To deepen insurance penetration Offer more protection to workers Cabinet has approved a new bill presented to it by the National Insurance Commission (NIC) to replace the current Insurance Act, which has existed since a year after independence and has outlived its relevance in modern insurance practice. The bill, if...
Axis Pensions Group has stated that the Coronavirus disease was impacting negatively on some aspects of investments but said the group will rely on its superior knowledge in investments to deliver optimal returns to clients. The group's Chief Investment Officer (CIO), Nana Wiafe Boamah, said that the pensions and investment...
AM Best has assigned a Financial Strength Rating of B+ (Good) and a Long Term Issuer Credit Rating of ‘bbb-’ to WAICA Reinsurance Corporation PLC (WAICA Re, Sierra Leone). The outlook assigned to these Credit Ratings is stable. The ratings reflect WAICA Re’s balance sheet strength, which AM Best categorises...
Global insurance penetration as a percentage of global GDP has been estimated as 1% over the past decade in 2018. According to Atlas Magazine, the global reinsurance market turnover amounted to US$257billion in 2018 - a 5% rise. This is due to improved underwriting ratios and highly increased return on...
The Chartered Insurance Institute of Ghana (CIIG) has held its first webinar on insurance-business continuity and professional development to help members answer insurance industry-related questions surrounding COVID-19. The webinar, themed ‘The Impact of COVID-19 on the Insurance Industry of Ghana; Products, Productivity & Profitability’, presented an opportunity for organisations to...
The major goal of every insurance company is to be in a state of readiness to meet its liabilities in respect of the uncertain events insured. However, the events which have taken place in the past few months are clear indications that perhaps a number of insurance companies were...
Clients of RegencyNem have given a thumbs-up to management and staff for introducing a USSD application that allows customers to buy third-party Motor Insurance from the comfort of their mobile phones. Speaking to B&FT at the RegencyNem office at the 37 Drivers Vehicle Licencing Authority (DVLA) last week, the clients...
Government attributed and commended the strong performance of Ghana Reinsurance Company to the Board, Management and Staff of the company at its 17th Annual General Meeting (AGM) in Accra last week. Ghana Re announced a group composite (life and general business) gross premium income for 2019 of GH¢253.37m compared to...
The Vice President-Insurance Brokers Association of Ghana, Shaibu Ali, has indicated that the coronavirus pandemic has crippled the insurance brokerage industry - hitting the labour sector hardest in terms of job losses as a result of the absence of a contingency plan. According to him, the outbreak of COVID-19 has...
GLICO Group, a dynamic pacesetter in the insurance and finance industry, has presented essential hospital items and equipment to the Ghana Air Force as part of its efforts to stop the spread and manage infections of COVID-19. The presentation was made at the Ghana Air Force Headquarters, Burma Camp,...