insurance industry to reward excellence

THE First ever insurance awards has been launched in Accra with a call on the insurance companies to brace themselves up for challenges that comes with new businesses especially the oil find.
Speaking at the launching ceremony, the Executive Director of the Centre for Policy Analysis (CEPA), Dr Joe Abbey, stated that the oil presents opportunity for the insurance sector, however, he stated “to seize these opportunities, insurers will need to move up the value chain by providing innovative products, value-added services and holistic risk management.”
He said the increase in wealth and life expectancy would lead individuals to demand a range of wealth protection and health insurance, as well as property casualty coverage.
He said the economic growth, coupled with the higher usage of automobile in the country would give rise to new risks requiring insurance coverage from factory owners to cover property and casualty and to car owners that needed automobile insurance.
According to Dr Abbey, Ghana’s growing wealth and increasing sophistication of economic activities would lead to a sharp growth in the volume and complexity of risks adding that investors and individuals would be more conscious of managing these risks.
He said even as more complex insurance products were being introduced in the market, insurance intermediaries had a duty to ensure that consumers were only offered products they could understand and find suitable.
“Any undesirable sales practice such as churning and inappropriate switching will undermine the reputation of the insurance industry, with adverse consequence for its ability to attract good quality talent,” he said.
Dr Abbey said the industry faced important challenges in the current environment, but said the growth prospect for the industry was promising.
Giving an overview of the awards, the Head of Planning of the Ghana Insurance Awards, Mr Boahene Asamoah stated that 15 awards would given out best performing insurance companies.
He said the awards would be based on 2007 performance and stated as part of effforts to ensure transparency in the awards a technical committee has been set made up of all representatives of the methodology and approach.
He mentioned that the Institute of Social, Statistical and Economic Research (ISSER) has been contracted to undertake the survey and stattiscal analysis.
Mr Asamoah commended the media partners, which are Daily Graphic, Metro Television and Joy FM for the continued support of the awards.
Corporate Initiative Ghana (CIG), is a non for profit organisation aimed at ensure a high financial service delivery in the country.
The organisation has been organising the prestigeous Ghana Banking Awards over the past seven years.