Insurance companies fight Gov’t for failing to insure state buildings and vehicles

Insurance companies have indicated that government is the worst when it comes to compliance with insurance regulations.

The companies lament that the public patronises government buildings and cars at their own peril as all government buildings and most government cars have not been insured.

This contravenes Ghana’s insurance law Act 742 which spells out mandatory insurance for vehicles and buildings patronized by the public and enjoins commercial facilities to do same.

Managing director of SIC insurance company, Mr Steven Oduro told Ultimate News government’s attitude does not help Insurers to whip up the poor insurance culture of the citizenry which stands at an abysmal 2%.

He told reporter Ivan Heathcote–Fumador, none of the government buildings are insured and most government vehicles are not insured. ‘I am telling you as a fact. We are trying to sensitize them as to why they should do it.

The lack of enforcement by the state to me is appalling. If you take a mortgage, the bank will force you to buy home insurance. So if the bank can enforce it, how come the state cannot enforce their own law?” he questioned.

Mr Steven Oduro made the observations when the company opened its branch on the Kwame Nkrumah University of Science and Technology (KNUST) to serve the university community which has been a client of SIC for the past fifty years.

SIC Insurance Company also handed over a fully refurbished car wash and vehicle maintenance department for the University.



By: Ghana/ Heathcote–Fumador