The Acting Commissioner of Insurance, Dr. Abiba Zakariah has called on insurance industry practitioners to embrace new ways of doing the insurance business.

According to her, this would help change and sanitise the industry and improve insurance penetration in the country.

Speaking at the 10th Annual Educational Conference and Exhibition of the Insurance Brokers Association of Ghana (IBAG) held at Nkwatia-Kwahu in the Eastern Region, Dr. Zakariah stressed the need for industry practitioners to adhere to professional ethics to enhance public trust and elevate the insurance sector.

She mentioned that the "insurance regulator is headed in its bid to position the industry much better in order to improve on the insurance penetration rate which is just about 1% as regards its contribution to the country’s GDP."

She highlighted three pillars on which the new direction is heading which include: Sanitizing the Insurance Market; Growing the Insurance Market through Technology and; Positioning Ghana’s Insurance Market Internationally.

These pillars, she said would change the game exponentially for the growth of the industry where other stakeholders including consumers such as transport unions, market traders and other organised groups would be part of the product decision-making process, not just as consumers of insurance products and services.

For his part, the president of IBAG Shaibu Ali, admonished insurance companies to operate with integrity and cooperation to help dispel some not-so-pleasant perception about the business of insurance.

He emphasised the importance of insurance entities in financial planning and encouraged Ghanaians to invest in insurance policies for future unfortunate mishaps, which often give no clue until the worst happens.

Ali further called on insurance companies to upgrade their recruitment processes and working conditions of their sales executives with the view to promoting professionalism and ethical conduct in selling insurance products and services to prospective clients.

Ali emphasised the need for insurance companies to work with integrity to change the negative perceptions people hold about the industry.

The conference, which attracted about 300 participants from across the country, served as a platform to review the industry's progress under the theme: 'Leadership: Building Resilience through Cooperation and Ethical Conduct’.

SP/MA

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