SIC Insurance Hall commissioned

Takoradi, June 16, GNA - Mr David Yaro, Western Regional Coordinating Director, on Friday called on insurance companies to mount massive educational campaign to educate the public on the important role they play in the economy.

He made the call in an address read for him at the commissioning of the refurbished Insurance Hall of the Takoradi Area Office of the State Insurance Company (SIC) in Takoradi.

Mr Yaro said the educational campaign would enable the public to know that Insurance Companies assist in times of trouble, difficulty and not to cheat on the public.

He said some people believe insurance companies were there to cheat unsuspecting clients and were quick to collect money from clients but slow to honour their obligations to them. Mr Yaro appealed to insurance companies to eliminate delays as much as possible in the payment of the claims of their clients so as not to re-enforce any prejudices.

Mr Peter Osei Duah, Managing Director of the SIC, said the company paid 95 billion cedis as claims to clients in 2005 as against 42 billion cedis in 2004.

Mr Duah said the claims for 2005 were higher because of the fire outbreak at the Tema Oil Refinery as well as fire outbreak and rainstorm at Kumasi that destroyed stores. He said the company was, however, able to make an after tax profit of 30 billion cedis and paid 10 billion cedis to the government as tax. Mr Duah said the Takoradi Insurance Hall was the last major refurbishment the SIC had undertaken of its facilities and it was aimed at uplifting the image of the company and service to clients. He said the company has networked its branches to facilitate service and had decided to change its vehicles every five years to sustain its corporate image.

Mr Duah advised the staff of the company to develop the culture of courtesy and customer care. Odeneho Gyapong Ababio 11, President of the National House of Chiefs and a Member of the Council of State who presided said the commissioning of the hall was a clarion call to the public to think more and more about the need to insure their lives and property. He urged insurance companies to advise the public to take comprehensive insurance cover although the premium for that was higher.