Kwabena Duffuor, Minister of Finance and Economic Planning, on Monday pledged government's support for efforts of the National Insurance Commission to adopt risk-based regulation that would enable companies assess their own operational risk.
Speaking at the opening session of the West Africa Insurance Companies Association (WAICA) 32nd annual general meeting and educational conference in Accra on Monday, Dr Duffuor asked professionals to bring their expertise to bear on the lives of the people and the countries' socio-economic development.
The event was being attended by 200 delegates from Ghana, Nigeria, Liberia, Sierra Leone and Gambia.
Dr Duffuor called on issuance workers to avoid negative and harmful practices that threatened the growth and development of the industry.
"Premium undercutting, unbridled granting of credit resulting in unethical competitive practices only weaken our financial situation and jeopardise our ability to meet claims obligations and improve service quality to clients," he said.
Dr Duffuor asked operators at the insurance industry to make cautious effort to develop products and services that would meet the needs and requirements of the majority of Ghanaians.
He cited the absence of insurance product for the agricultural sector although the sector employed majority of the people and micro-insurance products that targeted the informal sector.
Ben Acolatse, President of Ghana Insurers Association, said the goal of raising the industry to the level of those in the developed economy could be achieved if leaders went back to the basic principles and practices that constituted the foundation on which the industry thrives.
He said the oil and gas industry had exposed the limitations of the insurance market, especially in relation to inadequate capacity and technical know-how.
Acolatse said it was crucial a firm decision was taken to harmonise various industries to take advantage of collective capacities and technical know-how to ensure that the industry make full and profitable use of the opportunities of oil discoveries in the sub-region.
The association was established in May 1973, by English speaking West African countries.