NIC commits to build solvent insurance firms

BY: Maclean Kwofi
Mr. Kobena Addison (right), MD, QIC, addressing the audience at the event
Mr. Kobena Addison (right), MD, QIC, addressing the audience at the event

The National Insurance Commission (NIC), has committed to ensure that all insurers are solvent by meeting the new minimum capital requirement for insurance firms by the December 31 deadline.

The move will ensure that insurance companies operating in the country have sufficient funds to meet the obligations of their policyholders.

That, the regulator said, was part of its mandate to strengthen solvency and protect the interest of policy holders to bring the needed confidence in the insurance industry.

At the launch of a new insurance product for Quality Insurance Company (QIC) Limited in Accra, the Commissioner of NIC, Dr. Justice Yaw Ofori, stated that the NIC was committed to create an enabling environment that encouraged the development of innovative products for policy holders.

“Digitisation offers better prospects to increase efficiency. The NIC for its part is focused on strengthening solvency, protecting policyholders’ interests and creating an enabling environment that encourages the development of innovative products,” he said.

He challenged insurers to put in place stronger systems to ensure quality services were provided for insurance policyholders in the country.

The policy

The QIC designed the enhanced comprehensive motor insurance product dubbed, “Golden Age Comprehensive Insurance” policy targeted at Ghanaians who fall within the ‘baby boomers’ generation in the society.

The product targets people born between 1946 and 1964 (baby boomers) because they are better drivers and have disposable income to spend among other things.

It offers unique benefits, including the best all round protection for vehicles and payment of basic first-aid costs for injuries by insured and other occupants as a result of an accident.

Redefine ageing

The Managing Director of QIC, Mr. Kobena Addison, said the product sought to redefine ageing for baby boomers with a spirit of creativity with the hope that the best years were yet to come.

“It gives you everything that you can get from comprehensive insurance and it has other add-on non-insurance benefits. We are on call 24 hours for anybody who is a baby boomer and we do have automatic renewal,” he said.

He explained that baby boomers were the primary targets of the package because they were better drivers and had disposable income to spend.

Value relationships

The First Vice President of the Ghana Insurance Association (GIA), Mr. Andrew Fiifi Simpson, described the target of the policy as one for people who valued relationships.

“It is my expectation that this policy which is being launched today would put relationship building at the core of the offering,” he said.