The National Insurance Commission (NIC) has allayed fears that the decline in insurance penetration rate will hurt the sector.

According to the Commission’s 2018 report, the sector’s penetration rate dropped from 1.12 per cent to 1% - a situation the NIC attributed to the rebasing of the economy.

Addressing the media at this year’s Ghana Reinsurance Cedant Awards, Commissioner of Insurance Justice Yaw Ofori says the sector has seen the entry of more businesses as compared to previous years.

“Now we have oil and gas and the agricultural sector is also doing well so it doesn’t mean that insurance is not doing well,” he said.

Meanwhile, Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh, reemphasized the need for strong cooperation among financial sector regulators to improve the sector’s market offering.

He said, “Regulatory oversight of these reforms will require the injection of resources and capacity building of the regulators to ensure trust and confidence among various stakeholders; so that their reputation can be enhanced for a renewed confidence in the financial sector.”

He added that the recent financial sector cleanup was meant to restore market confidence.

Awards

The Ghana Reinsurance Cedants’ awards was established to show appreciation to the company’s cedants for their diligent efforts, loyalty and support for GhanaRe.

This year’s edition was in respect of the 2018 financial year’s performance and was under the theme, “The Impact of Standardization and Supervision on the Financial Sector in Ghana.”

The 10th Cedants Awards saw Activa Insurance emerge the Cedant of the Year (2018) under the General Business Category, while Met Life Insurance won the Cedant of the Year (2018) under the Life Business Category.