Imperial Assurance, a fully Ghanaian-owned general (non-life) insurance company, has opened its new ultra-modern head office situated in Labone, an up-market suburb of Accra.
The spanking-new office offers customers convenience in terms of easy access through its location as well as ambience, which will engender the insuring public’s confidence as it physically illustrates the company’s financial solidity – and thus its capacity to meet all its financial obligations to them, particularly claims.
At the same time, the sheer functionality of the new office can be expected to raise productivity of the company’s staff – which has already been recognised as exemplary – even further.
The new office’s opening attracted a host of top-tier dignitaries; reflecting the high esteem in which Imperial Insurance is regarded, both within the insurance industry itself and by wider stakeholder segments in the Ghanaian economy.
Guests in attendance included Alan Kyeremanten, Minister for Trade and Industry; Sampson Akligoh, Director of Financial Services-Ministry of Finance; Dr. Ato Forson, ranking member of the Finance Committee of Parliament; and Dr. Justice Ofori, Ghana’s Insurance Commissioner, among others.
Part of Imperial Assurance’s attraction is that it is fully Ghanaian and privately owned. Indeed, it was one of the most compliant general insurers under the recently concluded recapitalisation of the industry, which raised the minimum capital by 233% from GH¢15million to GH¢50million – a feat achieved largely through the entry of a new shareholder into Imperial’s ownership structure. Indeed, the company’s new head office is basically a result of the huge new equity capital injected into it under its recapitalisation.
Addressing invited guests at the new head office’s commissioning, Imperial’s CEO, Robert Wugah, explained that: “Over the past few months, Imperial has embarked on strategic restructuring that repositions the company to offer better services and improve service delivery to both our potential and current customers.
In line with its restructuring, the company has witnessed a significant injection of additional capital from the new shareholder – which has positioned Imperial among the few Ghanaian-owned companies in the industry to have met the new minimum capital requirement by the National Insurance Commission.
This additional capital injected is indeed a great milestone, and shows the readiness of Imperial to take on any general insurance business in Ghana”.
He then linked the decision to acquire a new head office to the strategic plan guiding Imperial’s growth and expansion. “The opening of our new head office today bears further testimony to the resolve of our shareholders and Board to strengthen the presence of Imperial in the insurance industry.
As a service company, we consider our office ambience as an integral part of our quality service delivery mandate. This edifice will therefore serve as a reminder to all of us here that the client is the focus of our business.”
Also speaking at the launch of Imperial’s heads office opening, CEO of the insurance industry regulator, the NIC, Dr. Justice Ofori; asserted that: “The overall contribution of Imperial General Assurance to the insurance industry in Ghana is not in doubt. It is one of the domestically-controlled insurance companies with strong performance in asset growth and profitability.
“Insurance remains crucial in promoting economic growth and reducing poverty. It is in this regard that the Insurance Commission has taken some tough decisions to sanitise the insurance sector. The objective is to position the sector as a major growth driver to support the much-needed economic transformation of Ghana. The sector’s solvency position has improved on the back of the ongoing recapitalisation in the insurance sector and orderly resolution of distressed companies.”
He enjoined Imperial to strictly comply with the Insurance Act, the Solvency Framework, Directives and Guidelines as applied by the NIC.
Expectedly, the new head office will significantly enhance Imperial’s market share and business volumes.