Six insurance companies have announced the creation of an insurance pool to support factories under the One District One Factory initiative.
The pool will be used to essentially give investors the needed security and safety in operating those factories.
The six insurance companies include SIC Insurance, SIC Life, Glico Insurance, Enterprise Insurance, Vanguard Assurance, and SIBL. The pool will help the companies raise the necessary funds to pay claims in case of losses by the factories.
Speaking at a stakeholder engagement, Chief Executive Officer of SIC Insurance Stephen Kwame Oduro said the insurance companies are committed to the sustainability of the 1D1F initiative.
“The partners in the insurance pool are at the top bracket of insurance companies in the country. That means we have the weight to support the companies. We collectively see this assignment as a national call to play our role as we support the vision of the government of Nana Addo Dankwa Akufo-Addo in the transformation agenda for mother Ghana,” he stated.
Because most factories under the 1D1F policy are engaged in manufacturing and the storage of goods, they will need insurance packages to cover for financial losses in case of damages to their goods, workers or machinery both in and outside their premises.
National Coordinator of the One District One Factory Secretariat Gifty Ohene-Konadu commended the companies for their support.
She further urged IDIF companies to ensure there is transparency in their operations to enable them to win the trust of investors.