The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana

Richmond Bansah; Augustina Sidza; Victoria Akita

doi:doi:10.11648/j.jfa.20210905.13

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The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana

Richmond Bansah, Augustina Sidza, Victoria Akita

Published in Journal of Finance and Accounting (Volume 9, Issue 5)

Received: 31 August 2021 Accepted: 28 September 2021 Published: 15 October 2021

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Abstract

The study sought to examine how the current regulatory reforms in the insurance industry impact the services of insurance schemes in Ghana. The study used primary data comprising 60 employees in management positions in private health insurance companies in Ghana, and 5 personnel from the National Health Insurance Authority, the regulator. The employees were selected using purposive sampling technique, while the private health insurance companies that participated in the study were chosen using simple random sampling technique. Descriptive research, mean and standard deviation, as well as inferential statistics of ordinary simple linear regression analysis were used to analyze the data of the study. The results of the study revealed that the main reason for the current insurance regulatory framework in Ghana is to ensure safety and soundness of insurers; offer protection to consumers; bring sanity into insurance industry; promote best practices; mitigate industry associated risks, and to safeguard the interest of all stakeholders for socio-economic development. The findings of the study also revealed that the current insurance regulatory measures were established to manage systemic risks and market failures. The result of the study also revealed that the regulatory framework has both positive and negative impact on insurance companies’ activities in Ghana. Moreover, the findings of the study revealed that the regulatory challenges facing the insurers are logistical, education and training, human resource, legislative, and economic or financial ones. The results of the ordinary simple linear regression revealed that the regulatory challenges faced by insurers have a significant negative impact on the insurers’ overall satisfaction with the regulatory framework. Given these findings of the study, implication and recommendations are highlighted for policymakers, regulators and researchers.

Published in	Journal of Finance and Accounting (Volume 9, Issue 5)
DOI	10.11648/j.jfa.20210905.13
Page(s)	200-206
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2021. Published by Science Publishing Group

Keywords

Regulatory Reforms, Regulator, Private Health Insurance, Regulatory Framework, Insurance

References

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APA Style

Richmond Bansah, Augustina Sidza, Victoria Akita. (2021). The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana. Journal of Finance and Accounting, 9(5), 200-206. https://doi.org/10.11648/j.jfa.20210905.13

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ACS Style

Richmond Bansah; Augustina Sidza; Victoria Akita. The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana. J. Finance Account. 2021, 9(5), 200-206. doi: 10.11648/j.jfa.20210905.13

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AMA Style

Richmond Bansah, Augustina Sidza, Victoria Akita. The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana. J Finance Account. 2021;9(5):200-206. doi: 10.11648/j.jfa.20210905.13

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@article{10.11648/j.jfa.20210905.13,
  author = {Richmond Bansah and Augustina Sidza and Victoria Akita},
  title = {The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana},
  journal = {Journal of Finance and Accounting},
  volume = {9},
  number = {5},
  pages = {200-206},
  doi = {10.11648/j.jfa.20210905.13},
  url = {https://doi.org/10.11648/j.jfa.20210905.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20210905.13},
  abstract = {The study sought to examine how the current regulatory reforms in the insurance industry impact the services of insurance schemes in Ghana. The study used primary data comprising 60 employees in management positions in private health insurance companies in Ghana, and 5 personnel from the National Health Insurance Authority, the regulator. The employees were selected using purposive sampling technique, while the private health insurance companies that participated in the study were chosen using simple random sampling technique. Descriptive research, mean and standard deviation, as well as inferential statistics of ordinary simple linear regression analysis were used to analyze the data of the study. The results of the study revealed that the main reason for the current insurance regulatory framework in Ghana is to ensure safety and soundness of insurers; offer protection to consumers; bring sanity into insurance industry; promote best practices; mitigate industry associated risks, and to safeguard the interest of all stakeholders for socio-economic development. The findings of the study also revealed that the current insurance regulatory measures were established to manage systemic risks and market failures. The result of the study also revealed that the regulatory framework has both positive and negative impact on insurance companies’ activities in Ghana. Moreover, the findings of the study revealed that the regulatory challenges facing the insurers are logistical, education and training, human resource, legislative, and economic or financial ones. The results of the ordinary simple linear regression revealed that the regulatory challenges faced by insurers have a significant negative impact on the insurers’ overall satisfaction with the regulatory framework. Given these findings of the study, implication and recommendations are highlighted for policymakers, regulators and researchers.},
 year = {2021}
}

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TY  - JOUR
T1  - The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana
AU  - Richmond Bansah
AU  - Augustina Sidza
AU  - Victoria Akita
Y1  - 2021/10/15
PY  - 2021
N1  - https://doi.org/10.11648/j.jfa.20210905.13
DO  - 10.11648/j.jfa.20210905.13
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 200
EP  - 206
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20210905.13
AB  - The study sought to examine how the current regulatory reforms in the insurance industry impact the services of insurance schemes in Ghana. The study used primary data comprising 60 employees in management positions in private health insurance companies in Ghana, and 5 personnel from the National Health Insurance Authority, the regulator. The employees were selected using purposive sampling technique, while the private health insurance companies that participated in the study were chosen using simple random sampling technique. Descriptive research, mean and standard deviation, as well as inferential statistics of ordinary simple linear regression analysis were used to analyze the data of the study. The results of the study revealed that the main reason for the current insurance regulatory framework in Ghana is to ensure safety and soundness of insurers; offer protection to consumers; bring sanity into insurance industry; promote best practices; mitigate industry associated risks, and to safeguard the interest of all stakeholders for socio-economic development. The findings of the study also revealed that the current insurance regulatory measures were established to manage systemic risks and market failures. The result of the study also revealed that the regulatory framework has both positive and negative impact on insurance companies’ activities in Ghana. Moreover, the findings of the study revealed that the regulatory challenges facing the insurers are logistical, education and training, human resource, legislative, and economic or financial ones. The results of the ordinary simple linear regression revealed that the regulatory challenges faced by insurers have a significant negative impact on the insurers’ overall satisfaction with the regulatory framework. Given these findings of the study, implication and recommendations are highlighted for policymakers, regulators and researchers.
VL  - 9
IS  - 5
ER  -

