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Business News of Monday, 20 May 2013

Source: B&FT

Star Micro-insurance, Advans pay claims to Kantamanto fire victims

Star Microinsurance Company through its underwriting partners (Star Assurance and Starlife) has presented a cheque for GH¢115,000 to the first batch of victims of the recent fire outbreak that claimed property of the traders at the Kantamanto and Agbogbloshie markets recently.

In all, over 250 people were affected by the fire.

The claims were paid to the victims through ADVANS Ghana Savings and Loans and MicroEnsure Ghana, partners of Star Microinsurance Company Ltd.

Apart from the payment of the outstanding loans, all the individuals who were affected by the fire were given a benefit token of GH¢200 free of charge.

Making the presentation, the Head of Operations of Star Microinsurance Company Ltd., Mr. Solomon Larbey said: “This claim has been made possible because of the credit life protection policy that gives protection to the loan beneficiary (death), the business property (fire and allied perils) and hospitalisation cover.

“No one expects a tragedy or mishap to happen, but we all need to prepare for it. Death, property destruction and even sickness can come when one does not expect it. The credit life policy is therefore arranged to protect the customer against such events, like the fire that gutted the Kantamanto market.”

Mrs. Barbara Odei, the Chief Operating Officer of ADVANS Ghana Saving and Loans company, on her part said: “We want to use this opportunity to admonish all savings and loans and microfinance companies to take up the credit life protection policy to cushion them against such occurrences, and our business men and women to ensure that they access loans from institutions which have such policies in place, so that in case of such happenings the insurance company can come to their aid.”

The traders who benefitted from the insurance claims from ADVANS Ghana and Star Microinsurance were full of praise for the gesture and urged their colleagues to take insurance policies seriously.

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