Life assurance in Ghana picking upMetropolitan Life Insurance Ghana introduces new products
A media launch of Metropolitan Life Ghana products has been held in Accra.
The theme for the occasion was “Together we can”.
The ceremony was used to unveil five new life assurance policies to the public.
Chief Executive Officer of Metropolitan Life Insurance Ghana, Mr Diop Fremong told the press that his company, which is driven by values for people, trust and performance, is committed to exceptional service and superior performance.
“Today, we are launching a new generation of risk, investment and retirementproducts that provide solutions for businesses and business people, as well as the ordinary man and woman on the street”, he said.
Mr Frimpong said the products are tailored to meet specific requirements of the Ghanaian market on the basis of five fundamental principles: “They meet clearly defined needs identified with the help of local expertise and experience”, he said.
He noted that the products are straightforward and therefore do not create unrealistic expectations; they also offer good value for money and are easily adaptable to changing legislative and regulatory requirements.
He said: “We have gone all these lengths because we want to create wealth for Ghanaians and to delight them with our service and products which provide value beyond expectations”.
The Commissioner of Insurance, Miss Josephine Amoah said the gross market premium for life assurance business in Ghana is steadily growing at an annual rate of 57% and it is anticipated that life premiums could reach about 700 billion cedis by the end of the year.
“I am happy to note that, life assurance business in Ghana is steadily picking up after about two decades of decline”, she said.
She said though these indications are encouraging a lot more has to be done to grow life assurance business in the country to levels comparable to what pertain in developing countries.
She said problems, from the macro-economic level, such as low incomes, poor savings culture and limited investment instruments for life funds continue to bedevil life assurance companies. She expressed concern about the direct debit agreement between banks and life insurance companies not being implemented the way they should resulting in lapses much to the detriment of policy holders.
Miss Amoah said there is great potential for the development of life assurance business in the Ghana and called on the industry to reach out to the informal sector because it will be difficult to increase the insurance penetration without reaching out to people like traders, farmers and artisans since they constitute a great proportion of the population.
She stressed the importance of life companies to play a more significant role in the current pensions reform.”Life companies should develop annuity products that will take over the lump sums which occupational pension and other long term saving schemes will pay to employees on retirement”she said.