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Author Information

Richmond Bansah

Finance Directorate, Accra Technical University, Accra, Ghana
Augustina Sidza

Finance Directorate, Accra Technical University, Accra, Ghana
Victoria Akita

Department of Accounting & Finance, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana

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APA Style

Richmond Bansah, Augustina Sidza, Victoria Akita. (2021). The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana. Journal of Finance and Accounting, 9(5), 200-206. https://doi.org/10.11648/j.jfa.20210905.13

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ACS Style

Richmond Bansah; Augustina Sidza; Victoria Akita. The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana. J. Finance Account. 2021, 9(5), 200-206. doi: 10.11648/j.jfa.20210905.13

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AMA Style

Richmond Bansah, Augustina Sidza, Victoria Akita. The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana. J Finance Account. 2021;9(5):200-206. doi: 10.11648/j.jfa.20210905.13

Copy | Download

@article{10.11648/j.jfa.20210905.13,
  author = {Richmond Bansah and Augustina Sidza and Victoria Akita},
  title = {The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana},
  journal = {Journal of Finance and Accounting},
  volume = {9},
  number = {5},
  pages = {200-206},
  doi = {10.11648/j.jfa.20210905.13},
  url = {https://doi.org/10.11648/j.jfa.20210905.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20210905.13},
  abstract = {The study sought to examine how the current regulatory reforms in the insurance industry impact the services of insurance schemes in Ghana. The study used primary data comprising 60 employees in management positions in private health insurance companies in Ghana, and 5 personnel from the National Health Insurance Authority, the regulator. The employees were selected using purposive sampling technique, while the private health insurance companies that participated in the study were chosen using simple random sampling technique. Descriptive research, mean and standard deviation, as well as inferential statistics of ordinary simple linear regression analysis were used to analyze the data of the study. The results of the study revealed that the main reason for the current insurance regulatory framework in Ghana is to ensure safety and soundness of insurers; offer protection to consumers; bring sanity into insurance industry; promote best practices; mitigate industry associated risks, and to safeguard the interest of all stakeholders for socio-economic development. The findings of the study also revealed that the current insurance regulatory measures were established to manage systemic risks and market failures. The result of the study also revealed that the regulatory framework has both positive and negative impact on insurance companies’ activities in Ghana. Moreover, the findings of the study revealed that the regulatory challenges facing the insurers are logistical, education and training, human resource, legislative, and economic or financial ones. The results of the ordinary simple linear regression revealed that the regulatory challenges faced by insurers have a significant negative impact on the insurers’ overall satisfaction with the regulatory framework. Given these findings of the study, implication and recommendations are highlighted for policymakers, regulators and researchers.},
 year = {2021}
}

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TY  - JOUR
T1  - The Impact of Emerging Regulatory Regime on the Private Health Insurance Industry in Ghana
AU  - Richmond Bansah
AU  - Augustina Sidza
AU  - Victoria Akita
Y1  - 2021/10/15
PY  - 2021
N1  - https://doi.org/10.11648/j.jfa.20210905.13
DO  - 10.11648/j.jfa.20210905.13
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 200
EP  - 206
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20210905.13
AB  - The study sought to examine how the current regulatory reforms in the insurance industry impact the services of insurance schemes in Ghana. The study used primary data comprising 60 employees in management positions in private health insurance companies in Ghana, and 5 personnel from the National Health Insurance Authority, the regulator. The employees were selected using purposive sampling technique, while the private health insurance companies that participated in the study were chosen using simple random sampling technique. Descriptive research, mean and standard deviation, as well as inferential statistics of ordinary simple linear regression analysis were used to analyze the data of the study. The results of the study revealed that the main reason for the current insurance regulatory framework in Ghana is to ensure safety and soundness of insurers; offer protection to consumers; bring sanity into insurance industry; promote best practices; mitigate industry associated risks, and to safeguard the interest of all stakeholders for socio-economic development. The findings of the study also revealed that the current insurance regulatory measures were established to manage systemic risks and market failures. The result of the study also revealed that the regulatory framework has both positive and negative impact on insurance companies’ activities in Ghana. Moreover, the findings of the study revealed that the regulatory challenges facing the insurers are logistical, education and training, human resource, legislative, and economic or financial ones. The results of the ordinary simple linear regression revealed that the regulatory challenges faced by insurers have a significant negative impact on the insurers’ overall satisfaction with the regulatory framework. Given these findings of the study, implication and recommendations are highlighted for policymakers, regulators and researchers.
VL  - 9
IS  - 5
ER  -

Copy | Download