Nana Osei Bonsu, Chief Executive Officer of the Private Enterprise Foundation (PEF) has bemoaned the low penetration of the insurance industry in the country.

He described the industry's less than two per cent contribution to the country's gross domestic product as "woefully inadequate", and called for high level collaboration among stakeholders to grow the sector.

Nana Bonsu said this at the 4th annual conference and exhibition of the Ghana Insurance Brokers Association (GIBA) in Ho.

The conference was on the theme: "Enhancing market capacity through commitment to effective collaboration and networking."

Nana Bonsu noted that telcos were gradually posing competition to players in the insurance industry using virtual platforms to offer micro insurance services and charged the GIBA to strategise to mitigate unhealthy competition.

He said the country's financial sector was not doing well and urged players in the insurance industry to improve their products and take advantage of opportunities in the economy.

Madam Lydia Lariba Bawa, Commissioner of Insurance, National Insurance Commission, also underscored the importance of collaboration among players in the industry and said, "it is either you collaborate or perch".

She commended GIBA for creating a vibrant industry and restated commitment of the NIC to improve insurance penetration in the country.

Madam Bawa said the National Insurance Company (NIC) with support from stakeholders had improved access to insurance for low income earners and hinted of collaboration with the Ghana Police Service and the Ghana National Fire Service to monitor and enforce laws on fire and motor insurance policies.

She called for an industry lobby group to help address challenges in the sector.

Mr Nathan Adi Adu, GIBA President said the Association was collaborating with underwriters to help build capacities to increase the retention limits of the companies.

He appealed to the NIC to renew the operating license of GIBA Energy Company Limited as it worked “to be recognised in the Petroleum Guidelines in good time".