You are here: HomeBusiness2021 07 20Article 1313284

Business News of Tuesday, 20 July 2021


Insurance Commissioner calls for insurance review on IIA Day

Dr. Justice Yaw Ofori is Commissioner of Insurance at the NIC Dr. Justice Yaw Ofori is Commissioner of Insurance at the NIC

As part of the International Insurance Awareness(IIA) Day commemoration, Ghana’s Insurance Commissioner, Dr. Justice Ofori, has appealed for all road users and motorists to be more disciplined.

Speaking at the launch in Ghana, hosted through a webinar presentation, the Commissioner advised motorists and pedestrians that: “Life has a way of bringing unexpected things our way when least expected. Insurance therefore comes in as an essential tool to protect what matters most, thereby providing peace of mind.”

According to him, International Insurance Awareness Day is also an opportunity for individuals and businesses to review their insurances and ensure they are proper and adequate. This is particularly important when it comes to motor insurance, which is the largest insurance sector underwritten by insurance companies in Ghana.

More importantly, it is the largest due to a number of factors – including the fact that it is mandated by law and affects the lives and properties of third-parties and the general public.

He said the rate of road accidents recorded year on year emphasises the need for adequate insurance cover to protect the car owner, passengers and third-parties. According to him, indiscipline and reckless driving resulting in road accidents continue to be among the highest causes of injury, damage to properties, and death in Ghana.

The Commission recognised the need to ensure that the public’s interest is protected; hence, the NIC in January last year implemented an electronic motor insurance database software known as the Motor Insurance Database (MID).

He explained that the MID is a central database repository for all the motor vehicle insurance policies issued by insurance companies in Ghana. With the MID, one can easily verify the insurance status of any vehicle and confirm the authenticity of insurance policies purchased.

Dr. Ofori also elaborated that the MID also ensures that proper underwriting is done and the appropriate premium is charged for the risk, thereby making insurers financially solid in order to pay genuine claims promptly.