The Ashanti Regional Manager of the National Insurance Commission (NIC), Faruk Dramani, has hinted at possible sanctioning of insurance companies failing to pay claims to customers within one month after receiving the necessary documents.
According to him, many people are deterred from registering for insurance due to difficulties they face during the claims payment process.
Speaking to Adom News during a street insurance campaign, Mr. Dramani said the NIC has guidelines that insurance companies must follow, and any violations will be penalized.
“If an insurance company receives all the necessary documents for a claim within one month and fails to pay the claimant, the claimant can complain to us, and we will take possible sanctions against the insurance company,” he said.
Mr. Dramani noted that the insurance penetration rate in Ghana is currently around 1% of the GDP, which is relatively low compared to the West African sub-region’s average of 3% and the global average of 7%.
To address this, the NIC and insurance companies in the Ashanti region embarked on street insurance campaigns to educate the public on the value of insurance.
