The National Insurance Commission (NIC) has expressed its commitment to develop and provide tailor-made insurance products for trader groups operating in the country.
According to the Commissioner of Insurance, Dr Justice Ofori, the move was necessary to help safeguard the lives, property and businesses of these groups which played a significant role in the Ghanaian economy.
Delivering remarks following a courtesy call paid on him by the Traders Advocacy Group Ghana (TAGG), DrOfori underscored the importance of insurance and sensitisation of products for traders’ groups.
“We are ever ready to help you insure all members of TAGG, and in view of that we are ready to design tailored insurance products for your members, and also to let us know what the needs of your members are and we will develop products to suit them,” he said.
President of the TAGG, Mr David Kwadwo Amoateng on his part, also called on the Insurance Brokers Association of Ghana (IBAG) and the Ghana Insurers Association (GIA) to help insure its members.
He said TAGG is ready to collaborate with these institutions in order to insure its 7,000 members against risks that may affect their business operations.
“Most traders are not insured because they have not been educated about insurance and its relevance and that is why they are not doing it. But if you educate them about the benefits of insurance they will definitely sign on to it,” Amoateng said.
He continued “so insurance companies should not say that traders are difficult to deal with and all that, we do want to insure our businesses and mitigate risks”.
The TAGG President added that insuring over 7,000 of its registered members across the country will help improve insurance penetration in Ghana.
TAGG is responsible for protecting the trade rights of its members operating in the country.
Other Insurance Industry Executives who welcomed TAGG were Mr Seth Aklasi, President of the Ghana Insurers Association (GIA), and Mr Shaibu Ali, President of the Insurance Brokers Association of Ghana (IBAG).
BY KINGSLEY ASARE