Insurance companies in the country have urged citizens to patronise insurance policies to enjoy the benefits that come with its packages.

They said insurance benefits were generally colossal than what other investments offered, and therefore, encouraged people to own one or more packages to secure their future against unexpected events.

In an interview with the Daily Graphic at the ongoing 2023 National Insurance Fair in Accra yesterday, the insurers debunked claims that it was as a result of the expensive nature of their policies that there was low patronage of the sector in the country.

The Head of Corporate Services of SIC Life, Albert Bahun-Wilson, said it was “rather the opposite because we have low premiums that provide high benefits or compensations to clients when the need arises”.

“The negative perception people have about insurance has contributed to the low interest in investing in our policies, and this perception is what we want to correct through programmes of this nature where we can interact with the public, know their concerns and address them,” he said.

Mr Bahun-Wilson also advised the public to be critical about policies they sign up to by first seeking guidance and advice from professionals. 

On the payment of claims, he said insurance companies paid not less than GH¢ 4 million claims daily.

Patronage 

Touching on the fair, Mr Bahun-Wilson said it had met their expectations, adding that patronage was encouraging. 

“It looks like almost anyone who comes to the Accra Mall gets to know there is something going on and they come here to listen to what insurance is all about, so it has not been bad,” he said. 

The Accra Main Branch Manager of Provident Insurance Company Limited, Kwabena Brempong, commended organisers of the fair.

“I believe that the whole exercise was a good idea to help correct the wrong perception the public have about the industry. 

“And we as insurers have had our expectations met because it is part of our programme within the year to create awareness,” he said.

Mr Brempong further urged the organisers to do more publicity in subsequent events to attract more patronage.

The senior relationship officer of the State Insurance Company (SIC) Limited, Godson Soffo Bissi, also said he was impressed about the turnout, adding that they had had a number of people visiting their stand. 

Reactions   

A publisher, Lawrence Tei, who is under an insurance cover, explained that he did so to protect his investment. 

He, however, claimed that cumulatively, insurance was expensive, adding “expensive as it is, if there is no incident, you do not get your money back and that is the disadvantage”. 

A business intelligence analyst, Afua Mensah, said she was not on any insurance cover because her company did not offer such packages, hence, she did not know much about insurance, “but with the information gathered here, I will consider patronising some policies in future”.

A salesperson, Caleb Fio, also said that apart from the National Health Insurance Scheme, he did not have any other insurance cover.

“This fair has now broadened my knowledge about insurance policies and I so am now willing to give it a try,” he said.

The fair which began on Thursday, July 19, 2023,  on the theme: “Making insurance the Ghanaianway of life,” ends today, July 22, 2023.

Source: GraphicOnline