The National Insurance Commission has signaled its desire to license more insurance companies provided that they are willing to offer micro and agricultural insurance services.
42 insurance companies currently serve Ghana, but only 3% of the country’s population is covered by insurance policies. The Commission had recently put a hold on the issuance of new licenses as part of an effort to restructure the sector.
Insurance Commissioner Nyamikeh Kyimah spoke to the Commission’s hopes of seeing the industry develope as she extended the invitation to foreign insurance firms.
She explained that she urges any foreign firms entering Ghana’s market to partner with an existing local insurance provider rather than entering the fray alone.
Such a move, she said, could benefit the foreign company because their Ghanaian partner will be established here. The Ghanaian firms in question stand to benefit from the import of new practices and technologies. Source: myjoyonline.com
42 insurance companies currently serve Ghana, but only 3% of the country’s population is covered by insurance policies. The Commission had recently put a hold on the issuance of new licenses as part of an effort to restructure the sector.
Insurance Commissioner Nyamikeh Kyimah spoke to the Commission’s hopes of seeing the industry develope as she extended the invitation to foreign insurance firms.
She explained that she urges any foreign firms entering Ghana’s market to partner with an existing local insurance provider rather than entering the fray alone.
Such a move, she said, could benefit the foreign company because their Ghanaian partner will be established here. The Ghanaian firms in question stand to benefit from the import of new practices and technologies. Source: myjoyonline.com
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