Serene Insurance says it is set to meet the new minimum capital requirement of 50 million cedis for insurance companies by the end of the second quarter of 2020.
Serene Insurance, which is a member of the First Sky Group, was launched in September 2018 after it was licensed in April.
The Chief Executive Officer of the First Sky Group, Eric Kutortse, who spoke at the launch of the Volta Regional branch, said the company is committed to provide reliable insurance cover for the 70 per cent of Ghanaians who are still under no form of insurance cover.
He says the company, which is one of the new entrants in Ghana’s insurance industry, will meet the new capital requirement of 50 million cedis by June next year.
According to the National Insurance Commission annual report, only 30% of Ghanaians have insurance cover, whiles motor insurance which is the most common and dominant product, contributed only 37% of the gross premium in 2018. It means almost 70% of our population is never covered with insurance policies, and this is why Serene Insurance wants change especially in the Volta Region.”
“What it means therefore is that there’s still a huge untapped potential in the several regions including Volta Region which has a growing motor hub in the various commercial districts. Serene Insurance is therefore here to help bridge the gap. I’m glad to note that by the 2nd Quarter of 2020, Serene Insurance would have fully fulfilled the minimum capital requirement of 50 million cedis outlined by the regulator.”