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Support NHIS, Minister urges insurance companies
Accra, Feb. 8, GNA-Insurance companies have been asked to
identify themselves with the National Health Insurance
Scheme (NHIS) by supporting it in order to make the scheme
beneficial to all.
"It is the wish of government that all insurance companies
identify themselves with the scheme and support it in order
to make the scheme beneficial to the people of Ghana."
Finance Minister, Mr. Kwadwo Baah-Wiredu noted that the
scheme was attracting many sections of the population
stressing that, "NHIS is now being seen as a better
alternative to erstwhile cash and carry system.”
Mr Baaah-Wiredu made these remarks in a speech read on his
behalf at the launch of Donewell Family Funeral Policy in
Accra on Thursday. The policy is designed to cushion the
financial impact on the death of a family member.
The Minister commended the insurance industry for providing
protection to business entrepreneurs who have now ventured
into areas they would not have exposed their capital to.
Mr Baah-Wiredu further challenged insurance companies to
come out with more innovative products that would encompass
the informal sector in their operations.
Mr. Kwadwo Baah-Wiredu noted that some insurance companies
were selling same products stressing that nothing or not
much has been done in coming out with products as some banks
were doing and that had left out the informal sector.
The Minister however, lamented over some insurance company's
agents who sold outrageous packages in their zeal to sell to
the public.
He urged companies to give priority to training, noting that
"after all a well trained agent will be confident and able
to sell better."
He drew the companies' attention to the passage of the
Insurance Law 2006 saying, the law had a provision for the
separation of life business and general business.
"We hope this would help insurers concentrate more properly
on the life business, which has hitherto lagged behind
general business.
The Minister called on the insurance industry to continue to
contribute their role in the development of securities and
capital markets, growth of bonds, long term government
securities and corporate equity market large through life
and pension policies.
"Let me charge insurance companies to design more products,
especially assurance products, which are easily accessible
and affordable to bring on board huge portion of our
population which is still ignorant of the inherent benefits
of insuring themselves and their dependents," he said.
GNA
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