Insurance industry could overtake banking Sector – Rev Okosun

In the coming years, the insurance industry’s contribution to GDP could overtake that of the banking sector as the leading financial services sector. Rev. Kennedy Okosun, says this can become possible if insurance companies put the right strategies in place such as engaging the public on a regular basis. He was speaking at a press briefing: a prelude to the Insurance Business Breakfast Meeting to be organized here in Accra. “It is the view of Integrity Magazine that the insurance industry could wield more money than the banks if the public understood properly and applied effectively the services of insurers thus ensuring that they are well covered and protected in any eventuality,” he said. According to him, in most advanced countries, the insurance sector’s contribution to GDP outweighs that of the banks. He believes a well-developed insurance industry will improve the stability of the financial markets and protect individuals and businesses from losses through natural disasters or accidents. Rev. Okosun has, therefore, urged the public to show interest in insurance. He has ruled out the perception that there’s still mistrust of the public towards insurers indicating that insurance companies now pay legitimate claims promptly as a result of competition. About Breakfast Meeting The Insurance Business Breakfast Meeting is slated for 9th August 2019 in Accra. The event which is themed, “Maintaining the fiduciary relationship between the insured public and their insurers” will bring the key players within the industry under one umbrella to dialogue on how best the trust and the quality relationship between insurers and their clients can be maintained. Integrity Magazine believes, just like any other service providers, insurers have the duty of trust to always act in the best interest of their clients. According to Rev. Okosun, the Breakfast Meeting will meet expectations of both insurers and their clients since renowned insurance leaders will address key issues the public has about the industry. The speakers of the Insurance Breakfast Meeting include; the Commissioner of National Insurance Commission, Justice Yaw Ofori as Chairman for the event, President of the Chartered Insurance Institute of Ghana (CIIG), Rev. Asante Marfo-Ahenkora as Keynote Speaker and Group Chairman of Glico Group, Kwame Acheampong-Kyei as Guest speaker at the meeting. Other speakers are; the Managing Director of SIC Life Ltd., Elizabeth Wyns-Dogbe, Managing Director of RegencyNem Insurance Ltd., Bode Oseni, Chief Executive of Prime Insurance Ltd., Joseph Nyarkotei Dorh and Managing Director of Sunu Assurance Ghana Ltd., Adeyemi Adetuwo. Source:
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