Insurance penetration in the country remains low in the country due to the lack of appreciation for the product and service.

According to George Kojo Addison, Managing Director of Star Life Assurance Company Limited, insurance penetration is less than one per cent.

Opening the first-ever welfare seminar targeted at churches and the Christian community to get them to strengthen their welfare schemes through insurance, Mr. Addison said the insurance companies were capable of mobilizing capital for economic development internally.

“We always contract loans and seek donor support outside the country but these long term funds are available here in the country. We have to strengthen our insurance system to be able to mobilize these funds and not always depend on external funds.”

Themed “Financial Management in the Kingdom of God,” he said apart from using insurance for economic development the churches could use insurance schemes to improve the welfare of their members.

“As inspired by our vision to be pacesetters in creating wealth and a fulfilling life through personal relationships with our partners, we would like to reach out to the Christian community in our bid to help find lasting solution to the old age problem of welfare management in our churches.”

Mr. Addison said the company was committed to forging a lasting and beneficial partnership between the insurance industry and the churches to build what he called “sustainable and reliable” welfare schemes for the churches.

Rev. Dr. Fred Deegbe, General Secretary of the Christian Council speaking on the topic ‘The role of leadership in financial management in the Kingdom of God,’ noted that the time has come for churches to strengthen their financial management and bring positive dividends to members.

He said the churches have no excuse not to embark on investments that would be beneficial to their members.