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
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
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
Devastating earthquakes, floods, hailstorms and wildfires, along with man-made devastation, helped push global disaster costs to $175 billion (161 billion euros) last year, reinsurer Swiss Re said on Thursday. That was nearly double the 94 billion disasters cost in 2015, the world’s number two reinsurer said, adding that only about 30 percent of last year’s … Read more
Nana Osei Bonsu, Chief Executive Officer of the Private Enterprise Foundation (PEF) 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. … Read more
MANAGING Director of Activa International Insurance, Mr. Solomon Lartey, has urged players in the insurance industry to make insurance a driving force of the economy. He has subsequently called on regulators to educate Ghanaians on the need to insure lives and properties. According to him, without insurance, lots of companies and institutions would collapse, and called … Read more
MANAGING Director of Activa International Insurance Company (Ghana) Limited, Mr. Solomon Lartey, has described the insurance penetration in the country as very challenging. This, he explained, was due to the fact that the market is very small but the competitors are many. Mr. Solomon Lartey’s appointment as the new MD of Activa International Insurance Company Limited … Read more
Life insurance companies in the country are now faced with significant challenges in selling insurance policies to consumers as pressure in the economy forces people to cut down on their discretionary expenditure. Industry chieftains noted that the unfavorable economic conditions are affecting purchasing power, which reduces the ability of persons to subscribe to savings plans, … Read more
The newly sworn in President of the Ghana Insurers Association, Mrs Aretha Abena Abrafi Duku has observed that for the industry to register continued growth, it would require that various stakeholders collaborate their efforts. She said when industry players exhibited a strong front, it would help counter negative public perceptions about insurance in the country. … Read more