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Smaller insurance brokers urged to merge for better gains

Mrs Lena Adu-Kofi, President of Ghana Insurance Brokers Association has urged smaller insurance brokers to merge, while others must seek investors and transform the fortunes of their companies.

They should also collaborate with various stakeholders and sectors, such as the telecom companies and banks to proactively explore the possible opportunities in their market.

Mrs Adu-Kofi said when she addressed members, in Accra, at the 30th Anniversary Celebration, Dinner, Dance and Awards night.
The programme was on the theme: “30 Years of Insurance Broking in Ghana, Achievements and Challenges”.

She said over the decades, the Association had rendered professional insurance consultancy services and promoted public trust in insurance.

“Today, we seek to become stronger as seize the opportunities offered in the global village  as we build capacity through sharing of ideas with partners, webinars, online programmes, among others, to allow us meet the needs of our dynamic and modern market,” she said.

Mrs Adu-Kofi said the Association had seen continuous growth in membership, professionalism, public education, among others.

The Association had also witnessed vibrant achievements and was working to acquire its own office complex, television and radio station.

She announced that the Association had constituted a national committee to work with the National Insurance Commission and the Government on the Insurance Bill with regard to issues related to brokers.

These include reconsidering Section 134 of the current Act to ensure that Brokers would sit on the Boards of Insurance Companies as well as to support the implementation of compulsory insurances, such as Marine Insurance and Workmen Compensation.

She urged members to join the African Insurance Organisation and other associations to take advantage of the benefits of the affiliations.

Nana Appiagyei Danoawoeo I, the President of Ghana Chamber of Commerce and Industry said through training, insurance brokerage had become attractive.

He appealed to the authorities to scrutinise the activities of insurance companies to avoid any unhealthy practices.

The following received awards for their outstanding performances: KEK Insurance Brokers Limited, KEK Reinsurance Brokers Limited, Edward Mensah, Wood and Associates Limited, Willis Tower Watson Ghana Limited and Safety Insurance Brokers Limited were rated as the first top brokerage companies.

The top three non- life insurers were SIC Insurance Company Limited, Enterprise Insurance Company Limited and Star Assurance Company Limited.

The top three life insurers were Enterprise Life Assurance Company Limited, SIC Life Insurance Company Limited and Starlife Assurance Company Limited.

The top three Brokers-Friendly and Supportive Reinsurers are Ghana Reinsurance Company Limited, GN Reinsurance Company Limited and WAICA Reinsurance Corporation.

Source: GNA

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