The University of Ghana Business School (UGBS) in collaboration with the Insurance Awareness Coordinators Group (IACG) as part of its management week organised an insurance and industry public lecture on 4th April 2017 at the R.S Amegashie Auditorium.
Miss Lydia Lariba Bawa, Commissioner of Insurance, National Insurance Commission and Chairperson for the programme, in her opening and acceptance speech, stated that the event is the first among a series of events to explain insurance and its related policies to the entire spectrum of the Ghanaian population. Briefly touching on the theme for the Management week celebrations, “Insurance for Inclusive National Development”, she noted that the inclusive National Development bid cannot be met if insurers fail to cover majority of the population. She added that the theme is therefore throwing a challenge to the insurance sector to widen their reach.
Professor Joshua Yindenaba Abor, Dean of UGBS, in his welcome address explained that the UGBS is passionate about training and building the capacity of students through innovative curricular reviews. He affirmed the UGBS’s vision of becoming a world class business school developing global leaders. He added that industry engagement with captains of diverse backgrounds will groom students and bridge the gap between academics and industry. He asserted that the UGBS continues to make strides in areas of research on topics that affect national development. Prof. Abor revealed that these researches are transformed into policy briefs for quarterly distribution, adding that “research informs policy and policy feeds back the research agenda”.
The key note speaker, Dr. Abiba Zakariah, Managing Director of Ghana Reinsurance Company Limited, in her speech, explained that insurance provides cushioning and security to both individuals and their properties. She mentioned that every citizen in a nation requires insurance for their homes, business properties and any other property so that when they suffer losses there would always be a recovery platform by way of insurance. She reiterated that a country’s development is in limbo if there are no insurance cover opportunities.
Further, Dr. Zakariah revealed that security, risk mitigation, employment, loan facilitation among others are the different ways insurance helps its customers. She acknowledged that the insurance sector faces some challenges, citing unstable micro economic environment, penetration rates among others as their key challenge. She elucidated that the insurance sector needs empowerment to provide relevant products to the large regular income and lower income earners using technology and social media.
In her closing remarks, the chair for the event, Miss Lydia Bawa acknowledged the critical role of insurance in the financial sector, noting that it is an important requirement for sustained national development. She commended the audience for their active participation and encouraged them to purchase insurance policies.
The open forum session afforded students the opportunity to react to key issues raised in relation to insurance and its various policies. Representatives from various supporting associations were given the opportunity to share their good will messages.
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