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Editor-in-Chief of Integrity Magazine, Rev. Kennedy Okosun, has indicated that the insurance industry could overtake the banking sector in Ghana in terms of Gross Domestic Product (GDP).

According to him, sound policies have resulted in the insurance industry taking over the banking sector in some countries around the world.

He was speaking at the launch of Integrity Magazine Insurance Breakfast Meeting scheduled for August 9, 2019.

The meeting is to be held under the theme: “Maintaining The Fiduciary Relationship Between the insured public and their insurers,” and would bring together about 150 heads and officials of the insurance industry in Ghana.

According to him, the insurance industry plays a very important role in the economy.

“The business (insurance) is a well developed one and even though the penetration is low, it continues to generate year on year profits,” he said.

He noted that a well-developed insurance industry would improve the stability of the financial markets and protect individuals and businesses from losses through natural disasters or accidents.

He urged every Ghanaian to take insurance seriously, saying the insurance industry should be one that every Ghanaian pay attention to.

“Insurance should not be left to only those perceived to be wealthy or have the means. You may think insurance is not important to you because you do not have a car or a house or some very valuable property that costs so much need to insure,” he said.

He noted that some Ghanaians seem to be suspicious about insurers.