Senior High Schools in Ghana to undergo insurance education as Insurance Commission launches ‘Basic Insurance’

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Creating Insurance awareness in second cycle institutions

Students in secondary schools would soon be introduced to basic insurance education to incorporate essential insurance values into them and allow them to make career choices.

The change intends also to increase awareness among graduates, increase awareness of the value of insurance and promote a paradigm shift in career choices.

At the unveiling of the Basic Insurance Education at Second Cycle Institutions in Accra, Mr Judge Yaw Ofori, the Commissioner of Insurance of the National Insurance Commission (NIC), said that education at early stages of life is very necessary, as it enlightens students with fundamental insurance principles and offers the essential tools for their future lives.

The project, the NIC, the Ministry of Finance, the Ghana Education Service and the Insurance Coordinators Committee cooperate on this.

“The awareness of Ghanaians: Setting the Basics right” was the theme of the event. Students from the Greater Accra Region brought together including Accra Girls and Accra Technical Institute to learn at first hand the benefits of having an insurance policy.

Mr.Ofori notes that NIC’s initiative to ensure comprehensive insurance coverage for 1.500 police workers in eight regions is conscious about the value of protection for social life and is introducing a national insurance awareness programme.

At the launch

He described the current 2% insurance penetration rate as being weight fully insufficient for the GDP (Gross Domestic Product) and called for all parties to work together to improve the public’s perception of insurance.

The Finance Minister, Ken Ofori-Atta, Mr.Sampson Aklugu, Division Director, Ministry of Finance, confirmed that insurance education was a directed career choice of graduates.

He said insurance was a way to leverage long-term funding for national development and help the country to be better organized and progress more rapidly.

He said that the insurance policy is a mechanism to shift the liability to an insurance company, adding that “insurance is a resource to mitigate losses and provide household social benefits.”

Mr Aklugu emphasized how necessary it is for the younger generation to imbue the optimistic cultural inclination of insurance to contribute willingly to insurance policies in future.

Ghana was approved by the African Trade Insurance Agency (ATIA), which provided an opportunity for businessmen who want to do business in the countries to seek ATIA insurance cover on the basis of a dual appraisal. He claimed that the State will continue enforcing effective education policy.

He added that this encourages FDI and improves the national economy to stimulate production.

Dr.Kwabena Bempah Tandoh, Deputy General Manager of the Education Service Ghana (GES) appreciated how the GES will work closely with other partners to establish an ambitious insurance program to educate students of SHS on insurance.

Mr.Wilson Tei, President of the Accra Academies Insurance Sensitivity Coordinator’s Group and member of the Board, said that Accra Academy’s recent fire-fighting outbreak was not insured.

He explained that the money to rebuild the damaged school property was enormous.

Mr.Tei Wilson was convinced that the insurance company should bear the costs of maintenance if the buildings had been covered.

He appealed to all parties to make joint efforts to alter their pessimistic insurance perceptions in order to preserve their future.

A third-year student of Accra Girls High School, Ms Priscilla Mawufemor, said that her participation at the event has increased her knowledge and understanding of insurance applicability and advised her parents to subscribe to an insurance policy.

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