Second Edition of Graphic, NIC, GIA Insurance Fair Wraps Up in Kumasi with Calls for Greater Insurance Literacy

The recently concluded insurance fair in Kumasi has reignited calls from members of the public for insurance companies to intensify efforts to educate Ghanaians about the benefits and details of insurance policies. The event, jointly organized by the Graphic Communications Group Ltd (GCGL), the National Insurance Commission (NIC), and the Ghana Insurers Association (GIA), attracted a broad audience eager to learn more about insurance and its importance in everyday life.

Held over three days at the forecourt of the Ghana Post Company Limited in Adum, Kumasi, the second edition of the insurance fair focused on the theme: “Boosting insurance in the formal and informal sectors of Ghana.” This followed a successful inaugural event held at the Accra Mall Food Court, further demonstrating growing interest in insurance across the country.

The Need for Greater Public Awareness

Many attendees of the fair expressed that despite the availability of various insurance products, a lack of sufficient public knowledge remains a major barrier to wider uptake. They urged insurance providers to enhance their educational outreach so that people can better understand the value and workings of different policies.

Several patrons noted that improved education would empower individuals to make informed decisions about their insurance needs, thereby expanding the industry’s reach. “Insurance companies must increase their efforts to educate the public thoroughly on what their policies offer. This will help build trust and encourage more people to take up insurance voluntarily,” one participant said.

Insights from Industry Representatives

During the event, representatives of different insurance firms showcased their products to visitors, providing detailed explanations to help demystify the often complex world of insurance. For instance, Josephine Nsiah from Glicolife Insurance walked Franklin Sowa, the Director of Marketing and Sales at GCGL, through the company’s offerings. The demonstration was also witnessed by key figures such as Dr. Kingsley Kwesi Kwabahson, CEO of the Ghana Insurers Association, and Faruk Dramani, Ashanti Regional Manager of the National Insurance Commission.

Addressing Misconceptions and Building Trust

One of the key concerns raised by attendees was the negative perception some Ghanaians have about insurance, which has led to hesitation in enrolling in policies. Isaac Amoakoh, a fair participant, explained that misinformation and misunderstanding about insurance products contribute heavily to this skepticism.

“Many people shy away from insurance because they do not fully understand how it works or doubt its benefits. If companies can engage the public with patience and clarity, we believe enrollment numbers will increase,” Amoakoh said.

Industry Players and Their Role

The insurance fair brought together a diverse range of industry players, including some of the country’s top insurance companies such as Nsia Insurance, Glico General, SIC Insurance PLC, Prudential Life Insurance Ghana, Enterprise Insurance, Millennium Insurance, and Hollard Insurance Life. Other notable participants were Vanguard Assurance, miLife Insurance, Old Mutual, Imperial General Assurance, Serene Insurance, Bedrock Insurance, and Equity Health Assurance.

This gathering provided an invaluable platform for insurance firms to interact directly with potential clients, answer questions, and offer tailored solutions that meet the needs of both formal and informal sector workers.

Official Remarks and Strategic Initiatives

In a speech delivered on behalf of the Acting Commissioner of Insurance, Dr. Abiba Zakariah, the increasing interaction between insurance providers and consumers was praised as a positive development for the sector. Dr. Zakariah highlighted the importance of improving public perception by clarifying policy terms and presenting insurance as a critical resilience tool amid growing global challenges such as climate change.

She outlined three strategic pillars guiding the National Insurance Commission’s efforts:

Enhancing the appeal and accessibility of insurance through well-designed, engaging exhibitions.
Combating unethical practices, particularly premium undercutting, which undermines industry stability.
Establishing an insurance penetration committee tasked with providing research-driven advice and actionable strategies to improve policy uptake.

Dr. Zakariah reported that since the introduction of these measures, unethical practices have decreased significantly, and Ghana’s insurance sector is poised to attract more international attention and foreign investment.

The Importance of Insurance in Daily Life

Dr. Kingsley Kwesi Kwabahson, CEO of the Ghana Insurers Association, reminded the public about the critical role insurance plays in safeguarding assets and livelihoods. He revealed that the insurance industry pays out over GH¢10 million in claims every day, underscoring its function as a safety net in times of accidents, death, and other emergencies.

He encouraged Ghanaians to take insurance seriously, emphasizing that being insured is one of the best ways to prepare for unforeseen circumstances.

Media’s Role in Bridging the Gap

Franklin Sowa, Director of Marketing and Sales at GCGL, emphasized the media group’s commitment to not only highlighting challenges in the insurance sector but also actively participating in the search for solutions. He stated, “Our goal is to bring insurance closer to the people, enabling them to voice their concerns and expectations directly to insurers. This will help insurance companies develop products and services that truly meet market needs.”

He further explained that as a trusted media organization, GCGL aims to use its platform to foster constructive dialogue between consumers and the industry, ultimately helping to grow and improve the insurance landscape in Ghana.