Indigenous insurance company, Imperial General Assurance, has raised its stated capital to GH¢50 million to meet the minimum capital requirement set by the National Insurance Commission (NIC) for insurance companies.
The company said successfully meeting the minimum capital requirement meant that it was more empowered to innovate, introduce new products and services, and reach out to more people to help grow the bottom line and increase insurance coverage in the country.
The Managing Director of Imperial General Assurance, Robert Wugah, said the company would leverage its capital strength to benefit the industry and the economy in general.
Mr Wugah stated this at Weija in Accra when the company opened a new branch in the sprawling commercial town.
The Weija branch brings to 10 the number of contact offices of the company across the country.
The general insurer has seven branches in Accra, Kumasi and Takoradi, and three agency offices in Tema, Weija and Tarkwa.
At the opening of the latest branch, Mr Wugah said the new capital injection into the company through the NIC recapitalisation directive had positioned Imperial General to expand its operations across the country to serve the needs of the insuring public.
“In furtherance of our expansion drive, our Tema and Takoradi branches have also been relocated to modern offices.
“These offices have adequate number of staff and resources to respond to the increasing demand for our insurance products in these markets,” he added.
He said the opening of the Weija branch formed part of the company’s strategic plan to set up new branches in other locations across the country in order to bring its products and services to the doorstep of existing and potential clients.
He expressed optimism that the move would enhance the company’s service delivery to enable it to reach more customers with insurance products and services.
The Head of Core Supervision at the NIC, Rita Apau, expressed the hope that the opening of the Weija branch would bring about growth and expansion to make the company solid and sustainable.
Touching on some of the interventions the NIC was implementing to sanitise the insurance industry, Ms Apau said the commission, in line with enhancing market conduct supervision, was enforcing the claims guidelines issued earlier.
She said the guidelines provided general timelines for the timely settlement of genuine claims.
“With the creation of the Motor Insurance Database, the commission is determined to enforce compliance with the set market motor rates, and also actively enforce strict compliance with the ‘No Premium, No Cover’ directive,” she added.