Renowned business magnate Sir Sam Jonah has outlined a bold five-point strategy to reposition Ghana’s insurance sector for growth, resilience, and global competitiveness, urging industry players to embrace reform with urgency and discipline.
Delivering a keynote address at the annual conference of the Insurance Brokers Association of Ghana in Accra on March 26, Sir Sam Jonah said that while the industry faces significant challenges, it also holds immense potential if stakeholders commit to professionalism, innovation, and integrity.
“I have spoken of challenges, but I am not without hope,” he said. “In fact, I am energised by what this industry can become — if we choose to build it with the same seriousness with which the best among us conduct their daily professional lives.”
1. Invest in Professional Capacity
At the top of his reform agenda, Sir Sam Jonah called for sustained investment in human capital and technical expertise within the industry.
“First: we must invest in professional capacity, relentlessly and continuously,” he stressed.
He pointed to the Insurance Education Fund under the new legislative framework as a critical resource that must be actively utilised rather than left dormant.
According to him, the future of insurance in Ghana depends on developing specialised skills, including expertise in emerging risk areas such as climate change, cyber liability, and technology-driven claims management.
“We need brokers who understand climate risk… underwriters who can price cyber liability… and claims professionals who can deploy technology to serve clients faster and more accurately,” he said.
2. Embrace Digital Transformation
Sir Sam Jonah urged industry players to view technology as an enabler rather than a threat.
“Second: we must embrace digital transformation not as a threat to the broker, but as the broker’s most powerful tool,” he said.
He highlighted the role of data analytics, artificial intelligence, and digital platforms in improving risk assessment, enhancing service delivery, and increasing operational efficiency.
“The broker who uses data analytics… and AI-assisted tools… is not being replaced by technology. That broker is using technology to become irreplaceable,” he explained.
3. Expand Insurance Penetration
Addressing Ghana’s low insurance penetration—estimated at under 2 percent of GDP—Sir Sam Jonah called for aggressive efforts to deepen the domestic market.
“Third: we must deepen the domestic insurance market,” he said.
He noted that new compulsory insurance classes introduced under recent reforms present a major opportunity to expand coverage, particularly in areas such as public liability and professional indemnity.
He also identified agricultural insurance and microinsurance as untapped growth areas capable of transforming both the industry and the broader economy.
“These are frontier markets that can be game-changing for both industry growth and national resilience,” he added.
4. Strengthen Regulatory Collaboration
Sir Sam Jonah emphasised the need for stronger collaboration between industry players and regulators, particularly the National Insurance Commission.
“Fourth: we must engage the regulator as a partner, not merely as an authority,” he said.
He encouraged insurers and brokers to actively contribute to policy development and uphold high standards of self-regulation, noting that a well-governed industry reduces the need for excessive regulatory intervention.
“A well-governed industry is its own best advocate for a proportionate regulatory environment,” he stated.
5. Build a Culture of Integrity
In what he described as the most critical pillar, Sir Sam Jonah called for the institutionalisation of ethical conduct across the sector.
“Fifth: we must build a culture of integrity that is not merely aspirational but operational,” he declared.
He urged all member firms of the Insurance Brokers Association of Ghana to adopt robust compliance frameworks and ensure continuous training in professional ethics.
“Every professional should be trained not just in technical insurance skills but in professional ethics,” he said, adding that the association must be willing to enforce standards publicly and decisively.
Industry at a Crossroads
Sir Sam Jonah described the insurance sector as a cornerstone of economic stability, capable of protecting families, restoring businesses, and strengthening national resilience when properly managed.
“When it works well, it is a pillar of economic stability… When it works badly… it fails the people who depend on it,” he cautioned.
He noted that recent reforms—including improved regulation, increased profitability, and progress in implementing international financial reporting standards—have laid a foundation for growth.
However, he warned that these gains must be built upon with deliberate action.
“We are at a fork in the road… foundations are not destinations. They are starting points,” he said.
Drawing on nearly three decades of experience in the industry, Sir Sam Jonah expressed confidence that Ghana’s insurance professionals have the capacity to transform the sector.
“This industry, at its best, is one of the most powerful forces for human dignity and economic resilience that any society can build,” he concluded. “Ghana deserves that best.”
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Source: www.myjoyonline.com