Bob ROCO Romeo

  Dr. Justice Yaw Ofori, Commissioner of Insurance, has re-echoed the need for property owners to take up Fire Insurance policies to protect their buildings. “Fire Insurance gives you much protection against any peril, as well as shields anyone who enters or uses your premises” he said. He noted that some individuals have a foot-dragging attitude when it comes to insurance policy, and such an attitude does not augur well: “Insurance is to guard you against risk”. “I would encourage owners of public buildings and their occupants to make compulsory Fire Insurance a part of their budget to safeguard lives and property,” he added Dr. Ofori was speaking at an annual interaction with about 70 journalists from different media houses across the country at Elmina in the Central Region. The media interaction, which was fourth in the series, seeks to educate participants on the National Insurance Commission’s (NIC) role and issues relating to the insurance sector among others. The...

  Investing in a car Buying a car or being a car owner comes with a lot of expenses; one has to buy fuel, accessories, do roadworthy certificate and most importantly insure the car to financially protect it and other road users. A lot goes into investing in a car. One thing to take into consideration is the maintenance and security. While the level of expenditure doesn’t end at spending a significant amount for purchasing a car, insurance acts as an essential cover to protect it. If you have not insured your car under a beneficial coverage plan, you might have to pay high expenses following an accident, damage to third party properties, causing injuries or even death to third. The possibility of the car being stolen does exist and quite on the rise in recent times. The frequency of motor vehicle accidents and insurance claims Each and every day accidents happen. So, as we are advancing towards the electric cars and advanced safety system for making the drive safe, it is very import...

Wapic Insurance Ghana Limited has issued a notice of change of name to Coronation Insurance Ghana Ltd subsequent to all Board, Shareholders and Regulatory approvals. By this action, the Company, with the adoption of Coronation Insurance, aims to reinforce its strategic partnerships, values and business philosophy, as well as provide an opportunity to position the Company with a name that will remain indelible in the minds of customers and clients. “Please note that there has however been no change in our management and other Company information, nor will the name change affect the company’s existing business relationships and contracts. The name change is to further reinforce the Company’s commitment to serve its customers better.” The statement added.   All stakeholders are requested to take note of the above information.

KEK Insurance Brokers and KEK Reinsurance Brokers have both been adjudged Best Insurance Brokers in Ghana at the maiden edition of the Chartered Insurance Institute of Ghana awards which took place at the Labadi Beach Hotel, Accra, last week Saturday 28 th November 2020. The Group carted home four awards in the following categories: CIIG Insurance Broker of the Year – General; CIIG Insurance Broker of the Year – Life; CIIG Reinsurance Broker of the year; and CIIG’s Most Supportive Broker. The awards were received by Shaibu Ali – Managing Director of KEK Insurance Brokers, and Nuerkie Afi Odzeyem, Chief Executive Officer of KEK Reinsurance Brokers (Africa) Ltd. Shaibu in receiving the awards dedicated them to founder of the Group, Kwesi Essel-Koomson of blessed memory, and the company’s teeming young staff who are giving their all for the company to succeed. KEK Insurance Brokers brought change to Insurance Broking in Ghana. The company was incorporated in 1985, got licensed in 1990, a...

Hollard Ghana with subsidiaries, Hollard Insurance and Hollard Life Assurance picked up a total of three awards at the 2020 National Marketing Performing Awards organised by the Chartered Institute of Marketing (CIMG) Awards held at the plush Labadi Beach Hotel in Accra. The awards event held under the theme: ‘Marketing in a Disruptive Era’, sought to honour businesses which have thrived and maintained excellence over the last year and despite the outbreak of COVID-19 pandemic. The Group CEO of Hollard Ghana, Patience Akyianu, was named the Marketing Woman of the Year 2019 for leading Hollard Ghana to introduce groundbreaking innovative products like Hollard ChatInsure product and its popular virtual insurer, Araba Hollard. Also, Hollard Insurance, a subsidiary of the insurance group, took home ‘Insurance Company of the Year 2019’ in the Non-Life Insurance Category for its contributions in the insurance industry by introducing unmatched innovations. ‘Hollard ChatInsure’ and its Chatbot...

