General Public Urged to Understand Insurance Policies Before Going in for Packages- NIC Regional Manager
Insurances are purposed with reducing financial uncertainty and making accidental losses manageable through fund compensations, and for that reason finding the right insurance cover to aid in risk management.
Mr. Justice Preprah Agyei, the Western Regional Manager of the National Insurance Commission in an interview with Yao Mawutor Fianu on the Mid-Morning Lounge disclosed the importance of insurance.
According to Mr. Preprah Adjei, the National Insurance Commission is in charge of supervising insurance companies and their activities and also making sure they have enough regulations to protect the policyholder as well as the insurance companies to ensure they are rightly serving the general public.
He conferred that the concept of risks needs to be fully understood which will in turn help to understand the concept of insurance.
” When you have a business, ask yourself what are some of the risks you face. It is compulsory for you to insure all commercial properties”, he stated.
He went on to caution business entities to first consider all the potential negative outcomes to their businesses, be it fire, flood, or collapse to the building, among others, which they are liable to, to get full insurance coverage.
Mr. Preprah Adjei asserts that due to a lack of trust in the insurance system, in Ghana, most people do not get insured and often view insurance as a last resort to all things necessary.
” Most people lack trust in the insurance system because they think that insurance demands a lot of documentations when something happens before the insurance company will pay you so because of that most people will not insurance.”
According to him, insurance is good but it all dials down to its understanding.
“The whole thing is understanding the insurance when we’re doing it but the attention we pay to insurance when doing it is not there”, he says.
He urged people to seek more information on insurance and went on to say insurance should not be sold but be bought, in the sense that individuals must know the kind of insurance they want, and know its value based on fully fetched information.
Author-Roberta Appiah
