Loyalty Insurance promises to deepen penetration

September 11, 2017
Source: Thomas-Moore Adingo | thebftonline.com
Loyalty Insurance promises to deepen penetration


Loyalty Insurance Company Limited, a wholly-owned Ghanaian non-life insurer, has been launched, with a pledged to help deepen insurance penetration.

The company, owned by local oil marketing company, Frimps Oil and the MIC Group, was incorporated and registered as a private limited liability company under the Companies Act, 1963 (Act 179) on March 31, 2016 and duly licensed by the National Insurance Commission (NIC) under the Insurance Act, 2006 (Act &24) to underwrite non-life insurance business.

Justice Yaw Ofori, Commissioner of Insurance, speaking at the launch in Accra, urged the company to put in place risk management measures to enable it carry out its responsibilities, saying: “The corporate governance and risk management issued by the National Commission should be complied with.”

He added: “I want to inform the Board of Directors and shareholders that they have a major role to play. Directors should be reminded of their policy directions, duties of due care and diligence, utmost good faith and conflict of interest situations.”

The Managing Director of the company, Frank Yeboah, said Loyalty Insurance is founded on good financial grounds and is ready to play a lead role in the country's insurance industry.

“Loyalty Insurance enjoys the financial strength and capacity of its parent companies. The company is well-managed, highly capitalised and well-resourced to fulfil its mandate and promise to clients and other stakeholders. We have in-depth knowledge and world class technological infrastructure, which allows us to delight our cherished clients with speed and efficiency.”

He further stressed that the company was not only committed to speedy delivery of products and services, but also the prompt payment of fair and legitimate claims.

“As a company,” Mr. Yeboah added, “We are driven by loyalty, integrity, professionalism, speed, agility, customer service and corporate social responsibility, bearing in mind that each contact with a client is an opportunity to improve public confidence and trust in Loyalty Insurance Company Limited and the insurance industry as a whole.”