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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    GHASALC laments drop on number of digital transactions following e-levy

    Italy’s top producers of agro-tech products explore opportunities in Ghana

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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MID has improved our Motor Insurance portfolio – Hollard Insurance MD

byNerteley Nettey
October 5, 2020
in Local Economy, Top Stories
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One of Ghana’s leading insurance firms, Hollard Insurance, says since the introduction of the MID in January this year, it has seen an increase in its Motor Insurance portfolio. The MID was introduced to eliminate the phenomenon of fake Motor Insurance.

Statistics from the NIC has shown that out of 2.3 million vehicles registered in 2018; only one million were issued with genuine motor insurance stickers.

Speaking to Citi Business News after his company won several awards at the recently held 2020 edition of the prestigious Ghana Insurance Awards, Managing Director of Hollard Insurance, Daniel Boi Addo, said the MID is a timely game-changer.

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“This year, the growth in the motor insurance portfolio has been phenomenal. Unfortunately the regulator hasn’t released the industry numbers yet; so I can only speak for Hollard and the motor insurance database is growing at about 30%. We haven’t seen this kind of growth in the company or in the industry before. In just 8 months of the database, we are beginning to see strong recovery in the automobile business, and we are not out of the woods yet. So I think the potential is there for all to see. I think the MID has been very impactful. It’s been very helpful and it came at the opportune time,” he said.

He is thus urging all insurance companies to rally behind the regulator on steps being taken to boost insurance coverage and penetration.

“When you consider all the new interventions we are discussing which will come with the new bill, then you would appreciate where the regulator is coming from. They expect to create new market for the insurance companies and I for one will be extremely disappointed if as an industry we don’t rally behind the regulator to achieve these numbers,” he said.

Despite the negative impact of the COVID-19 pandemic on the sector, Mr. Addo assured the company’s clients that measures have been put in place to solidify their position in the industry.

“We won three significant awards. What this means is that new people are buying Hollard company products. New people who were insuring with other companies are now coming to Hollard. That is how come we are growing more than any insurance company so we are excited, and we are doing that by making insurance accessible to everybody,” he said.

Motor Insurance Database

The issuance of fake insurance stickers or the existence of uninsured motor vehicles has been a major worry for the National Insurance Commission, NIC.

As part of efforts to tackle this, in January this year, the NIC stopped the issuance of old motor insurance stickers.

This was replaced with an electronic motor insurance sticker.

Among other things, the new sticker affords the police and the general public an opportunity to verify the authenticity of an insurance sticker.

The checks can be done through the use of a mobile phone by simply dialing a code, receipt of acknowledgement of transaction via a text message or by scanning a QR code on the insurance sticker by the Police MTTD.

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