The Chief Executive Officer of the Ghana Insurers Association (GIA), Dr Kingsley Kwesi Kwabahson, has refuted widespread public perceptions that insurance companies are quick to collect premiums but reluctant to settle claims.

Speaking during the climax of the 2025 Insurance Awareness Month activities, Dr Kwabahson revealed that insurance companies in Ghana collectively pay out as much as GHS10 million in claims every day, a figure that, according to him, is not well known by the general public.

“There’s a misconception that insurers are only interested in collecting premiums and reluctant to pay claims. That is not true. On average, insurers in Ghana pay out around GHS10 million daily in claims, but this rarely makes headlines,” he stated.

Dr Kwabahson made these comments at the finale of the Street Insurance Campaign, a novel public engagement initiative organised by the GIA to demystify insurance and educate the public on their rights and responsibilities as policyholders.

The event, held on Friday, July 11, 2025, involved two groups of insurance professionals walking through the streets of Accra, one from the Legon Police Station to the Accra Mall, and another from the 37 Military Hospital to the same location. The march included music, banners, and interactive engagements with motorists and pedestrians, particularly those caught in the morning traffic.

The Street Insurance Campaign, which also took place in Kumasi, Cape Coast, and Takoradi, was designed to address the country’s low insurance penetration rate, which currently stands at around 1% of GDP.

Dr Kwabahson explained that initiatives like this are essential to building public trust and correcting the false narratives surrounding the industry.

“This campaign is part of a deliberate strategy to bridge the trust gap between insurers and the public. When claims are paid, they often go unnoticed by the media, but when there are disputes, they attract all the attention. We must change this narrative,” he emphasised.

Also speaking at the event, Mrs. Mercy Naa Koshie Boampong, GIA Board Member and CEO of Serene Insurance Company Ltd, highlighted the role of the Claims Management and Advice Bureau (CMAB), which was set up to provide a one-stop centre for resolving insurance-related grievances.

She explained that the CMAB has helped resolve a significant number of claims-related complaints amicably, offering policyholders and third-party claimants a trusted platform for redress.

“To make the process more accessible, we have introduced a shortcode, 800442#, so that members of the public can lodge complaints or make inquiries remotely,” she noted.

Mrs. Boampong described the Street Insurance Campaign as a novel approach that allows insurers to engage directly with both existing and potential policyholders. She underscored the importance of educating the public about their rights and entitlements when it comes to insurance claims.

Dr Kwabahson, in his concluding remarks added that the GIA remains committed to sustained public education to promote insurance as a tool for financial security and national development.

“Insurance is not just about collecting premiums; it’s about providing peace of mind. We hope that through initiatives like the Street Insurance Campaign, more Ghanaians will come to understand this,” he concluded.

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