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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/9690

Title: The effect of new insurance premium reform on the performance of the general insurance industry in Ghana. A case study of selected insurance companies in the Kumasi Metropolis.
Authors: Boateng, Philomena Serwaa
Issue Date: 10-Nov-2016
Abstract: The study was designed to examine the effect of the new premium reforms on the performance of the general insurance industry in Ghana, a case study of selected Insurance Companies in Kumasi metropolis. The population comprised the clients and employees of Metropolitan Insurance Company and Star Assurance Company in Kumasi Metropolis. A sample size of two hundred (200) was drawn from both customer and employee population. The statistical methods employed on the basis of research questions, were descriptive statistics using the statistical software Statistical Package for Social Scientist (SPSS).The study has show that majority of the clients are aware of the new reforms, and if not the name the payment of premiums upfront. Prompt claims payment, saving time of going after debtors and profit making were some of the prospects identified with new reforms. Non wider awareness of the new premium policy and no flexibility at all was some of the implementation problems identified. It was revealed that there is a negative relationship between outstanding premiums and claims payment. It was also revealed that the new reforms had a positive effect on the performance of the general insurance industry as compared to the pre reform period. The study revealed that, majority of the clients were aware of the new reforms, and that those who are not aware of the name no premium no cover are aware of the payment upfront of premiums. On the prospects of the new reforms it was revealed that prompt claims payment, saving time of going after debtors and profit making were what the reforms is contributing now and will be strengthened in the near future. It was also revealed that non wider awareness of the new premium policy and no flexibility at all was some of the implementation problems identified. Therefore it was recommended that various insurance companies should undertake intensive education to explain further to the insurers and some level of flexibility at least a month can be allowed as a grace period for payment of premiums. It was revealed that there is a negative relationship between outstanding premiums and claims payment. It was also revealed that the new reforms had a positive effect on the performance of the general insurance industry as compared to the pre reform period. It was therefore recommended that National Insurance Commission should undertake strict monitoring and sanctioning of insurance industries which fails to comply with the new reforms policy to ensure its affectivity.
Description: A thesis submitted to the KNUST School of Business in partial fulfilment of the requirements for the award of a Master of Science in Business Administration, 2015
URI: http://hdl.handle.net/123456789/9690
Appears in Collections:College of Arts and Social Sciences

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