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
Dun & Bradstreet (D&B), an international business service company that promotes financial infrastructure and provides credit risk facilities, yesterday held a workshop for insurance providers and financial institutions in Accra. According to Adebowale Atobatele, General Manager for Dun & Bradstreet Credit Bureau Ltd, the workshop is to educate insurers, banks and lenders on how to … Read more
All but one of the fifty insurance companies have met the new minimum capital requirement set by the National Insurance Commission (NIC). As a result, the company has until June 2017 to recapitalize in order to escape a possible revocation of its license. This is the indication from the Commissioner of Insurance, Lydia Lariba Bawa. … Read more
All but one of the fifty insurance companies have met the new minimum capital requirement set by the National Insurance Commission (NIC). As a result, the company has until June 2017 to recapitalize in order to escape a possible revocation of its license. This is the indication from the Commissioner of Insurance, Lydia Lariba Bawa. … 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
Employees of the National Insurance Commission (NIC) are demanding the immediate removal of their boss, Madam Lydia Bawa. A three-page petition to the President, signed by the employees, who described themselves as the Concerned Staff of the Commission, insisted that Miss Lydia Bawa should be sacked to ensure that “she does not get away with … Read more
Employees of the National Insurance Commission (NIC) are demanding the immediate removal of their boss, Madam Lydia Bawa. A three-page petition to the President, signed by the employees, who described themselves as the Concerned Staff of the Commission, insisted that Miss Lydia Bawa should be sacked to ensure that “she does not get away with … Read more
Employees of the National Insurance Commission (NIC), are demanding the immediate removal of their boss, Lydia Bawa. A three paged petition to the President signed by the employees, who described themselves as the Concerned Staff of the Commission, insisted that, Miss Lydia Bawa should be sacked to ensure that “she does not get away with … Read more
Corruption has started germinating from the stables of the Ghana National Fire Service (GNFS), leaving many people to wonder whether the canker is likely tobseize in the public sector. Information intercepted by this paper indicates that about Six Hundred and Twenty Nine Thousand, Nine Hundred and Ninety Three Ghana Cedis Forty Six Pesewas (GH¢629, 993.46) … 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
The Ghana Insurance Brokers Association (GIBA) say it is important for Brokers to compete professionally on the market in compliance with the code of ethics of the association. President of the association and CEO of Akoto Risk Management Limited, Mr Nathan Adu, says professionalism was the key to a successful business. He is also advocating … Read more
The 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, have … 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
The National Insurance Commission (NIC) has bemoaned the practice where governments sign major contracts with foreign companies and allow the insurance component also to be repatriated out of the country. According to the commission, Ghana has lost millions of dollars through the practice over the years, depriving local insurance companies an opportunity to grow. Speaking … Read more
The National Insurance Commission (NIC) Task-force has arrested the heads of two companies in the Greater Accra Metropolis for failing to insure their commercial property. The companies are the General Auto Zone Company and Ghana Heavy Duty Truck and Spare Parts, which were detained at the Police Headquarters for the necessary action. They were among … Read more
NATIONAL Insurance Commission (NIC) Taskforce has arrested seven persons including three Chinese for failing to insure their commercial property. They were apprehended during an exercise carried out by the National Taskforce for Compulsory Insurance of Private Commercial Buildings, made up of staff of a joint team of the National Insurance Commission (NIC) and Ghana Police Service … Read more