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According to him, thanks to judicious policies, the insurance sector has taken control of the banking sector in some countries of the world.
He spoke at the launch of the Integrity Magazine Insurance Breakfast, scheduled for August 9, 2019.
The meeting will be held under the theme: "Maintaining the Fiduciary Relationship Between the Insured Public and Their Insurers" and will bring together about 150 officials and heads of the insurance sector in Ghana.
According to him, the insurance industry plays a very important role in the economy.
"The business (insurance) is well developed and, even if penetration is low, it continues to generate year-on-year profits," he said.
He noted that a well-developed insurance sector would improve the stability of financial markets and protect individuals and businesses from losses resulting from natural disasters or accidents.
He urged all Ghanaians to take insurance seriously, saying that the insurance industry should be an activity to which every Ghanaian would pay attention.
"Insurance should not be left to those who are perceived as rich or who can afford it. You may think that insurance is not important to you because you do not have a car, house or valuable property that requires so much insurance, has he declared.
He noted that some Ghanaians seemed to be wary of insurers.
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