The Deputy Commissioner of Insurance at the National Insurance Commission (NIC), Simon Nervo Dovor, has disclosed that the Micro-Insurance Regime launched in February 2013 raked in premium income of GH₵52.6 million last year.
According to the NIC, currently 16 insurance companies in the insurance industry are offering 34 micro-insurance products covering areas such as education, funerals, family, credit, accident and hospitalisation.
Mr. Davor said the micro insurance products are specifically targetted at the low income population and are designed to meet specific characteristics including affordability, accessibility, and are designed and sold to the target group and policies issued in clear language.
The NIC made these disclosures when it took its turn at organising a workshop on the development of Micro-Insurance during this year’s National Financial Literacy week, in Accra last week.
The workshop was organised under the theme “Financial Literacy: key to a secured futureâ€Â.
Twelve National Trade Associations participated in this year’s one-day workshop. The trade associations include Ghana Road Transport Coordinating Council; Makola Market Company; Ghana National Tailors; Association of Garages; Ghana Traditional Caterers Association; and Ghana Agricultural Produce Traders Association.
The rest are Nkwa Hia Cooperative Transport Associationl; Development Action Association; Women Assistance Business Association; Greater Accra Second Hand Spare Parts Dealers Association; and Ghana Private Road Transport Union.
Davor said the workshop was to create awareness for the general public on the numerous opportunities available in the area of micro-insurance.
He said the NIC is determined to make things very simple and easy for the policyholders of micro-insurance products.
Importantly, for such efforts in the claims payment process, “All insurance claims are supposed to be settled and paid within 10 days of receipt of claims information and details, these were indicated in the regime issued in 2013,†Dover explained.
In view of this, Davor said the commission is desirous to protect the policyholder from fraud and other undesirable consequences.
He reminded micro-insurance holders that policies will have one distinguishable feature or logo that will be embossed on all policies.
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