Players in the insurance sector last week gathered at the 2022 Chartered Insurance Institute of Ghana (CIIG)’s Educational Conference to deliberate on the impact of the country’s rising inflation on insurance premiums and how the industry can sustain the value of their clients in the face of it.
The annual conference among other things sought to ensure that practitioners look at the impact of inflation on the insurance business from the perspectives of Life Insurance, General Insurance, Health and Pensions.
The conference was also to identify challenges hampering the growth of the industry and map up strategies to sustain client value in the current economic challenges.
Speaking to the media at the closing ceremony of the conference, the President of the Chartered Insurance Institute of Ghana (CIIG), Mr Tawiah Ben-Ahmed, said insurance companies existed because of their clients, hence the need to dedicate the 2022 Conference to how they could sustain value for clients.
“We have come here as insurance practitioners to assess the impact of this rising inflation on insurance premiums and cover amounts and how we can sustain value to the clients we serve because we exist because of our clients. If you look at the economic environment today, as of October 2022, inflation is said to be about 40.4 percent. Same period last year Inflation was 11 percent.
So if the benefit we pay suffer inflation then we need to rethink and find out how we can sustain client value; that’s why we are here,” he explained.
Mr Ben-Ahmed said the annual educational conference provided a perfect platform for insurance professionals to come together to learn and share knowledge, saying that would help industry to serve customers well.
The Commissioner of Insurance, Dr Justice Ofori, who chaired the event urged insurance professionals to live above reproach in ensuring that clients got value for their money.
That, he said, would further engender the trust in the industry.
The guest speaker, Mr Gustav Siale, who is a former Managing Director of Ghana Re Insurance Plc, admonished young professionals to be more diligent in the discharge of their duties as insurers.
“The future of the industry is in your hands. The momentum in building a strong and enviable institution which we can now see, which is evident should not be allowed to flack but the flames must be fanned,” he stated.
A veteran insurance practitioner, Mr Larry Jiagge,emphasised the need for insurance professionals in the country to demonstrate professionalism, integrity and excellence in the discharge of their duties.
He admonished practitioners to honour their promise by paying legitimate claims promptly and in tandem with the premium received at the inception of an insurance contract.
This year’s conference, which was attended by over 170 insurance professionals throughout the country, was also used to elect new officers to steer the affairs of the institute for the next two years.
BY KINGSLEY ASARE