Tag: Insurance
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Afreximbank urges African businesses to embrace insurance
The Executive Vice President of the Intra – African Trade Bank of the African Export-Import Bank (Afreximbank), Kanayo Awani has reiterated the need for African businesses to embrace innovative insurance packages to spur economic growth. This, she explains will reduce the several instances of the continent’s over reliance on its external partners for optimal economic…
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![Review of agricultural insurance in Ghana: Challenges and future directions [ARTICLE]](https://citibusinessnews.com/wp-content/uploads/2023/03/AGRIC-INSURANCE.webp)
Review of agricultural insurance in Ghana: Challenges and future directions [ARTICLE]
Africa has had extraordinary development in agricultural productivity and food security over the past few decades. These improvements have been essential in promoting economic growth. Agriculture is a vital sector for many West African countries, contributing significantly to economies. The most favourable conditions for agricultural expansion in more than 30 years have been created by…
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We can’t exempt insurance industry from debt exchange – Finance Ministry
The Ministry of Finance has categorically stated that it cannot exempt the insurance industry from the Debt Exchange Programme. The Ghana Insurers Association in December 2022 called for the exemption of insurance companies from the domestic debt exchange programme. According to the association, 40 percent of its total assets for the third quarter of 2022…
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Insurance companies that fail to meet recapitalization deadline to be stopped from doing business
Insurance Companies that fail to meet the January 2022 recapitalization deadline will no longer be able to conduct business activities such as renewal of policies or advertisement of the business. This is according to the Commissioner of Insurance at the National Insurance Commission (NIC), Justice Ofori. The move follows a decision by the NIC to…
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Stateholders must create accessible, affordable insurance for all – UNDP
Dr Angela Lusigi, United Nations Development Programme (UNDP) Resident Representative in Ghana, has called on stakeholders in the insurance industry to create accessible and affordable insurance solutions to build resilience in the face of increasing disaster risks. She said while disaster risks were on the increase, there was a huge protection gap in developing countries,…
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Insurance for mobile money agents currently necessary – NIC Boss
Commissioner of Insurance, Dr. Justice Ofori has encouraged mobile money agents to consider getting insurance following the growing incidence of attacks in their line of work. The Mobile Money Agents Association of Ghana has in recent times expressed concern over the incessant robbery attacks on agents, saying their line of business is currently one of…
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25% of insurance claims in Ghana are fraudulent – NIC Boss
About 25% of all insurance claims made in the country are fraudulent, according to the Commissioner of Insurance, Dr. Justice Ofori. According to the 2019 Annual Report of the National Insurance Commission (NIC) average daily claims incurred by Non-Life Insurers in Ghana was GHS 1.4 million. Insurance fraud may fall into different categories, from individuals…
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La Palm Royal Beach Hotel staff protest again over unpaid salaries; want CEO sacked
Some staff of the La Palm Royal Beach Hotel in Accra on Monday, July 3, 2020, demonstrated for the second time in about two weeks over unpaid salaries and other matters. The angry employees are also demanding the removal of the CEO, Abena Pokua Boaitey Amoah, over her supposed poor leadership. They are also demanding…
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Hollard partners Vivo Energy to offer insurance services at Shell fuel stations
Ghanaians can now access insurance services at Shell fuel stations as a result of a new partnership between Hollard Insurance and oil marketing company, Vivo Energy. According to the Group CEO of Hollard Ghana, Patience Akyianu, the new partnership, dubbed ‘Hollard-On-The-Go’, will provide a one-stop-shop for insurance at selected Shell and Welcome Shops across the…
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Ghana’s insurance penetration rate drops to 1 percent
The country’s Insurance penetration rate has dropped to 1 percent from the previous rate of 1.12 percent, the 2018 report of the National Insurance Commission has revealed. The new rate includes both life and nonlife insurance. The decline of insurance penetration rate last year was witnessed despite the 21 percent growth in the industry’s gross…