NIC develops compulsory commercial fire insurance policy

The National Insurance Commission (NIC) has indicated it is developing a database on compulsory commercial fire insurance.

This came to light at a two-day training programme for cadets of the Ghana National Fire Service (GNFS) at the Fire Academy and Training School (FATS) in Accra.

Aimed at creating awareness on insurance and its related issues, the exercise saw participants undergo training in basic principles of insurance, fire insurance, and risk management.

According to Justice Yaw Ofori, Commissioner of Insurance, the training forms part of a structured campaign by the NIC to create insurance awareness among all security agencies and allied bodies.

“I am delighted about the prospects of this training as it coincides with the development of a database on Compulsory Commercial Fire Insurance by the NIC,” he stated.

Dr. Ofori added that “when personnel of the Fire Service are well educated on insurance, they can also encourage others to appreciate the need for insurance as a risk management tool.”

Director of the Ghana Insurance College, Richard Okyere, disclosed that the college had so far trained about 5,000 out of a targeted 10,000 since the NIC started funding the training of the youth as insurance agents in July 2019.

Such a move, Mr. Okyere said, had created employment in the insurance industry for many young people.

Commandant of FATS, ACFO, Gilbert Klutse, advised the trainees to take advantage of the exercise in order to serve as worthy ambassadors for insurance protection, homes, and corporate entities in the course of their career.

“Whereas the GNFS is committed to sensitizing the citizenry and protecting homes, businesses, as well as other forms of properties against the ravages of fire and other disasters, the insurance industry which is regulated by the NIC provides the needed shock absorbers to alleviate the economic impacts of these incidents on victims, if they do occur,” he acknowledged.

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