Insurance contribution to GDP on the increase

Accra, Sept 23, GNA - Insurance contributed almost two per cent to the Gross Domestic Product of the country but with massive education and awareness creation, it is expected to rise to 10 per cent. Mr Mahama Baba, President of the Ghana Insurance Association said the growth would be as result of people's understanding of the industry in a more comprehensive and reliable form which would ensure capital injection into the industry.

Speaking at a press soiree to interact with journalists and create awareness on the ongoing insurance month celebration, Mr. Baba noted; "Every body is a stakeholder in this industry and very soon, we will create a database to check fraudulent act to ensure effective management of resources."

He said insurance should be seen as pulling together of resources by different individuals into a pool to take care of future mishaps and advised against "unnecessary" claims by some individuals. Mr Gabriel Glover, Executive Secretary, GIA called on Ghanaians to discard the misconception that insurers were not transparent but called on them to better study insurance products for proper appreciation of the area.

In a related development, the Ghana Police Service was presented with a Speed and Alcohol detecting machine worth GH¢ 5,700 to help in performance of their duty and also cement the relationship between the two.

Inspector Patrick Timbilla, Director of Operations said security was a shared responsibility and urged the public to volunteer information. He noted that in the era of scientific evidence, the equipment would be put to good use to enhance their operations.