To this effect, the Acting President Goodluck Jonathan has advised the National Insurance Commission (NAICOM) not to leave any stone unturned in ensuring that Nigeria’s insurance industry conducts its businesses professionally.
The acting President who spoke during the flagging off of Group Life Insurance Scheme for the federal public servants at the Presidential Villa, Abuja recently, said that the country’s insurance sector must live up to expectations whilst insurance companies should carry out their businesses responsibly.
He however counseled NAICOM to strictly monitor and ensure that the regulatory body weeds out any company that brings insurance industry to disrepute.
According to his Excellencey, “We are determined to ensure the deepening of a robust and responsive insurance culture as a means of mitigating risk.”
He said, “Insurance operators must therefore rise to the challenge of providing services that engender public confidence by shunning malpractices,”
Nigerian insurance companies already in the Ghanaian market are NEM Insurance Plc, Intercontinental Wapic Insurance, International Energy Insurance, Equity Assurance, and Regency Alliance, Industrial and General Insurance Company, Capital Express Life, Equity Assurance
The total number of insurance companies licenced to operate in Ghana has increased from 35 to 39 at the close of 2008. A breakdown of the companies shows that 17 are into life underwriting and 22 non-life.
Other insurance companies operating in Ghana include: SIC Insurance Company, Vanguard Assurance, Enterprise Insurance, Donewell Insurance, Prime Insurance, Ghana Union, and. Others are Phoenix , Provident, CDH Insurance, Quality Insurance, Unique Insurance, GLiCO General, Metropolitan Insurance, Star Assurance and Global Alliance,
The life companies are SIC Life, StarLife, CDH Life, Ghana Life, GLiCO Life, Ghana Union Life, Provident Life, Donewell Life, Vanguard Life, Metropolitan Life Ghana, Enterprise Life Assurance Company, Quality Life, Phoenix Life, and Unique Life
Ghanaian’s National Insurance Commission (NIC) has deployed officials round the companies to fish out scape goats on rate-cutting for appropriate sanctions.
Mrs. Nyamikeh Kyiamah, Acting Insurance Commissioner condemned the unhealthy practice of price undercutting that is eating deep into the repute of the sector just as she reiterated the commission’s commitment towards utilizing its resources to put a stop to the menace whilst speaking at the inauguration of NSIA Ghana Insurance Company Limited (NGICL) in Accra, Ghana.
NGICL is an international group, currently operating in 10 countries with Ghana being the first Anglophone country.
Mrs. Kyiamah observed that some companies operating in the non-Life Insurance arm, were guilty of huge premium debt, and expressed the hope the new guidelines from the Premium Credit Committee set up by the Commission, would address the problem.
The Ghanaian Insurance boss said the NIC had put in place measures to improve business operations in that country while recalling the enhancement of the minimum capital requirement to ensure that market participants have the capacity to write big risks
Source: The Vanguard