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26th April , 2007: Determination
of Life and Health Insurance
Premiums in Ghana: Practice,
Problems and Prospects.
by Ernest Amartey-Vondee,(CEO,
Ghana Healthcare Company)-
Subject Area: Statistics and Data
Management Caucus
INTRODUCTION
 Insurance is a mechanism where a pool is established, where many people
facing similar risks contribute into a common fund, and out of the fund,
those who suffer loss are compensated; meaning, insurance involves a
sharing of or pooling of risks among a large group of people.
The origins of insurance go back many years, and can be traced to
members of a community helping out others who suffered loss in some form
or other. For example, people would help out neighbours who had suffered
a death or illness in the family. While such aid was in many cases due
to altruistic feelings, there was also a motivation of self interest.
You would be prepared to help out a neighbour who suffered some
calamity, since you or your family could similarly be aided by others
when you required such help. This eventually became more formalized,
giving rise to insurance companies as we know them today.
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