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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [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

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

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    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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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete a fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

    IMF team arrives in Accra on Wednesday to begin bailout talks with gov’t

    Fuel prices to go up as NPA announces restoration of UPPF margin

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

    Gov’t to commence talks with IMF for bailout

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

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    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [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

  • 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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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    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

    Bawumia calls for more AfDB support as African economies battle global challenges

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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Take advantage of risk management opportunities from COVID-19 – NIC Boss to Insurance firms

October 19, 2020
in Business, Top Stories
Justice Ofori, Commissioner of Insurance at NIC.

Justice Ofori, Commissioner of Insurance at NIC.

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The Commissioner of Insurance, Mr. Justice Ofori, has advised Chief Executive Officers (CEOs) and Chief Finance Officers (CFOs) of insurance companies in the country to take advantage of the risk management opportunities occasioned by the emergence of the COVID-19 pandemic.

He said this when he was advising them to rethink their ways of doing business.

These include the development of new products to meet the demands of the era, as this will help them weather the storm against any unforeseen risks that may rear their ugly heads in the future.

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Interacting with the top level management of the country’s insurance industry at a capacity-building workshop organized for CEOs and CFOs of insurance companies, Mr. Ofori urged the participants to also pay particular attention to their financials in order to grow their business operations.

CEOs and CFOs of insurance companies were schooled by seasoned insurance practitioners among others in various subjects during the 5-day workshop on how to handle business operations in the face of the pandemic.

Impact of COVID-19

Speaking on the impact of the COVID-19 pandemic on the insurance industry, Mr. Ofori advised that, insurers should engage their clients in question-and-answer sessions regularly, as this will enable them know the prudence or otherwise of the risks they are accepting. This approach, he added, will also engender trust between the insurers and their clients.

Touching on the minimum capital, the Commissioner used the occasion to encourage companies to consider mergers as a strategy for struggling companies especially as the deadline for meeting the minimum capital of GHC50million (i.e. for direct underwriters) fast approaches.

Minimum Capital Requirement

The announcement of the new minimum capital requirements (MCR) in June 2019 has provided the opportunity to insurance entities to adequately prepare to recapitalize by the June 30, 2021 deadline.

The new MCR is with the view to improving the operational efficiency and financial capacity of regulated entities to improve retention and profitability which will naturally culminate into prompt claims payment thus inspiring confidence amongst members of the insuring public. Mergers and acquisitions are possible strategic decisions that insurers may have to take in order to meet the new requirements.

Subjects Treated

Participants were taken through an overview of the insurance industry, gaps in products and distribution channels, NIC’s regulatory requirements as well as insurance disruptions occasioned by the COVID-19 pandemic and how to be innovative in order to continue to stay in business.

“Solid decision-making will hinge on your willingness to always be learning about your industry, your competition, and your own weaknesses and strengths”.

This was a strongly-worded statement made by one of the Resource Persons, Brigadier-General Emmanuel Kotia (PhD) of the Ghana Armed Forces, as he took CEOs through the STRATEGIES FOR MANAGING COMPANIES from the Military perspective.

Other resource persons included Mr. Shaibu Ali, CEO of KEK Re, Mr. Michael Kofi Andoh, Deputy Commissioner of Insurance, Mr. Seth Eshun, Head of Supervision, NIC, Mr. Emmanuel Mahama Baba, a veteran insurance practitioner, and Mr. Romeo Bugyei, CEO of IT Consortium.

The NIC instituted an Insurance Education Fund to build capacity in managerial competences by educating insurance practitioners to enable them be abreast with developments in the emerging business space.

Since 2018, residential capacity building workshops have been organized annually for all levels of the industry personnel including directors and shareholders, principal officers and middle level management staff.

These workshops are facilitated by the Ghana Insurance College and are fully financed by the NIC.

Tags: COVID-19Insurance industryJustice OforiNIC
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