"Write Insurance Policies In Simple Language"

The National Insurance Commission (NIC) has been urged to impress upon Insurance Companies to write their policies in very simple language. Additionally, the Commission must ensure that insurance companies transact business to the satisfaction of the public. Making the call in an interview with the Ghana News Agency in Tema, Mr Samuel Kwame Kyei-Appiah, Tema Regional Manager of the International Energy Insurance Company (IEIC), also urged the public to take their time to read policies they purchased. This, he said, is because insurance was designed to protect them in the event of the unexpected, so that they could avoid disappointments in times of claims. Mr Kyei-Appiah pointed out that the insurance industry was a contributor to the nation�s economic growth, by converting individual savings into portfolios of assets and investments returns, and allowing those insurers to share in the prosperity of the economy. He reminded business entities and individuals that insurance companies were not in business to take undue advantage of them, but rather �they are in to fill an important gap in the socio-economic development of the country. Recounting the historical background of the company, Mr Kyei-Appiah said International Energy Insurance Ghana Limited fully started operations in the country on June 18, 2008. Asked as to the vision of IEIC, Mr Kyei-Appiah said, it was bent on becoming a global financial institution, providing excellent solutions to the energy and industrial sectors of the economy. On its Mission, he said, the company �wants to be a dependable partner, helping our clients protect their human and material assets, and creating superior value for all our stakeholders.� Touching on the challenges facing the company in the metropolis, Mr Kyei-Appiah said due to the numerous insurance companies in Tema, there was keen competition. �Almost every organisation within the metropolis in one way or the other has an insurance policy with an insurance company, thus making it very difficult to get new business. This is because the same businesses are being moved around the insurance companies yearly by organisations and companies within the metropolis.� He said proficiency, integrity, innovation, dependability and friendliness constituted the core values of IEIC, and, therefore pledged the company�s determination to be transparent, fair and honest, in all dealings with its stakeholders.