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NIC To Crack The Whip   
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Madam Lydia Lardi Bawa, Chairperson of the National Insurance Commission (NIS) on Tuesday warned insurance companies in the country that the Commission would start cracking the whip on wayward operators.

She said as the regulator of the insurance market, the new NIC under her leadership would certainly bring change into the insurance industry.

Madam Bawa gave the warning at a public lecture in Accra, organized by the Ghana Insurance Brokers Association (GIBA), on the topic: “The role of the insurance broker from an international perspective”; as part of activities marking the silver jubilee celebration of GIBA.

She said players in the insurance industry must ensure that the insurance market in Ghana becomes a brokerage one, adding that, there was a 90 per cent virgin area in the insurance industry in the country, and urged underwriters and brokers to double their efforts.

She cautioned those who assist in the violations of insurance laws and regulations to desist from it.

Madam Bawa said over the years, the insurance industries had been concerned with motor vehicle insurance, but this time other areas would be given equal attention.

She urged senior managers in the industry to mentor the young ones, in order to ensure a brighter future for their organizations.

She advised the various insurance firms to meet regularly to share ideas and to desist from unhealthy competition.

Mr Kwabena Akoto, Senior Vice President of the Marsh & McLennan, Incorporated said clients are of fundamental importance to the insurance industry.

“Without them we cease to exist as business entities, so we must understand what clients want, we have to listen to them and be proactive to their concerns and risks issues,” he stated.

Professor Daniel Afriyie, Managing Director of Claims Limited said Ghana has the best local expertise in all areas of the insurance industry, and challenged local insurance brokers to prove that they are worthy of their profession, so that they could be appointed as local representatives of international insurance firms.

Mr Stephen Kyeremanten, Managing Director of Activa International Insurance Company Ghana Limited said the oil and gas industry is a new area of risk and the best insurance brokers for such areas are those with hydrocarbon engineering background.

Nana Owusu-Afari, President of the Association of Ghana Industries urged insurance companies to intensify their educational campaign drive to create awareness among the public of the benefits of insurance.
Source: GNA

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