China has ordered Anbang Insurance Group, the conglomerate which owns New York’s historic Waldorf Astoria hotel, to sell its overseas assets, Bloomberg News reported Monday. The financial news agency, which cited unidentified people familiar with the matter, said Chinese authorities have told Anbang to bring the proceeds back to China after disposing of holdings abroad. … Read more
The general not-too-favourable perception about insurance seems to be taking longer to be minimised than expected. Many persons still feel aggrieved by the way motor insurance claims especially are handled by insurance companies especially where the insurance companies, through due diligence, also become a bit suspicious of some claimants. The upward adjustment in motor insurance … Read more
An Insurance Consultant, George Addae, has impressed is impressing on authorities to amend Ghana’s insurance laws to allow insurance companies undertake the mandatory towing of vehicles. He explained to Citi News in Accra that the new provisions will, among others, spell out the modalities in carrying out that mandate. “Now to create a levy on the … Read more
Some players in the banking industry have indicated of their plans to expand their operations with insurance companies to increase penetration in the insurance market. According to them, the slow growth in the sector is largely attributed to the inconvenience customers go through in signing up for the policies. In an interview with Citifmonline, Regional Consumer, … Read more
The Volta Regional Minister, Dr. Archibald Letsa, has asked workers of the National Health Insurance Authority to be committed to the policies of the government devoid of party politics to enhance health service delivery in the country. Speaking to workers of the National Health Insurance Authority (NHIA) in Ho during their midyear review workshop, the … Read more
he planting for food and jobs program is an initiative by the Ministry of food and Agriculture. The Ghana Agriculture Insurers Pool is urging government to insure its planting for food and jobs initiative to sustain the program. The planting for food and jobs program is an initiative by the Ministry of food and Agriculture. … Read more
The chairman of a Chinese insurance group that sought a business deal with the family of US President Donald Trump’s son-in-law has stepped aside following a report that he was taken away by authorities. Officials from the China Insurance Regulatory Commission notified Anbang that Wu was “taken away” on Friday, but they did not explain … Read more
The high competition among players in the insurance market has earned Ghana a reputable accolade as one of the best on the continent after South Africa and Nigeria, according to Dr. Gideon Amenyedor. According to him, this has contributed to the industry being recognised as a major component of the country’s economy which can only … Read more
THE recently-merged insurance company, RegencyNem Insurance, has been awarded with ‘Best Corporate Finance Deal of the Year’ at the 4th Business Executive Excellence Awards 2017 held in Accra. The company’s Managing Director (MD), Mr Bode Oseni, was also adjudged ‘CEO of the Year (Insurance)’ at the same awards. It would be recalled that in October … Read more
In the quest for making underwriting easy for insurance brokers in the country, Allianz Ghana has deployed an online underwriting tool dubbed: “Partner Platform” into the market. The Partner Platform is an exclusive online underwriting tool designed by Allianz to enable Ghana Insurance Brokers Association (GIBA) members’ underwrite policies directly. Martin Amoah, Deputy Managing Director, … Read more
Managing Director of Royal Insurance Company, Makaireh Badjan, has been installed as the president of the West African Insurance Companies Association (WAICA), succeeding Rotomi Fashola, a Nigerian. Mr. Badjan took the prescribed oath of office pledging to discharge his duties as WAICA president faithfully to the best of his ability and “in accordance with the … Read more
Car owners, especially commercial drivers, now have the opportunity to pay for their auto insurance in weekly installments in Ghana following the introduction of “Apakan” by NSIA Insurance Ghana. Apakan is an innovative product which pre-finances the motor insurance cost and affords car owners, especially Taxi and commercial drivers, the flexibility to pay off within … Read more
Currently, the sector’s contribution to the Gross Domestic Product(GDP) of the country is estimated below 1.5 percent. Countries such as Nigeria and Kenya are said to have insurance penetration of about 3.0 percent,—more than half that of Ghana’s. One major challenge facing the industry is lack of understanding of insurance policies and clarity on what … Read more
Commissioner of Insurance, Madam Lariba Bawa, has stated that insurance companies must be financially sound and liquid to be able to honour their obligations. This, according to her, requires that insurance companies hold adequate capital as well as have appropriate plans in place to mitigate risk inheritance in their business activities and environment. She said … Read more
Deputy Minister for Finance and Economic Planning, Mrs. Abena Osei-Asare, has revealed that government, in collaboration with development partners, is developing a national Financial Inclusion Strategy aimed at increasing access to formal financial services for adult population from the current 58% to 75% by 2023. She said giving the diverse nature of financial services; the strategy … Read more
The National Insurance Commission (NIC) has urged insurance companies that are struggling to meet the minimum capital requirement to consider merger before the time given them to meet the condition elapses. According to the commission, it will be forced to take the next line of action which may be delisting, if the companies fail to … Read more
The Managing Director of NSIA Insurance, Mabel Nana Nyarkoa Porbley, has revealed that the hazy nature of the agriculture sector has made it unattractive for insurance entities to partner. According to her, the sector is not well organized and measures are not in place to monitor outputs in the country, so it makes it murky … Read more
NSIA Insurance has organised a health walk for its staff members in Accra. Management of NSIA initiated the staff health walk to bring to the fore the importance of exercising and healthy living. The five-kilometer walk began at the car park of NSIA head office located at Tesano near De-Georgia Motor, Accra, proceeded to the … Read more
Chief Executive Officer (CEO) of Private Enterprise Foundation (PEF), Nana Osei Bonsu, has bemoaned the low penetration of the insurance industry in the country. He described the industry’s less than two per cent contribution to the country’s gross domestic product as “woefully inadequate,” and called for high level collaboration among stakeholders to grow the sector. Nana … Read more
NATIONAL Insurance Commission (NIC) has called for an amendment to the Insurance Act, 2006 (Act 724), to ensure that all government properties are insured. Per the Insurance Act 2006, as it exists now, it is only compulsory that private commercial properties such as hospitals, schools, hotels, recreational centres, tour attractions and other facilities are insured to … Read more