The Chairman of the Insurance Awareness Cooperators Group (I.A.C.G) William Tei has said that Insurance is one financial intermediation product that no business can do without.
According to him, “the understanding is that nobody can determine when a misfortune can befall you and when misfortune hits that’s when people realize the importance of insurance but that’s almost always too late”.
Mr William Tei was speaking on the sidelines of a clinic organized by the Insurance Awareness Coordinators Group, IACG, in Takoradi. The IACG, comprising of the National Insurance Commission (NIC), Ghana Insurers Association (GIA), Insurance Brokers Association of Ghana (IBAG), Ghana Insurance College (GIC) and the National Association of Ghana Insurance Agents (NAGIA) with support from the German Development Cooperation (GIZ) has rolled out a targeted awareness campaign aimed at encouraging small business owners to embrace insurance as a key tool for safeguarding their livelihoods.
The clinic is also to help provide data for insurance companies to design tailor-made insurance products to meet the risk needs of the informal sector in Ghana.
Ghana’s informal business sector is very vulnerable to disasters, especially those at the major markets across the country. Many traders are yet to recover from the market fires that have ravaged some of the major markets across the country. In all of this, many of these businesses have been reduced to ground zero because of lack of financial support or insurance.
Chairman of the Investment Awareness Cooperators Group (I.A.C.G) William Tei stressed the importance of insurance in such situations; “(so) we want people to understand that insurance is there to protect them in times of need”, he stated on April 30.
Meanwhile, the Acting Commissioner of the National Insurance Commission, Dr. Abiba Zakariah advises that “if even the large institutions and organizations which are relatively richer will not start their projects without insurance, then we those who cannot afford need it more than any other person. Our traditional systems like community and family who give financial support during times of need are virtually not existent now due to several challenges. So, if my house should burn and it affects all the others, how can they help?” she asked.
Dr. Zakariah added that “Just as what is happening in our markets now, if one market person loses her shop through fire, others may help but what if several others also lose theirs? That’s when insurance comes in. So, insurance is relevant to everybody, but we need the user of insurance to help us design the products that suits them just as you go to a seamstress and ask her to cut your dress to suit your body”.
The two-day clinic which began in Takoradi will make scheduled stops at Tarkwa, Sefwi Wiawso, and Bibiani.
