Ghana Insurers Association observes 2011 Industry Seminar
Insurance operators have been advised to focus on ethical standard and ensure strong adherence to professionalism to instil confidence in the insuring public or risk winding up their out of businesses in the future.
Speaking at the Ghana Insurers Association’s 2011 Industry Seminar in Accra on Thursday, Mr Olusola Ladipo-Ajayi, President of the Nigerian Insurance Association (NIA) said professionalism and ethics were the bed rock of a strong and viable insurance industry adding that unprofessional practices would always end in disaster while unethical companies would also go under water.
It was on the theme Adherence to Professionalism and Ethical Standards in the Practice of Insurance in Ghana – Challenges and Prospects.
The main thrust of this year’s insurance month celebration is to afford leadership of the industry an opportunity to discuss and reflect on situations and agree on common solutions to challenges.
Ladipo-Ajayi said it was highly expected of insurance operators to build the confidence of the society and ensure they see the benefits of insurance and that the industry could not tolerate insurers who do not operate by the rules and set guidelines, adding that it was a sure way to develop the industry and compete favourably in the global market.
“We need to be more ethical in our approach to business he said and urged them to avoid price war though it look profitable and attractive and eschew unhealthy competition and rivalry because in the end no one wins.
“There should be unity in the industry. We should see ourselves as one. No part of the whole is greater than the whole. Our fortunes are tied to each other, he said.
According to him guidelines and regulation should be strictly adhered to maintain Professionalism and Ethical Standards
President of the GIA, Mr Benjamin Acolatse agreed that unethical behaviours kills business and that and that there was no doubt that pprofessionalism and ethics were definitely the bedrock of a strong and viable industry and called on members not to allow themselves to driven by empty desires and stick to rules and regulations.
Reverend Asante Marfo-Ahenkora, President, Ghana Insurers Brokers Association called on employers to ensure that employees were well vested in the tenets of the industry to maintain higher professional standards and added that companies who go against regulation are punished to deter others.
The GIA as part of it insurance month also held a blood donation exercise to support the National Blood Bank, which has been hit by chronic shortage of blood to help reverse the trend.
The exercise is the second on the GIA calendar but Mr Atsu Menyawavor, Chief Executive of GIA said if efforts being made to step education and whip up peoples’ interest becomes successful resulting in increase of volunteers it would become a bi annual event.
He encouraged the public to see the exercise as their civic responsibility and donate blood at least once every year and commended Barclays Bank and Ghana re Insurance for supporting the exercise.
Officials of the National Blood Bank have on many occasions complained of acute shortage of blood at the facility.
Mr Samuel Nunoo, Deputy Chief Blood Donor Organiser, was quoted in September as saying that although the bank requires about 100,000 units of blood annually, it gets only 300 units, leaving a shortfall of 99,700.
The shortage, he said, had affected the work of the bank as patients are required to donate blood before being operated on.
The entire need of the nation is about 250,000 units of blood.