Insurance expert Ebenezer Sefa-Kissi has underscored the critical need for intensive public education to encourage property and business owners to secure insurance cover.
Reflecting on the torrential rains of Monday, 29 June 2026, which tragically caused loss of life and wrecked havoc on numerous properties and businesses, Ebenezer Sefa-Kissi described the situation as unfortunate but preventable in terms of financial loss.
He emphasised that the public must understand the benefits of insurance so that these policies can provide a financial buffer during natural disasters, fires, and other unforeseen events.
Speaking on Nyankonton Mu Nsem on Rainbow Radio 87.5FM, Mr Sefa-Kissi explained that insurance acts as a safety net against sudden financial crises for individuals and families.
By securing a policy, policyholders transfer the burden of unexpected costs—such as medical emergencies, road accidents, or funeral expenses—to the insurer, who covers the sum insured.
Illustrating his point with vehicle insurance, he noted that comprehensive cover protects owners if a vehicle is swept away by floods, whereas third-party insurance only covers damages caused to another party’s vehicle.
He observed that while citizens in other jurisdictions routinely allocate a portion of their salaries to life and property insurance, only a minority do so in Ghana.
He attributed this disparity primarily to the low wages received by the majority of Ghanaian workers.
To bridge this gap, he argued that the most effective solution is to intensify public education so that Ghanaians truly value insurance.
“When citizens embrace insurance, it prevents them from draining personal savings or falling into debt during a crisis, thereby maintaining household financial stability.”
Furthermore, he highlighted that physical assets, inventory, and business operations remain continuously exposed to seasonal flooding, fire, and theft.
Addressing the public mistrust surrounding delayed claims, Sefa-Kissi clarified that insurance is a formal contract requiring clear understanding from the outset.
He advised prospective policyholders to engage the services of insurance brokers rather than agents, as brokers provide the objective, detailed guidance necessary to fully understand policy benefits and terms before signing.
He urged insurance companies to seize the current moment to ramp up public awareness campaigns.
He added that building a reliable safety net for both individuals and businesses a robust insurance industry ultimately drives national development.
By: Rainbowradioonline.com/Ghana