Even though only few Ghanaians appreciate the benefit of insurance, the Vice President of the Ghana Insurance Brokers Association (GIBA), Shaibu Ali, has advised Ghanaians and clients to seek the services of an insurance broker to avoid frustrations regarding claims payment by insurance companies.
He noted that most insurance brokers are well versed in the insurance market and therefore are in the position to give advice on companies that offer the best products and services.
“It is a lot of peace to the consuming public who want to consume insurance through a broker. The reason is that when you go to the insurance company directly they know very well that you don’t know anything about insurance so they’ll take you for granted, but when you go through a broker you get expert advice, and aside that the insurance company knows that whatever he knows about insurance the broker also knows so they won’t cheat you,” Mr. Ali indicated.
He added that the insurance penetration in Ghana is still struggling to hit double digits due to wrong perceptions, low interest and low education on the benefits of insuring lives and properties.
Mr. Shaibu Ali said this at a health walk and health talk organized by the Association as part of its 30th Anniversary celebration under the theme, “Celebrating 30years of Insurance Broking in Ghana, the Achievements and Challenges.”
According to him, the mindset of Ghanaians needs to be wiped up inline with the importance of insuring their lives and properties against the unforeseen future.
“People hesitate in buying insurance with the exception of the compulsory insurances. So we need to move to an era where people would voluntary want to buy insurance for their cars, for their houses, for their family, for their personal lives and so on. We are getting there though, because the middle class is thinking so very fast,” he stated.
Mr. Ali added that even with the few people earn income in the country, not all of them are able to afford an insurance package talkless of the majority who are not without any source income.
“We have fewer people purchasing insurance in the country. And this is as a result of people not having disposable income to patronize insurance. We are hoping that the economy would do well so that people can buy insurance,” he posited.
Mr. Shaibu Ali urged Ghanaians to purchase insurance products from registered brokers as this will help them get the requisite information to guide them make better choices.