The Chartered Institute of Insurance, Ghana has called on government to implement stringent policies to support the economy.
According to them, the current state of the country’s economy may affect the industry’s quest to increase penetration rate.
In an interview with the media, Mr Solomon Lartey, the president of the institution explains that, persistent economic woes could lead to a hike in unemployment as insurance players may close down their business.
He made this known at the 2023 Chartered Institute of Insurance Excellence Award.
“Indeed, we are unfazed with challenging times. About two weeks ago, fuel prices went up, food prices have gone up again.
Transportation prices will go up again, water and electricity bills have gone up as an IMF conditionality”
He added, “ the value of the Ghanaian cedi keeps fading. The risk faced by Insurance in challenging times like this are; increased claims and claims cost, increased fraudulent claims and under insurance among others.
Story by Nana Ama Nyamekye/Ahotoronline
