Activa International Insurance Company Ghana (AIIG), a non-life insurance company, partnered with International Finance Corporation in 2018 to develop a strategy to actively expand its services to Ghanaian women. AIIG had historically been a corporate and SME insurer but sought to diversify its offering to include Micro, Small, and Medium Enterprises (MSMEs) and retail lines of business. The efforts were aimed at supporting AIIG in expanding access to insurance services to th

Government is strongly collaborating with regulators in the insurance and pensions industry to develop annuity and syndicate markets. According to the Head of Pensions and Insurance Unit at the Ministry of Finance, Benjamin Torsah-Klu, this will stimulate long term investments of pension and insurance funds. Speaking on behalf of the Finance Minister, Ken Ofori-Atta at the 6th African Actuarial Congress ongoing in Accra, he said government is committed to the creation of long

Insurance companies that fail to meet the new minimum capital requirement by May this year may have to sell off their companies or merge with others. This is according to the Commissioner of Insurance for the National Insurance Commission (NIC), Justice Ofori. The move follows a decision by the NIC to see to the recapitalisation of insurance companies in the country. Insurance penetration in Ghana has remained low for years, hanging at just around two per cent. The contributi

Parliament recently passed the Insurance Act, 2021 (Act 1061) to replace the Insurance Act, 2006 (Act 724) and to provide for the regulation and supervision of the insurance market. Act 1061 creates three main licence categories under which insurance businesses may operate: Insurance Licence, Reinsurance Licence and the new Innovative Insurance Licence. An Innovative Insurance business uses new financial technology or any other innovative technology or method in the insurance

Fidelity Bank Ghana has been adjudged the Bancassurance Leader of the Year at the recently held Ghana Insurance Awards in Accra. The award was in recognition of the bank’s outstanding leadership in delivering exceptional bancassurance products and services to its customers and stakeholders. In a release issued by the bank on Tuesday, it said Fidelity’s bancassurance products are underwritten by one of the global leaders in insurance, Prudential Life Ghana. “Through its partne

Players in the insurance industry last Friday gathered at the Kempinsky Hotel for the fourth edition of the Ghana Insurance Awards which seeks to celebrate the achievements of individuals and companies who have distinguished themselves in the industry in the year under review. Organised by Xodus Communication, the awards has since its inception in 2018 rewarded excellence and standards in the industry. The awards ceremony saw 20 companies and eight individuals winning 36 awar

It will be recalled that the company was granted its operating license from the Nigerian National Insurance Commission (NAICOM) in November 2020, after meeting all the necessary requirements, including a stated capital of ₦8 billion. A media release issued in Accra yesterday described the latest development as a significant milestone in the group’s expansion project into foreign markets, coming a few years after its first venture beyond the shores of Ghana, into The Gambia.

Enterprise Life, Ghana’s leading life insurance underwriter has partnered Vodafone Ghana, MicroEnsure and Prudential Life to launch an all-inclusive mobile insurance product known as SafeNet for customers. SafeNet is underwritten by Enterprise Life Insurance Company Limited and Prudential Life Insurance Ghana Limited. The product has been designed to offer customers various insurance benefits including hospital cash compensations, accidental injuries and disability cover as

Ghana’s leading funeral service provider, Enterprise Funeral Services Ghana Limited (EFSG) trading as "Transitions – The Funeral People",...

Globally, many companies have been affected by significant business declines or closures due to coronavirus measures implemented by state governments and organisations. This has resulted in great financial losses for many industries and companies. In order to deal with this, some companies have tried to rely upon their Business Interruption ( BI ) insurance to cover their loss of revenue. The economic consequences of the COVID-19 pandemic on businesses have been dire, to sa