The National Insurance Commission (NIC) continues to make efforts in clearing the misconceptions about insurance companies in the country by providing requisite information in the sector.
Speaking in an interview with Business Daily, the Western Regional Manager for the National Insurance Commission Justice Agyei Preprah, disclosed that most Ghanaians especially residents in Sekondi-Takoradi have lost confidence in Insurance and do not patronise the service due to previous negative encounters with other insurance companies.
“Insurance doesn’t have a good name in the country so most people don’t see the need to insure. Insurance for instance is different from banking. When it comes to insurance, you recieve compensation or benefits when sometime happens to the subject matter of insurance. Since sometimes, it doesn’t happen immediately people lose interest thinking that the risk would never happen thus preventing them from investing in insurance,” he said.
He also added that the regulatory body’s mandate seeks to protect the insured and also sanction insurance companies who fail to pay off claims.
“We have the National Insurance Commission, a regulatory entity who regulate, supervise all the insurance companies. Their service to the public is free so if you have any concern against any insurance company, you can walk in and all your complaints would be addressed.
We by the Act have the mandate to sanction the insurance companies when they don’t do the right thing because the functions of the Commission is to protect past policy holders or future policy holders,” Justice Agyei – Peprah added.
