Insurance underwriters urged to be prudent in their work

The Chief Executive Officer of Visal Reinsurance Brokers, Mr. Gustav Siale has encouraged underwriters of insurance companies to do proper underwriting in order to save the industry.

He made this call during a two-day training seminar on Bonds and Guarantees by Visal Reinsurance Brokers who turned a year this June, albeit with over thirty-five years’ collective experience in insurance and reinsurance of its management.

The aim of the seminar was to equip the underwriters with the necessary skills to do appropriate Bond underwriting.

In his opening address to participants, Mr. Siale said "There has been a sharp increase in the demand of various types of bond of late and considering the bitter experience of the industry regarding bonds, thus we at Visal Re thought it prudent to organise a seminar on this topic, as to equip underwriters of insurance companies with the necessary skills to enable them do prudent and proper underwriting. On our part, we pledge in our small way to help build the human capacity of our partners and the insurance market as a whole.’’

He added that "It is important to draw the attention of underwriters to the things they ought to look out for to avoid falling prey to unscrupulous individuals and organisations that seek to take advantage of the insurance industry and the economy."

The facilitator of the training, Mr Ofori-Koragu, has an in depth and hands-on experience on bond underwriting and is an expert in this field.

The participants comprised underwriters and managers from insurance and reinsurance companies in the country.

The participants expressed their gratitude to the organisers for the much-needed training after the sessions and asked for more of such events. The seminar took place from 27th -28th June, 2019.