As part of measures to improve efficiency and deepen its operations, leading West African Insurance Company, Wapic Insurance has announced an injection of about 17 million cedis into its Ghana operations.
The amount, involves about 6.7 million cedis and another 10.4 million cedis invested in 2014 and 2015 respectively.
The move also follows the National Insurance Commission’s directive to all insurers and reinsurers that they increase their minimum capital requirement from five to fifteen million cedis.
The review which took effect in January this year, also formed part of the NIC’s quest to strengthen the financial capacity of operators in the Ghanaian insurance Industry.
Some insurers have since welcomed the announcement explaining that it will benefit the insurance industry as only strong companies will be able to operate.
Meanwhile the Managing Director of Wapic Insurance, Adedayo Arowojolu assured of the company’s resolve to transform the insurance industry for the benefit of customers and other stakeholders.
Wapic Insurance Plc, is a leading West African multi-line insurance company providing solutions covering life, general and special risks.
Established in 1958 and listed on the Nigerian Stock Exchange since 1978, the company’s mission is to transform and illuminate the insurance industry for the benefit of her customers and other stakeholders.
The Company has two wholly owned subsidiaries, Wapic Life Assurance Limited and Wapic Insurance (Ghana) Limited as well as an associated company, Coronation Merchant Bank Limited.
Credit: Wapic Insurance