Mon, Oct

Star Assurance maintains significant growth

Mr Kofi Duffuor — MD Star Assurance

Star Assurance Company Limited has made significant growth in its operations across the country, after posting a gross premium income of GH¢93 million in 2015, representing a 29 per cent year-on-year growth over that of 2014.

The company also hit an assets base of GH¢121 million representing 25 per cent rise over the previous year. 

This performance follows consistent growth in gross premium income and increase in the assets of the company over the last five years. 

Giving a breakdown of the figures, the Managing Director (MD) of the company, Mr Kofi Duffuor, said general accident and motor policies were the biggest contributors to gross premium income with GH¢36 million and GH¢35 million respectively, followed by fire with GH¢15 million and the other policies summing up to GH¢7 million.

He explained that the commitment of Star Assurance to extend insurance to the informal sector of the economy was evident in its entry into the microinsurance market and grossing up GH¢1 million in terms of premium. 

According to Mr Duffuor, this was achieved through the company’s partnerships with microinsurance firms, particularly Star Microinsurance Company. 

He said Star Assurance was poised to establish itself as a clear market leader in the small and medium-sized enterprises market as it sees Ghana’s large SME sector as a key driver of growth in the industry.

In 2015, Star Assurance added four new branches to its existing seventeen branches in seven regional capitals of the country and established new agency offices to add to its over 150 agency offices located across the country. 

The company launched the Star E-Insurance platform as part of the company’s strategy to increase penetration of insurance products and services in the market, as well as taking insurance closer to the insuring public. 

The launch of Star e-insurance was in response to the increasing busy schedules of customers, as well as the opportunities identified in the increasing use of the Internet and technology by consumers. 

Star Assurance leveraged its investment in technology to provide the opportunity for its customers and pick up new policies, as well as renew existing policies in the comfort of their homes, offices and wherever they could be without the stress of driving through traffic. 

According to Mr Duffuor, the plans of Star Assurance to consolidate its position in the industry through continuous investments in IT infrastructure and human capital continue to put smiles on the faces of its customers.

“We are becoming bigger, better and more competitive,” stated Mr Duffuor. 

By way of fulfilling its promise of solid partnership with the clients and standing by them during difficult times, the company paid a total of GH¢25 million in claims made during the year 2015. 

The company, among others, donated cash and items to various individuals and institutions by way of contributing to the well-being of such beneficiaries and institutions.

The MD stated that they were very optimistic about the prospects of the company and added that the future could only be brighter.