European Journal of Business and Management
Assessing the Life Insurance Industry in Ghana
Abstract
Insurance has a crucial role to play in every economy. In Ghana, there have been a number of disasters resulting in loss of life and property. This paper attempts to assess the life insurance industry in Ghana through a sample of 330 customers of life insurance companies operating in the Kumasi Metropolis. The study revealed that life insurance companies find it difficult to settle claim payment and subject customers to long processing period while some settlement end up in court. 70% of the customers do not received feedback after lodging complains. These insurance companies however collect their premium promptly.
Keywords: insurance, effectiveness, satisfaction, claim, premium
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ISSN (Paper)2222-1905 ISSN (Online)2222-2839
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