A research conducted by the National Insurance Commission (NIC) has revealed that the level of confidence in insurance provision by the various insurance companies by Ghanaians averaged 56.66 percent in 2020.
An improvement of 10 percentage points compared to 2019’s average confidence index of 46.6 percent.
The recorded improvement in the performance of the index according to the NIC, bordered around issues of relationship, loyalty, claims, trust and protection of insured persons.
The regulator therefore advised that much more attention be given to the aforementioned areas by insurance companies to further drive up the confidence level in insurance among Ghanaians.
Other factors considered by the NIC in conducting the research included the perception members of the general public hold about insurance as well as the level of insurance awareness among the populace.
Read Also: Public perception of insurance in Ghana
Per the study, the average attitude index (perception) as of 2019 was 55.15 out of 100; the average confidence index was 46.7 out of 100; whiles the knowledge index (insurance awareness) was 60.07%.
In 2020, the general public perception and attitude towards insurance concepts, products and companies stood at 57.04 out of 100; two-percentage-points above the 2019 index of 55.15.
Also, in spite of public awareness campaigns undertaken by NIC since 2019, the general public knowledge of insurance concepts, products and companies index declined from 59.92 to 53.92 in 2020 possibly due to the COVID-19 pandemic.
The research was conducted in all the sixteen (16) regions of Ghana involving a total of one thousand, and eighty-nine (1,089) individual respondents.
These individual respondents comprised three hundred and twenty (320) active policyholders, three hundred and forty-one (341) previous policyholders, and four hundred and twenty-eight (428) non-policyholders located in rural, peri-urban and urban localities.
The phase 2 research used the same sample size and geographical spread as in the baseline research.
