The Commissioner of Insurance, Mr. Justice Yaw Ofori, has been conferred with ‘Honorary Membership’ status, at the 25th awards ceremony of the Ghana Journalists Association (GJA), having served the National Insurance Commission (NIC) diligently.
The Commissioner of Insurance was awarded, in recognition of his initiatives to strengthen the insurance industry. This includes the “introduction of the Motor Insurance Database (MID) and championing the institution of an Insurance Education Fund to build the capacity of the industry and educate the insuring public to see the value in insuring their lives and property”.
Mr. Justice Yaw Ofori, after assuming the office of the Commissioner of Insurance, and the Chief Executive Officer (CEO) of the National Insurance Commission (NIC), has exhibited excellent leadership and managerial skills by spearheading many initiatives and developments in the insurance sector.
The Chief Executive Officer (CEO) of the National Insurance Commission (NIC) also believes in the media and their role in awareness creation and education, making him an ally of the media, the general public, and the Ghana Journalists Association (GJA).
The massive contribution of the Commissioner of Insurance to the expansion of the insurance industry in Ghana and his achievements cannot be overlooked. Among these achievements is the introduction of the Motor Insurance Database (MID) to checkmate fake motor insurance in Ghana.
“The MID was implemented on January 1, 2020, and is providing a centralised system from which security agencies and the general public, including passengers of vehicles, can check the validity of vehicle insurance instantaneously”.
“The checks can be done through the use of a mobile phone, receipt of acknowledgment of transaction via a text message, or by scanning a QR code on the insurance sticker by the Police MTTD”.
“The National Insurance Commission (NIC) has recorded over 78,000 newly insured vehicles as of February 17, since it implemented the Motor Insurance Database (MID)”.
Speaking to a cross-section of the media, Mr. Justice Yaw Ofori expressed joy at the fact that despite doing his work to the best of his ability without expecting any form of reward, little did he know that there were observers out there taking notice of his hard work.
Mr. Justice Yaw Ofori went on to advise all to do the best they can in their “small corners”.
Finally, the Commissioner of Insurance expressed his appreciation to the GJA for recognizing his efforts and for bestowing such honours on him.
The recent financial stability review conducted and released by the Bank of Ghana, indicated that with a promising economic outlook, advancement in insurance products offered, and the implementation of various policy reforms in the insurance sector, it is expected that the risks accompanying premium income growth in the industry will be maintained at minimal levels to enhance the performance of the sector to sustain its growth in 2019 into the foreseeable future.
“Going forward, risks associated with premium income growth is expected to remain subdued given favourable economic prospects, the broad-based introduction of innovative insurance products (micro-insurance, etc), the recapitalisation exercise, implementation of the Motor Insurance Database (MID), and the expected passage of the draft insurance bill, among others”.
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