Project Lead at the Young African For Opportunities (YAFO), Nathaniel Dwamena, has underscored the need for insurance companies to review their comprehensive insurance policies so drivers can sign up for them.
He explained that several drivers prefer third-party policies because comprehensive policies are expensive.
He also lamented that the drivers who have signed up for the third-party policies are not benefiting.
He was speaking concerning YAFO’s latest report launched an exploratory report on motor vehicle insurance experience in Ghana.
Comprehensive insurance covers accidental collision or overturning, fire, external explosion, self-ignition or lightning, theft, burglary, house-breaking, and malicious acts, flood, storm, earthquake, riot, strike and civil commotion, property damage, injury and death to third parties for which you may be legally liable.
Administrative bottlenecks, illiteracy rates among clients, and insurance companies were identified by the YAFO Founder as major impediments to insurance penetration that needed to be addressed in order to improve insurance policies and packages in the country.
Mr. Dwamena stated that the report detailed some insurance companies’ performance, alleged police harassment, and fraudulent dealings that needed to be investigated.
He also advocated for unwavering public advocacy to increase public interest in the insurance industry.
Speaking specifically on the comprehensive policy, he said companies must review to reflect the financial needs of drivers.
He also suggested that third-party insurance be scrapped and the comprehensive categorised according to percentages.
”The drivers are not benefiting from third-party insurance. We can abolish it. We can categorise the comprehensive insurance in percentages so drivers would sign up for the ones they can afford. We can have full comprehensive or have a 50-50, 70-30 so all the drivers would choose the premium they can afford.”
By: Rainbowradioonline.com/Ghana
