The Chief Executive of the Enterprise Group Limited, Mr Keli Gadzekpo, has urged Ghanaians to pay attention to their insurance needs so they can have something to fall on in times of disasters.
Insurance penetration in the country is estimated at about 1.5 per cent currently, something the Insurance Commission hopes to increase soon. This can be attributed to the low level of insurance literacy among most Ghanaians.
Speaking to the GRAPHIC BUSINESS on the sidelines of a donation to the Plastic and Burns Centre at the Korle-Bu Teaching Hospital in Accra, Mr Gadzekpo said, “we are also appealing to our fellow Ghanaians, we need to pay attention to insurance. It is not a luxury we can afford, those who are at risk, the highest need insurance the most.”
The company, in partnership with their South African counterpart, Sanlam Group, donated GHC85,000 to the centre to assist victims of the twin disaster that hit Accra on June 3, 2015.
Over 150 lives were lost in the fire and flood disaster, while others lost their properties and survivors being taken care of at various health facilities in Accra.
According to him, paying attention to insurance needs would provide a certain level of relief should any disaster occur.
“We are also hoping that people will pay a little attention to when it comes to matters like that. In times like this, when you have an advantage, you have no problem. We really hope that our contribution is useful and helpful,” he added.
Responding to concerns about the upspring of several insurance companies whose claims payments are questionable, Mr Gadzekpo said it was important for people to look at the quality of the company it was dealing with, especially in the insurance sector.
“One of the things we all do so well when it comes to decision making is to look at who you are dealing with. When you go to Makola market, you just don’t walk to anybody; you walk to the woman you have been buying yam from for long, or who has been referred to you. So I think the quality of the insurance company you are dealing with is very important,” he said.
He also said the regulator of the insurance industry in Ghana, the National Insurance Commission (NIC) was instituting strict guidelines for claims payment in the country and as such insurance companies could not unduly delay claims payments as and when the need arose.
“As we are speaking now an insurance company owing you claims cannot unduly delay it. If I am not mistaken, I think the insurance guidelines reduced it to a number of days, in terms of car claims. We at Enterprise understand the need to quickly come to your aid. Really it is not your assistance, it is your right. Internally, we have our own mechanisms and we try as much as possible to pay claims within a matter of days,” he said. GB
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“We are also hoping that people will pay a little attention when it comes to matters like that. In times like this, when you have an advantage you have no problem. We really hope that our contribution is useful and helpful and at the same time,” he added.
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