2018-09-28 by Admin
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 inaugural ceremony took place at the forecourt
of the First Sky Towers in Tema, on Wednesday, September 5, 2018.
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 born out of passion and desire to redefine the
Insurance Landscape of Ghana.
He said, the Company is 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, Mr. Eric Seddy
Kutortse, the Executive Chairman of
First Sky Group, 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 indicator 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. This according to him
forms 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.
The keynote address was delivered by
Hon. Charles Adu Boahene on behalf of the Minister of Finance, Hon. Ken
Ofori-Atta. He 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 is 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.
The inaugural ceremony was chaired by His Lordship Justice Jones Dotse, a Justice of the supreme court of Ghana.
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