasized the need for insurance professionals in the country to demonstrate professionalism, Integrity and Excellence in the discharge of their duties. 

He presented a paper analyzing a recent judgement in a case where the insurer was made to pay the full sum insured in tandem with the premium paid.

Mr Jiagge admonished practitioners to honour their promise by paying legitimate claims promptly and in tandem with the premium received at the inception of an insurance contract.