The growing incidence of fraudulent insurance claims is slowing down the pace at which beneficiaries are to be paid, Mr. Benjamin Acolatse, President-elect of Ghana Insurance Association (GIA) said on Thursday.
Speaking at a press briefing to commemorate this year's insurance month, Mr. Acolatse said GIA had responded to the worrying trend by instituting internal and external investigation systems to stem the practice.
The month-long celebration under the theme: "Insurance: An Industry of Opportunity for National Development," sought to create awareness and educate the public on insurance operations in the country.
Mr. Acolatse said the association was collaborating with the security agencies to fast-track all vital documents for prompt payment of insurance claims.
"Despite the challenge, the association has maintained its benefit payment standard of settling claims within 48 hours and has been able to settle more than 50 per cent of Funeral Finance Policy claims within two days," he said.
Commenting on the general outlook of the Life Assurance Industry, Mr. Acolatse said, the separation of life from non-life had strengthened companies and also provided more focus on life business.
"Besides, it has engendered more competition as well as new schemes and products," he said.
However, he said, market penetration was still low and there was the need to focus on education to enhance public understanding of the need of holding life policies.
Mr. Acolatse called for education and innovation to maintain the growth of the industry in future.
Activities planned include public lectures on insurance, health walk, float, fun games and a dinner dance.