The National Insurance Commission (NIC) has shown concern over overseas transfers of reinsurance premiums out of the country. Dr. Justice Yaw Ofori, Commissioner NIC, revealed that almost US$40million left the shores of Ghana in 2019. “This has a negative impact on our cedi and the local economy,” the Commissioner lamented. He pronounced this at the 11 th Ghana Reinsurance Cedants Awards held in Accra last week. He therefore entreated all insurers to exhaust local capacity before any recourse to overseas reinsurance, so as to reduce premium flight and harness resources needed to develop the country. Though the Commission is enjoined by the Insurance Act, 2006, to approve all reinsurance arrangements, this is generally aimed at developing the sector since it promotes a system wherein each insurer has access to risk and premium emanating from the local market. Hence, to ensure local capacity is fully utilise before any recourse to overseas reinsurance. The Commission grants ap...

Ghana Re Insurance Company Limited (Ghana Re) the 11 th “Cedants Awards Night had a different feel this year because of the COVID-19-related lockdowns. The Award ceremony has traditionally been the most prestigious and glamorous event held in Ghana’s insurance industry.   Since its inception, the award ceremony has been organised annually to acknowledge the contributions of loyal cedants as well as reward some selected companies which have demonstrated exceptional loyalty and commitment to Ghana Re in one financial year. This year’s awards ceremony was in respect of the 2019 financial year. However, the difference was that the big-five companies in non-life and life were out of the race. Astonishingly, Saham Insurance Company Ghana walked away with the coveted General Business Cedant of the Year plaque, while Metropolitan Life Insurance Ghana emerged winner to cart away Cedant of the Year in the Life category.   KEK Re won the Broker of the Year award. Commenting o...

  The National Insurance Commission (NIC) will soon hit the metropolitan and district business enclaves of the country to intensify its sensitization and enforcement drive on the compulsory property insurance. This was disclosed by the Commissioner of Insurance, Mr Justice Yaw Ofori in a recent statement.   He indicated that though the Insurance Law, Act 724 of 2006 made it compulsory for privately owned business entities to insure their properties, many are yet to comply. The law, per Sections 183 and 184, makes it mandatory for all commercial properties either under construction or completed, to have valid insurance certificates. The compulsory property insurance is to provide financial protection against legal liabilities arising from accidents that cause property damage, bodily injury or death to the public. Occupiers (tenants) of commercial buildings can also benefit from taking fire insurance on their businesses because they may be held liable to the public. Mr O...

Allianz Life Insurance has been adjudged the Fastest Growing Company at the third edition of the Ghana Insurance Awards held over the weekend. The company which commenced its operations in 2018 picked up the award for the inroads it has made in the highly competitive Ghanaian insurance industry. Commenting on the award, Chief Executive Officer of the company, Gideon Ataraire, expressed his appreciation to their customers for their support since the company launched its operations two years ago. “This award reflects our commitment to offer excellence to our customers. And to a large extent, this would not have been possible without them giving us a chance. Going forward, this means that we will work to improve on the high standards we have set for ourselves. At Allianz Life, this award is going to empower us to do more for our customers,” he noted. The CEO of Allianz Life Insurance, Mr. Ataraire, for his leadership role was shortlisted among the outstanding CEOs in the industr...

Clients of RegencyNem have given a thumbs-up to management and staff for introducing a USSD application that allows customers to buy third-party Motor Insurance from the comfort of their mobile phones. Speaking to B&FT at the RegencyNem office at the 37 Drivers Vehicle Licencing Authority (DVLA) last week, the clients said it will ease their moving to RegencyNem offices for renewal when their insurance policies expire. It will be recalled that RegencyNem, a fortnight ago, launched a USSD application that allows customers to buy Motor Insurance. Known as i-tranzakt, the product allows all new and existing customers, registered agents and brokers to buy or renew third-party motor policies without going to any of RegencyNem’s offices or branches. At the launch, Lawrence Busola Omoya (Acting Managing Director of RegencyNem Insurance) pointed out that through this application insurance agents, brokers and retail clients can log-on to get insurance quotes, buy and renew their polic...

