Kantamanto fire victims receive insurance support

Some victims of the recent Kantamanto fire outbreak who took loans from Advans Ghana Savings and Loans have been financially supported with a first phase of GH¢115,000 as insurance cover from Star Microinsurance through its MicroEnsure policy.

Apart from the payment of the outstanding loans, all individuals who were affected by the fire were given a benefit token of GH¢200 free of charge.

Making the presentation, the Head of Operations of Star Microinsurance company Ltd, Mr Solomon Larbey, said “These claims have been made possible because of the credit life protection policy which gives protection to the loan beneficiary (death), the business property(fire and allied perils) and hospitalisation cover”.

“No one expects a tragedy or mishap to happen but we all need to prepare for it. Death, property destructions and even sickness can come when one least expects. The credit life policy is, therefore, arranged to protect the customer against such events such as the fire which gutted the Kantamanto market”.

The Chief Operating Officer of Advans Ghana Savings and Loans Company, Mrs Barbara Odei, on her part, said “We want to use this opportunity to admonish all savings and loans and microfinance companies to take up the credit life protection policy to cushion them against such occurrences."

She also advised businessmen and women to ensure that they access loans from institutions which had such policies in place so that in case of such happenings, the insurance company could come to their aid.

The traders who benefitted from the insurance claims from Advans Ghana and Star Microinsurance were full of praise for the gesture and urged their colleagues to take insurance policies seriously.

Story: Jessica Acheampong