• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Insurance: Failure to investigate claims could lead to early depletion of funds – Dr Justice Ofori

3 years ago
in Features, highlights, Home, home-news, Insurance, latest News
2 min read
0 0
0
Folder with close up on the word claims and a note where it is written under investigation. Concept of insurance fraud, 3d Illustration

Folder with close up on the word claims and a note where it is written under investigation. Concept of insurance fraud, 3d Illustration

130
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Insurance: Failure to investigate claims could lead to early depletion of funds – Dr Justice Ofori

Commissioner of Insurance, Dr Justice Ofori, has said it is important for insurance companies to rigorously investigate claims before payments are made to policy holders.

According to him, this is due to the prevalence of insurance fraud in the country.

Speaking at a three-day workshop held for journalists from August 19 to August 21, 2022, Dr Ofori quipped that, about 30% to 40% of insurance claims are fraudulent.

“About 30% to 40% of claims made are insurance fraud, and that is why a lot of investigations are done by insurance firms before payments are made.

“Because if that is not done, it will come to a point where the insurance pool (funds) will be depleted,” he remarked.

In an earlier interview, Dr Ofori averred the Commission is looking to set up a digital platform to monitor and track processed claims by all insurance companies in the country.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

“We are looking to build a digital base which is going to be a hub on which all the insurance companies in the country will have to process their claims and once we have that information we can track down people who are high risk, involved in fraudulent claims and all that. Because for now we don’t have the software to do that and so its very difficult to track persons that make fraudulent claims,” he said.

Insurance penetration Vs coverage

Touching on insurance penetration and coverage in the country, Dr Ofori expressed satisfaction at the rising rate of insurance uptake (coverage) among Ghanaians despite the low penetration rate.

According to the Commissioner of Insurance, recent data gathered by the Commission indicates that insurance coverage has increased from 29% to 44.4% in the last five (5) years.

“In 2021, 44.4% of Ghanaians have some form of insurance, and that is an improvement from the 29% recorded five years ago.

“The increased coverage or uptake shows that Ghanaians appreciate insurance, and for me coverage is more important than penetration,” he remarked.

Further explaining that, “low insurance penetration does not mean a country is not performing well with regards to its insurance industry, because insurance penetration could fall due to increments in GDP.

“Some countries can have high insurance penetration but low coverage or uptake, whereas others can have high coverage and low penetration. But for me, insurance coverage is more important.”

Insurance penetration, Dr Ofori explained, is the total premiums paid as a ratio to the country’s GDP.

Insurance penetration in the country, he noted, currently stands at 3% of GDP.

Source: norvanreports
Tags: Commissioner of InsuranceDr Justice OforiInsurance: Failure to investigate claims could lead to early depletion of funds - Dr Justice Ofori
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.