Sixty-five participants from 12 African countries have confirmed their participation in the 14 th edition of Ghana Reinsurance Company’s Annual International Seminar. The seminar is scheduled to take place at Ho from February 23 – 29, 2020 under the theme ‘Reinsurance - Principles, Practice and Benefits’. Interestingly, the North African state of Sudan - an old business partner of Ghana Re - is topping the roll call of participants apart from the host country Ghana, which will be sending 30 participants. Other countries expected to attend include: Cameroun – 2; Cote d’ Ivoire – 2; Ethiopia – 3; Senegal – 1; Togo – 2; Liberia – 2; Morocco – 1; Nigeria – 1; Kenya – 1; and Zambia – 3.   Kwaku Appietu-Ankrah – Head Domestic Operations 1, Ghana Re, briefing B&FT said registration and opening formalities will start on Monday between 8:30am – 9:30am, and thereafter the seminar starts. Furthermore, he said the seminar, which is about 14-years old, has been held acro...

About 400 police personnel nationwide from the Motor Traffic and Transport Division (MTTD) of the Ghana Police Service will be trained by the National Insurance Commission (NIC) in the use of a new device for checking fake stickers.  As part of the training, 80 personnel from the Accra and Tema Unit of the MTTD started training last week in Accra. These personnel are expected to conduct random checks on our roads to ensure that vehicles have valid Motor Insurance that has been captured in the NIC’s database. The Director General of the MTTD - Commission of Police, Beatrice Vib-Sanziri, said at the launch of the training that this programme is for 80 selected personnel of MTTD within Accra and Tema, which they intend extending to about 400 personnel nationwide. And these officers are intended to train others in their various jurisdictions on enforcing road laws. “Aside from the training, the National Insurance Commission has also promised to donate hand-held devices ...

Barely 30 days ago Mr. Wilson Tei, Chairman-Insurance Awareness Coordinating Committee, voiced his displeasure over government not paying attention on insuring state assets at a forum organised by the National Insurance Commission (NIC) in collaboration with the Ghana Education Service (GES) and the Insurance Awareness Committee for second cycle students. Just last Tuesday, Provident Insurance Company Limited presented a Gh¢100,000 cheque to Accra Academy to support the school in rebuilding its dormitory structures which were destroyed in a recent fire outbreak. Accra Academy recorded two consecutive fire outbreaks which destroyed personal belongings of students. More than 100 students of the Alima and Halm-Addo Halls lost their personal effects, including books, trunks and food items during the fire outbreak last month.   The insurer’s donation is part of its corporate social responsibilities activities to support reconstructing the facilities that were destroyed...

Quality Life Assurance Company Limited (QLAC) launched three (3) micro insurance products at the forecourt of the Good Shepherd Catholic Church, Community 2 Tema, last week. The products are “Fa Bi Sie” (Quality Investment Plan), “Wo Ba Daakye” (Quality Education Plan), “Emma No Ento Wo Ansa” (Quality Funeral Plan). In a speech read on behalf of the Managing Director, Thomas Daniel Appiah, Deputy Chief Executive Officer of the company, said the three products had earlier been launched in Accra and Madina last year. He said, the introduction of these three (3) products is to bring insurance packages closer to the informal sector as opposed to concentrating solely on the formal sector. According to him, with the collapse of many microfinance companies, it has become more difficult for many in the informal sector to invest. Hence, QLAC’s micro insurance products have come in readily to allay those concerns.  Josephine Dossah, Deputy Chief Manager in charge of mark...