Rev. Okosun (middle) addressing the media. With him are insurance industry stakeholders and publisher of Integrity Magazine
Editor-in-Chief of
Integrity Magazine, Rev. Kennedy Okosun, has indicated that the insurance
industry could overtake the banking sector in Ghana in terms of Gross Domestic
Product (GDP).
According to him, sound
policies have resulted in the insurance industry taking over the banking sector
in some countries around the world.
He was speaking at the
launch of Integrity Magazine Insurance Breakfast Meeting scheduled for August
9, 2019.
The meeting is to be
held under the theme: “Maintaining the Fiduciary Relationship between the insured
public and their insurers”. And it would bring together about 150 heads and
officials of the insurance industry in Ghana.
According to him, the
insurance industry plays a very important role in the economy.
“The business
(insurance) is a well developed one and even though the penetration is low, it
continues to generate year on year profits,” he disclosed.
He noted that a well developed
insurance industry would improve the stability of the financial markets and
protect individuals and businesses from losses through natural disasters or
accidents.
He urged every Ghanaian
to take insurance seriously, saying the insurance industry should be one that
every Ghanaian pays attention to.
“Insurance should not be
left to only those perceived to be wealthy or have the means. You may think
insurance is not important to you because you do not have a car or a house or
some very valuable property that costs so much need to insure,” he said.
He noted that some Ghanaians seem to be suspicious about insurers.
BY Melvin Tarlue
