Ghana Re’s 19th international insurance seminar opens

21 February, 2025

By Elliot WILLIAMS

The 19th Annual International Seminar, the 2025 edition of a series organized and hosted every year by Ghana Reinsurance Company PLC is currently ongoing at the Volta Serene Hotel, Ho, and the capital of the Volta Region.

This year’s seminar addresses the theme: “The Evolving Landscape of Engineering Insurance – the Reinsurance Perspective.”

The state owned insurer is organizing the one week seminar as the latest event in its ongoing effort to build capacity in Africa’s insurance market where Ghana Re has become a major player.

This is expected to have a major positive impact on the capacity of Africa’s insurance industry to underwrite risks in highly technical aspects of economic activity, as engineering insurance is a specialized, but highly important segment of insurance, involving huge risks and therefore requiring prudent reinsurance to spread the risks being underwritten.

Altogether 72 participants from 13 African countries and the Middle East were invited to the event. The overwhelming majority are from Ghana which is contributing 43 participants. The next largest contingent is from Liberia with six participants.

Three participants each were invited from Togo, Ethiopia, Kenya, La Cote d’Ivoire and Cameroun. Two participants each have been drawn from Sudan and Egypt respectively. The rest of the African contingent comprise one participant from Nigeria and another one from Zimbabwe.

The other two participants are drawn from outside Africa, specifically the Middle East. These comprise one participant from Jordan and another from the United Arab Emirates.

Delivering his opening remarks at the start of the seminar on Monday, February 17, Dr Kwaku Appietu-Ankrah, Ghana Re’s General Manager Technical Operations noted the company’s commitment to fostering the technical expertise of its partners, these being primary insurance underwriters and reinsurance brokers from all around Africa and indeed beyond. He asserted that the ongoing seminar is a testament to that commitment, providing a valuable platform for Ghana Re’s local and international partners to connect and learn.

“The engineering insurance market is currently experiencing significant growth, largely fuelled by the rapid expansion of infrastructure development projects worldwide,” explained Dr Appietu- Ankrah while welcoming the participants to the seminar. “Several factors are contributing to this growth; technological advancements on the one hand and primarily evolving engineering landscapes on the other hand.

“The increasing complexity and scale of engineering projects , including the use of advanced technologies and innovative construction methods , have heightened the risks involved, thereby making it extremely important for insurers and reinsurers to pay particular attention to the underwriting of such policies. The evolution presents both challenges and opportunities for insurers and reinsurers alike.

“Thus underwriting of engineering risks must be conducted responsibly and professionally such that the insurance/reinsurance contract has clarity on what is covered and what is not covered” he concluded.

The seminar itself, which goes on throughout this week, addresses various aspects of engineering insurance, such as contractors all risks, erection all risks, contractors plant & machinery insurance, stand still clauses and claims management.

The resource persons for the seminar have the requisite in-depth knowledge and experience on these subject areas to facilitate the seminar. One is Jonathan Kwame Kwakye, Head of International Operations, Anglophone Department at Ghana Re. With over 20 years’ experience in the reinsurance industry, he has served in various leadership roles in the company including Head of Business Development.

The other is Augustine Joy Quainoo, an Underwriter and Risk Engineer at Ghana Re’s Head Office in Accra, where he is responsible for conducting pre-loss surveys for partners locally and internationally, leveraging on his over 13 years’ experience in the insurance industry.

The seminar will end this weekend.

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