Managers of Enterprise Insurance Company limited have reiterated the need for both businesses and individuals to insure their buildings.
Their call is also to improve the insurance penetration in Ghana which stands as a low at 2 percent.
Head of Business Development, Phyllis Wood Nartey, said continuous engagement with stakeholders on insurance education will improve the penetration rate.
She made this known at a stakeholder meeting with clients in Kumasi.
According to the National Insurance Commission (NIC), insurance penetration in the country at 2 percent is very low and worrying.
There have been several moves and initiatives by the Commission to increase the penetration.
Enterprise Life Insurance has, therefore, been engaging clients and potential customers on the need to insure their property.
At the meeting in Kumasi, managers of the company indicated that the drive is to increase the penetration by continuous education among the public.
Phyllis Wood Nartey is Head of Business Development explained that “It is a law that all commercial buildings must be insured and yet the uptake on commercial insurance is very low.
“Without us going into the various reasons that may account for that, as an insurance company, we believe that is the responsibility of the company and the industry to educate the clients so that they understand the benefit. It is one thing to enact a law and expect people to comply and there’s another thing to understand the need for protection.”
The business development manager maintained that, “whether there is a law or not they will go out themselves and take up the protection they need. That’s the reason we embarking on this education program. The law just helps strengthens our hand but for us, the basic thing is that everybody should see and understand the need for protection.”
Participants were trained on fire safety measures at home and office whiles others took turns to ask questions and seek clarification on different insurance packages.