President Nana Addo Dankwa Akufo-Addo has urged the insurance industry to develop suitable and affordable agricultural policies to support the growth of commercial and smallholder farming.
Highlighting significant strides since 2017, he mentioned the passage of the Insurance Act, 2021, which enhanced regulatory supervision and innovation.
Speaking through Chief of Staff Akosua Frema Osei-Opare at Enterprise Insurance’s centenary celebration in Accra, the President noted the industry’s impressive growth.
The gross written premium rose from GH¢2.4 billion in 2017 to GH¢8.1 billion in 2023, and total assets grew from GH¢5.4 billion to GH¢15.1 billion. However, he lamented that insurance penetration remained at only one percent despite coverage increasing from 29 percent in 2016 to 44 percent in 2022.
“The insurance industry must champion products that enable access to appropriate and affordable insurance for the financially excluded, under-served, informal sector operators, especially micro and small business enterprises,” President Akufo-Addo stated.
He also urged the industry to tackle climate change challenges by designing products to protect against losses and damages.
Michael Andoh, acting Commissioner of the National Insurance Commission (NIC), emphasized efforts to promote international standards and best practices to enhance the industry’s efficiency and resilience. He highlighted frameworks developed to identify and mitigate emerging risks like climate change and cyber threats.
Daniel Larbi-Tieku, CEO of Enterprise Group PLC, spoke about the company’s transformation through innovation, impacting customers positively. He emphasized, “Our legacy is deeply intertwined with our commitment to innovation and excellence.”
Managing Director Akosua Ansah-Antwi highlighted the impact of regulatory changes, particularly stricter data protection laws and ethical standards, affirming Enterprise Insurance’s commitment to compliance and customer-centric innovation.
“We are strategically positioned to develop insurance products to address emerging needs and ensure we stay relevant and essential to our customers’ changing lifestyles,” she added.
