Players in the insurance industry last Friday gathered at the Kempinsky Hotel for the fourth edition of the Ghana Insurance Awards which seeks to celebrate the achievements of individuals and companies who have distinguished themselves in the industry in the year under review.
Organised by Xodus Communication, the awards has since its inception in 2018 rewarded excellence and standards in the industry.
The awards ceremony saw 20 companies and eight individuals winning 36 awards in total.
Enterprise Insurance won the Major Loss Award and the General Insurance Company of the Year, with its Life Insurance Company also winning the Life Insurance Company of the year.
The Chief Executive Officer of Enterprise Life Insurance Company Ltd, Mrs Jacqueline Benyi, won the CEO of the Year (Life Insurance Category), with the CEO of Glico General Insurance, Mr Andrew Acheampong-Kyei winning the CEO of the Year (General Insurance Category).
The CEO of Acacia Health Insurance Ltd, Dr Dan Vincent Armooh, won the CEO of the Year (Private Health Category).
The Private Health Insurance Company of the Year award went to NMH Nationwide Medical Insurance Company Ltd, which also won the Marketing Initiative Award (Private Health Category).
Cosmopolitan Health Insurance won the Indigenous Insurance Company of the Year (Private Health Category) and the ICT Leadership Award (Private Health Category), with Apex Health Insurance winning the Best Growing Company of the Year (Private Health Category) and Emerging Brand of the Year (Private Health Insurance Category)
Acacia Health Insurance won the Brand of the Year (Private Health Category), with Hollard Insurance winning the Commercial Lines Insurer of the Year, Brand of the Year (Insurance Category) and Fastest Growing Company of the Year (Life Insurance Category).
Speaking at the awards ceremony, the Event Director of Xodus Communication, Mr Richard Abbey Jnr, said the winners were selected by an independent advisory board who evaluated the awardees based on a criteria listed for each category.
He used the opportunity to appeal to the industry to embark on an aggressive education programme to educate and sensitise the general public on insurance products.
He said the education drive would help deepen insurance penetration which was currently very low in the country.
Mr Abbey Jnr noted that some people have refrained from buying insurance policies due to the perception that Insurance companies did not pay claims and even when they did, they did not pay it on time.
He said this was, however, not the case and therefore urged the insurance companies and the regulator to do more education to help erase this false impression.
Insurance cover for exports/imports
The Technical Advisor, Multilateral, Regional and Bilateral Trade at the Ministry of Trade and Industry, Mr Anthony Nyame-Baafi, who represented the sector minister at the ceremony, said the ministry had observed that most of the imports coming into Ghana did have insurance covers.
He said while some exporting companies had insurance covers, others did not have which is a great concern to the ministry, especially with the coming on board of AfCFTA.
He said the government was therefore seeking to partner the Ghana Reinsurance Company and other insurance companies to help the manufacturers who wish to take advantage of the AfCFTA agreement to get the needed insurance cover.
“This is to help insure their goods against losses and breakages,” he stated.
He said the Ghana Reinsurance Company and other the insurance companies had already expressed interest.
“So the expectation is that they are going to collaborate to enable us to do that so that when you produce for export to any of the African countries, you are assured that all your risks are covered,” he said.