Beware of Fake Insurance Products – Commissioner

The Commissioner of Insurance has expressed worry about the increasing number of fake insurance products on the market.

Justice Yaw Ofori is blaming the country’s low insurance penetration for this development.

Less than two percent of Ghanaians use any form of insurance, making it one of the lowest levels on the continent.

Speaking to Starr Business on the sidelines of the official launch of Afro Asian Reinsurance Brokers Ghana in Accra, he said efforts are underway to check the flooding of the market with fake products.

He urged Afro Asian Reinsurance Brokers Ghana to take advantage of the large market for local reinsurance and intermediaries in the country. Mr. Ofori commended Afro-Asian Insurance Services Group for setting up a subsidiary office in the country and urged them to replicate their unique, innovative and sterling services provided to clients around the world and to Ghanaian companies.

“Local insurers will have access to increased capacity leading to unique risk solutions… innovation being provided by the company will improve because there will be direct solutions to the reinsurance of non-traditional risk leading to an increase in insurance penetration in the country,” he added.

Managing Director of Afro Asian Reinsurance Brokers Ghana, Samuel Adoteye Asare, revealed his outfit is well positioned to help grow the insurance sector with their expertise.

“What we stand to gain is that we have the knowledge and expertise of the international market to underwrite risk in the oil and Gas sector. Afro Asian Insurance which has been in existence for the past 30 years operates in about 29 countries currently. It currently operate in the UK Kenya, Zimbabwe and now Ghana,” he added.

Source: Starrfmonline