Priority Insurance Company Limited, a wholly Ghanaian-owned insurance company and a member of the prestigious Tobinco Group of Companies, has inaugurated a Northern sector office situated at Suame in the Ashanti Region.
The company has also renovated its Asafo branch office, also in Ashanti Region, to fulfil its core values of bringing insurance to the doorsteps of its clients and prospective ones with the strategic focus of contributing to insurance penetration and awareness.
The inauguration ceremony and cake-cutting for the northern sector office and renovated Asafo office was done by Mr. Matthew Aidoo, Managing Director of the company, and was supported by the National Insurance Commission (NIC) Ashanti Regional Manager, Nana Amo Tobbin I, and other dignitaries of the company.
The Managing Director, Mr. Matthew Aidoo, in his opening speech reiterated the company’s core value of enhancing its image and bringing insurance closer to its existing clients and the public in general.
He pointed out that the Northern sector office will be responsible for all activities in the Ashanti Regional Office located at Asafo, Brong Ahafo office, Tamale, Wa and the Bolgatanga offices.
At the ceremony Mr. Boafour Senchery, Ashanti Regional Manager of the National Insurance Commission, congratulated the Board, Management and Staff of Priority Insurance for modernising its offices in Kumasi to create a conducive environment for both staff and clients to do insurance business in order to increase the company’s market share.
He was also praiseful of Priority Insurance for registering 5th position in the issuance of motor stickers out of 29 insurance companies in the country. He indicated that he was commending the company based on statistics available at the NIC.
Mr. Senchery reminded management of the company that increasing market share brings in its wake competition, and it’s likely to bring about malpractices such as premium undercutting and other associated challenges.
The Regional Manager of NIC reiterated that the Regulator believes in fair competition – not based on premium pricing (premium undercutting) but the provision of excellent services to clients, such as quality underwriting, prompt settlement of claims payments, speedily addressing clients concern and issues.
More importantly, he advised insurance companies to educate clients and potential clients to understand the policies they purchase.
Mr. Aidoo, MD of Priority, however praised highly the NIC – especially the Commissioner of Insurance, Dr. Justice Ofori – for introducing the Motor Insurance Database (MID).
According to him, the MID to a large extent has curbed the issuance of fake stickers/issuance of cover notes to prevent backdating of insurance.
Reducing insurance premium undercutting has also helped insurance companies to increase their motor insurance premium, and it has helped the general insurance public to know the insurance of vehicles by testing of the code (*920*57#).
He advised the general public to desist from claims malpractices in their own interests – adding that the company has since inception been making underwriting profit.
More importantly, he informed the gathering that Priority Insurance has offices in all the 16 regions of Ghana – including satellite offices nationwide, adding further that the company has paid total claims of GH¢2.9m from January to August 2021.