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Mahama's plans for the insurance sector

Feature Article Mahama's plans for the insurance sector
THU, 13 JUN 2024 LISTEN

Insurance plays a terrific role in providing financial security and stability for individuals , businesses, and society as a whole.

It offers protection against specific events, reducing uncertainties in both business and human life. It also provides safety and security by covering potential losses due to accidents, injuries, or property damage.

Insurance generates funds by collecting premiums from policyholders. These funds can be used to cover losses, ensuring that individuals and businesses have the necessary financial resources when unexpected events occur.

Life insurance, in particular, encourages savings. By paying regular premiums, policyholders build up a cash value over time. This not only provides a safety net for their loved ones but also serves as a form of investment.

Insurance allows businesses to take calculated risks. When companies are protected against potential losses, they can invest in new ventures, expand operations, and contribute to economic growth.

Health insurance ensures that individuals can access medical care without worrying about the financial burden. It covers hospitalisation costs, doctor visits, and other healthcare expenses, promoting overall well-being.

In addition, insurance spreads risk across a large pool of policyholders. By pooling resources, the financial impact of individual losses is minimised, benefiting everyone involved.

In summary, insurance provides peace of mind, safeguards assets, and contributes to the stability of individuals, businesses, and society. Whether it’s life, health, home, or auto insurance, having the right coverage is essential for managing risks and protecting against unforeseen events.

Given the importance of this intervention, H.E. John Mahama's plan for the sector includes enhancing the regulatory framework for the insurance sector to ensure that companies operate in a transparent and accountable manner. This will help protect consumers and promote confidence in the industry.

He also plans to increase access to insurance products for underserved populations, such as low-income individuals and small businesses. This will help improve financial resilience and reduce vulnerability to risks.

President Mahama will encourage innovation and technology by supporting the use of technology in the insurance sector to improve efficiency, reduce costs, and enhance customer experience. He will encourage the development of new products and services that meet the evolving needs of consumers.

JDM will work to create a conducive business environment for insurance companies to thrive and compete effectively. This includes promoting collaboration between industry stakeholders, fostering talent development, and facilitating market expansion.

Comprehensively, President John Mahama's plan for the insurance sector aims to promote sustainable growth, enhance consumer protection, and contribute to the overall development of the financial services industry in Ghana.

Anthony Obeng Afrane

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