The Acting Commissioner of Insurance, Dr. Abiba Zakariah, has called on industry practitioners to embrace innovation and uphold professional ethics to enhance public trust and drive growth in Ghana’s insurance sector.
Speaking as Chairperson at the 10th Annual Educational Conference and Exhibition of the Insurance Brokers Association of Ghana (IBAG) in Nkwatia-Kwahu, Dr. Zakariah outlined key strategic pillars aimed at improving insurance penetration in the country. She emphasized the need for a shift in how insurance is conducted, stressing that with determination, the industry could be transformed to better serve the Ghanaian market.
Dr. Zakariah highlighted three main areas of focus in the NIC’s agenda for reform. The first involves sanitizing the insurance market by strengthening regulatory compliance and ensuring fair practices among industry players. The second seeks to expand the market through the adoption of technology, using digital solutions to increase coverage and accessibility. The third focuses on positioning Ghana’s insurance industry internationally to attract global partnerships and enhance competitiveness. She believes these efforts will reshape the sector by integrating key stakeholders such as transport unions, market traders, and other organized groups into the product development process, rather than limiting their role to consumers of insurance services.
In addition to these reforms, she urged industry players to uphold professional ethics to advance the sector’s growth and commended IBAG members for their contributions in promoting insurance services across the country.
IBAG President, Shaibu Ali, also addressed the gathering, calling on insurance companies to operate with integrity and professionalism to dispel negative perceptions surrounding the industry. He underscored the crucial role of insurance in financial planning and urged Ghanaians to invest in policies that could protect them from unforeseen risks. He noted that misinformation from field agents and a lack of proper policy education often create challenges for clients during claims processing. To address this, he called for improved recruitment processes and better working conditions for sales executives to ensure ethical conduct and professionalism in the industry.
The conference, themed “Leadership: Building Resilience through Cooperation and Ethical Conduct,” attracted over 300 industry professionals from across the country. Speakers included Kenneth Kwamina Thompson, former CEO of Dalex Finance, Capt. (Rtd) Prince Kofi Amoabeng, and former Black Stars coach C.K. Akonnor, who shared insights on leadership and resilience.
One of the key presentations was delivered by Justice Kweku Tewia Ackaah-Boafo of the Court of Appeal, who stressed the need for continuous engagement between the insurance industry and the judiciary to address technical ambiguities that arise in legal disputes involving insurance claims. His remarks highlighted the importance of building a common understanding between insurers and the legal system to ensure fair and efficient resolution of cases.
Mental health was also a focal point at the conference, with licensed counselling psychologist Justina Owu-Agyiri leading discussions on its significance in professional settings. She emphasized that productivity is directly linked to mental well-being and encouraged industry professionals to prioritize their mental health despite the high expectations placed on them in the workplace.
The event also featured an exhibition where insurance companies, brokers, and service providers showcased their products and services. Dr. Zakariah, along with IBAG executives and past presidents, toured the exhibition stands, engaging with representatives from various companies.
IBAG remains a key advocate for insurance brokers in Ghana, serving as the national trade association for NIC-licensed brokers and working to enhance consumer protection, professional standards, and the overall development of the insurance sector.
