By Regina Benneh
Sunyani, (Bono), June 20, GNA – Mrs. Shirley Nicco-Annan, the Bono, Bono East, and Ahafo Regional Head of the National Insurance Commission (NIC) has urged insurance policy holders to inform the commission whenever insurance companies failed to pay their legitimate claims.
“Policyholders don’t need a lawyer to pursue the payment of their insurance claims”, she stated, saying the commission was there to support them to receive their unpaid claims.
She said further that, “the NIC’s mandate is to ensure insurance companies pay legitimate claims for policyholders.”
In an interview with the Ghana News Agency (GNA) in Sunyani, Mrs. Nicco-Annan explained that the Commission had the mandate to mediate or resolve issues emanating from payment of insurance claims and other related issues.
“It’s our mandate and we encourage policyholders to reach out to us for assistance in connection with payments of insurance claims”, she stated, advising them against seeking the services of legal practitioners.
Mrs. Nicco-Annan said the NIC regulated the insurance industry in the country, ensuring compliance with laws and regulations as well as safeguarding interest of policyholders, promoting sustainable growth, and ensuring financial stability.
“The NIC is the regulatory body overseeing the nation’s insurance industry as mandated by the Insurance Act, Act 2021 (Act 1061),” she stated.
“Insurance policies have specific coverages and exclusions”, she stated, saying “insurance is for anyone who wants to manage risk, not just the affluent and wealthy in society”.
Mrs. Nicco-Annan said: “Insurance provides secured financial protection against unforeseen events and accidents which can happen to anyone, regardless of age.
“Health issues can also arise unexpectedly, and thereby making insurance essential for everyone.”
She mentioned that insurance packages of motor insurance, including third-party cover, third party, fire, and theft insurances as well as comprehensive insurance cover offered varying levels of protection.
Mrs Nicco-Annan stressed the NIC’s commitment to intensify insurance awareness creation in tackling the misconceptions about insurance for the people to embrace and appreciate the benefits and protect against risks.
She said the negative perception of insurance in the country remained a challenge, saying the Commission was working hard to help change people’s mindset about insurance, and called for effective collaboration from the media in educating the masses about insurance.
“The NIC also licenses entities, sets standards, approves rates, and resolves complaints”, she explained, saying, “by educating the public about the benefits of insurance and promoting a better understanding of the industry, the NIC aims to increase insurance penetration and awareness in the country”.
Mrs. Nicco-Annan said: “The insurance industry in Ghana faces a significant challenge in changing the public’s mindset and promoting a better understanding of insurance”, saying with collaboration with the media public education could be intensified and to overcome those challenges.
GNA
Edited by Dennis Peprah/Benjamin Mensah
