Star Assurance to support the emerging oil industry

The management of Star Assurance Company Limited (SACL), would soon roll out customized insurance products to support large risks in the emerging oil and gas industry, Mr Kofi Duffuor, Managing Director of the company announced on Tuesday.

Speaking at the company’s 25th anniversary celebrations in Accra, he said the company would shift its focus on providing traditional general insurance products to offering expected risks in the oil sector and called for collaboration among insurance companies to co-insure the risks.

“The current dynamics facing the industry such as an increase in the number of players in the market, leading to a softening of rates, consumer demands and convergence of the financial services provide a window of opportunity for the industry to achieve its full potential within the financial system,” the Managing Director said.

Mr Duffuor said in 2008, the company’s gross premium income grew by 57 per cent from GH¢10.1 million to GH¢15.9 million adding that the amount was expected to increase to GH¢26 million by the end of this year.

He said the company would increase its underwriting capacity to respond to the demand and challenges in the insurance industry.

“The Board of Directors intends to further re-tool and reposition the company to make it even more relevant to the challenges ahead. As part of its repositioning, the company will be unveiling a new logo during the silver jubilee ball slated for September 2010,” he said.

Mr Duffuor expressed gratitude towards the National Insurance Commission (NIC) for creating a vibrant and well-regulated environment for SACL and other insurance companies to thrive adding “under the NIC’s watch, the insurance industry has grown enormously, offering more business opportunities for companies and individuals and a diet of insurance products to the insuring public.”

He paid glowing tributes to Finance Minister Dr Kwabena Duffuor, founder of the company, and to past board members, sales representatives and the company’s numerous cherished customers.

The year-long activities include charity, career fair, exhibitions and public lecture on the importance of insurance.

Source: GNA

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