For the further improvement in the general insurance landscape, there is the need for regulatory support.
Speaking at the official launch of Bedrock Insurance Company, Renowned Economist, Kwame Pianim said, this can be done by expanding the list of mandatory insurance cover beyond the current third party for motor vehicles and fire insurance for private commercial property.
He suggested that consideration should be given to insuring all government vehicles, as well as all commercial buses and rental vehicles should be comprehensively insured, and all residential houses in district, regional and national capitals
Pianim said, “this will dampen the unhealthy appetite and clamour for district capitals.”
Another area of focus is the need for some percentage related to GNPC share in oil and gas installations and operations should be locally insured with local insurers with the top 10 insurers getting 50 percent of the placements and the balance being shared equally among the 19 remaining insurers, he mentioned.
He called for a need to ensure a healthy macro-economic stability so that good performance in the industry is not whittled away by depreciation in the external value of our currency.
“There is a need to minimize ruinous competition in the general business not necessarily through regulatory intervention but by having a group of skilled actuarial professionals who will assess risks and provide benchmark pricing guidelines to the industry.”