Ghana’s insurance sector is facing mounting pressure as persistently low penetration cripples its ability to pay claims promptly and build public trust. Abuakwa South MP, Dr. Kingsley Agyemang, warns that without broader participation, the industry risks a cycle of mistrust that weakens growth.
“Insurance thrives on the principle of large numbers,” Dr. Agyemang explained during an interview on Adom TV’s Evening News.
“When many people contribute, the pool can easily pay the few who make claims. But when participation is low, even routine claims become a burden.”
To illustrate, he likened the situation to flipping a coin: thousands of flips produce predictable results, but just a handful yield erratic outcomes. “Insurance works the same way—the larger the pool, the steadier the payouts,” he noted.
The MP cautioned that weak uptake makes it harder for insurers to build strong, diversified portfolios. This often forces companies into cautious underwriting, higher premiums, and delayed claims—feeding a cycle of mistrust where fewer people buy cover.
“Nothing restores trust faster than paying claims on time and keeping clients informed,” he stressed.
Dr. Agyemang identified public education as the most urgent need for the sector. Many households, he argued, see insurance as abstract until disaster strikes.
“The consumer is not consuming—and that is the gap,” he said. “Beyond adverts, we need relatable explainers that show how to buy, claim, and benefit from cover.”
He urged insurers and the media to simplify policies, use local languages, and demystify key concepts such as premiums, exclusions, and claims processes.
To break the cycle of mistrust and make insurance more attractive, Dr. Agyemang recommended:
- Diversifying portfolios across life, health, motor, property, agriculture, and micro-insurance
- Embedding micro-insurance in everyday transactions such as ride-hailing and market purchases
- Simplifying policy documents with plain-language summaries
- Introducing no-claims bonuses and loyalty rewards to boost value perception
While acknowledging that Ghana’s insurance industry is stronger today than two decades ago, Dr. Agyemang noted that progress has not kept pace with emerging risks such as urbanization and climate change.
“The progress is clear, but it doesn’t match today’s demands,” he concluded. “Insurance is a numbers game. Until more Ghanaians buy cover, the system will continue to struggle.”
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