Players within the insurance coverage sector final week accrued on the 2022 Chartered Insurance Institute of Ghana (CIIG)’s Educational Conference to planned at the have an effect on of the rustic’s emerging inflation on insurance coverage premiums and the way the trade can maintain the price in their shoppers within the face of it.
The annual convention amongst different issues sought to make certain that practitioners have a look at the have an effect on of inflation at the insurance coverage trade from the views of Life Insurance, General Insurance, Health and Pensions.
The convention was once additionally to determine demanding situations hampering the expansion of the trade and map up methods to maintain consumer price within the present financial demanding situations.
Speaking to the media on the last rite of the con-ference, the President of the Chartered Insurance Institute of Ghana (CIIG), Mr Tawiah Ben-Ahmed, stated insurance coverage firms existed as a result of their shoppers, therefore the will to devote the 2022 Conference to how they may maintain price for shoppers.
“We have come right here as insur-ance practitioners to assess the have an effect on of this emerging inflation on insurance coverage premiums and canopy quantities and the way we will be able to maintain price to the shoppers we serve be-cause we exist as a result of our cli-ents. If you have a look at the industrial atmosphere as of late, as of October 2022, inflation is claimed to be about 40.4 p.c. Same length final yr Inflation was once 11 p.c.
So if the convenience we pay undergo inflation then we want to reconsider and learn how we will be able to maintain consumer price; that is why we’re right here,” he defined.
Mr Ben-Ahmed stated the once a year instructional convention equipped a great platform for insurance coverage pros to come in combination to be informed and proportion wisdom, announcing that might lend a hand trade to serve shoppers smartly.
The Commissioner of In-surance, Dr Justice Ofori, who chaired the development instructed insur-ance pros to reside above reproach in making sure that shoppers were given price for his or her cash.
That, he stated, would additional engender the accept as true with within the trade.
The visitor speaker, Mr Gustav Siale, who’s a former Managing Director of Ghana Re Insurance Plc, admonished younger profes-sionals to be extra diligent within the discharge in their tasks as insurers.
“The future of the industry is in your hands. The momen-tum in building a strong and enviable institution which we can now see, which is evident should not be allowed to flack but the flames must be fanned,” he mentioned.
A veteran insurance coverage prac-titioner, Mr Larry Jiagge,em-phasised the will for insurance coverage pros within the nation to exhibit professionalism, integrity and excellence within the discharge in their tasks.
He admonished practitioners to honour their promise by way of pay-ing respectable claims promptly and in tandem with the premi-um won on the inception of an insurance coverage contract.
This yr’s convention, which was once attended by way of over 170 insur-ance pros right through the rustic, was once extensively utilized to elect new officials to steer the affairs of the institute for the following two years.
Author: Ghanaian Times