Volta Regional Minister, Dr. Archibald Letsa, has commended Agents of SIC Insurance for their commitment to the growth and development of the insurance industry in Ghana.
Speaking at the 9th triennial delegates’ conference of ASICA in Ho, Volta Region, on the theme: “Improving insurance penetration in Ghana—The role of insurance sales representatives,” the minister applauded the insurance companies and their agents for being at the forefront of promoting insurance education and penetration in the country and also taking insurance to the doorsteps of the average Ghanaian.
Dr. Letsa added that Ghana was seen as a country with a high potential for growth in insurance premium and was growing as one of the fastest in Africa.
He observed that insurance generates a significant impact on the economy by mobilising domestic savings, turning accumulated capital into productive investments and was also used as a means to mitigate loss and financial stability.
He said the insurance industry promotes trade and commerce activities, and hence plays a crucial role in the sustainable growth of Ghana’s economy. Despite all these, he said, the industry contributes less than two per cent to the country’s gross domestic product.
This, he said, must change.
The initiatives and efforts of the sales representatives that support awareness creation, insurance penetration and solid industry performance towards global averages are very welcome, the minister added.
He reiterated that President Nana Addo Dankwa Akufo Addo’s commitment to creating an enabling business environment to promote growth in every sector of the economy.
President of ASICA, Mr. Isaac Amanor-Ofori, thanked the managing directors of their principal companies for their immense support towards the welfare of their membership.
He added that the theme for the conference was chosen to stress the need for the entire insurance industry to give the due recognition to Insurance sales representatives as they contribute over 25% of annual premium mobilized in the industry.
He observed that in today’s knowledge economy success depends on networking and the harnessing of progressive synergy towards goal.
“You cannot do it alone, everybody needs somebody and we all need each other to be able to achieve our goals,” he said.
Insurance
…Kofi Owusu Tawiah