The First Sky Group has launched a new insurance company, Serene Insurance Limited, adding to the existing twenty-seven (27) insurance companies, underwriting general/non-life businesses in Ghana.
The new company, which tags itself as the “New Face of Insurance,” is poised to bring on board the Ghanaian insurance industry, innovative products and excellent service delivery that combine both efficiency and cost-effectiveness.
In a welcome address, the Managing Director of the company, Mr. Christopher Boadi Mensah, noted that, Serene Insurance was borne out of passion and desire to redefine the insurance landscape of Ghana. He said, the company was not in business just to address the needs of the largely uninsured portions of the Ghanaian population, but to also offer tailor-measured products and services that meet the needs of the insuring public.
Addressing the gathering, the Executive Chairman of First Sky Group, Mr. Eric Seddy Kutortse opined that, the Ghanaian insurance industry presents both opportunities and challenges. He made reference to some key indicators in the 2017 NIC annual report and was very hopeful of great prospects for further growth of the Industry. These indicators include a total profit after tax of GH¢245 million, total industry assets of GH¢5.4 billion among other initiatives by the National Insurance Commission (NIC), such as a National Motor Database to check fake motor insurance.
Delivering the inaugural address on behalf of the Commissioner of Insurance, Mr. Justice Yaw Ofori, Mr. Kofi Andoh (who is the deputy Commissioner) said, the commission recorded a low insurance penetration rate (which is a measure of the insurance sector contribution towards GDP) of 1.2% in 2017.
That, according to him, formed one of the key challenges of the commission.
Mr. Andoh said “the NIC is making stringent efforts to address the impediments on the supply side by introducing sound legislation to regulate the sector.”
He pledged to work with all stakeholders including Serene Insurance Limited to improve claims culture by addressing challenges associated with claims management and payment.
Delivering the keynote address on behalf of Minister of Finance, Mr Charles Adu Boahene advocated for the need to build capacities of local insurance companies to be able to handle risks generated in areas such as the oil and gas sectors.
“The risks in the oil and gas sector is so huge that the entire insurance industry in Ghana takes just a fraction of it and the rest goes outside the country,” he added.
He made reference to the sad events unfolding in the banking sector and said the insurance industry being part of the financial sector was not entirely immune from the troubles that have beset the banking sector. He urged managers and shareholders of Serene Insurance Limited, and for that matter the entire insurance industry to uphold the highest standards of conduct in operations of their respective companies.
He was, however, hopeful and confident that the insurance regulator (NIC) will crack the whip in order to maintain compliance in the event of any breach of statutory regulations or unethical conduct.
His Lordship Justice Jones Dotse, a Justice of the Supreme Court of Ghana, chaired the inaugural ceremony.
Story: Kofi OWUSU TAWIAH