Insurance market premium was GH¢419M in 2017 – NIC

The reinsurance sector in the country largely remains untapped with a lot of room for growth in the provision of reinsurance capacity in the areas of oil and gas, marine, aviation and specialist liability risk.

Commissioner of the National Insurance Commission (NIC), Mr Justice Yaw Ofori, who disclosed this at the official outdooring of the Afro-Asian Reinsurance Brokers Ghana (AARBG) observed that there was a large market for local reinsurance and intermediaries to tap into.

Giving a justification, he said total premium seeded by the insurance market in the year 2017 was in excess of GH¢419 million and the figure in the year 2016 was also in excess of GH¢422 million.

In order to attract more reinsurance companies and maintain the highest standards, the NIC in 2017 developed and issued the reinsurance guidelines with inputs from all stakeholders in the sector to adhere to.

The move, the Commissioner explained was to encourage reinsurance and co-insurance on local market risk leading to the adequate utilisation of local capacity and minimising premium flight.

 

Mr Ofori praised Afro-Asian Insurance Services Group for setting up a subsidiary office in the country and urged them to replicate their unique, innovative and sterling services provided to clients around the world and to Ghanaian companies.

“Local insurers will have access to increased capacity leading to unique risk solutions… innovation being provided by the company will improve because there will be direct solutions to the reinsurance of non-traditional risk leading to an increase in insurance penetration in the country,” he added.

 

Insurance
…with Kofi Owusu TAWIAH (kofi.tawiah@todaygh.com)

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