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Business News of Wednesday, 31 July 2019

Source: Maxwell Atuanor

ACTIVA’s Solomon Lartey is the Best General Insurance CEO of the Year

Solomon Lartey, CEO/Managing Director of ACTIVA International Insurance Company Solomon Lartey, CEO/Managing Director of ACTIVA International Insurance Company

The CEO/Managing Director of ACTIVA International Insurance Company (Gh) Limited, Mr. Solomon Lartey has been adjudged the Best General Insurance CEO of the year, 2019.

The award was conferred on him at the 2019 Ghana Insurance Awards ceremony held at the Kempinski Hotel, Accra on Friday, 27th July, 2019.

In a citation read for the award, the competent technical committee and the awarding board noted that Mr. Solomon Lartey has steered the affairs of Activa International Insurance diligently and has consistently grown the company’s Gross Premium by 20% in 2018, at a time when the entire industry grew by 3.4% making it the 7th largest insurance company on the market out of 29 non-life companies. The company’s Gross Premium Grew by 35% in 2017. They added that the year under review also saw Activa grow its profit by 47% from GHs4.8million in 2017 to GHs7.1 million in 2018.

Commenting on the award, Mr. Solomon Lartey said, this award has come at a time when insurance companies are fraught with challenges; notably, low insurance penetration and also the commencement of a new Minimum Capital Requirement regime in the industry.

He said in spite of the fierce competition in the Ghanaian insurance industry with 54 companies and more than 80 broking firms, not much has been seen on the side of insurance penetration, adding that the time has come for insurance companies to innovate or face extinction.

In 2018, Mr. Lartey was adjudged Insurance CEO of the year at the 8th Ghana Entrepreneurs and Corporate Executive Awards which was organized by the Entrepreneurs Foundation of Ghana.

Activa International Insurance which is rated in the A category by Messrs. Global Credit Rating (GCR) was adjudged Insurance company of the year by the Chartered Institute of Marketing Ghana (CIMG) at its 2018 awards ceremony in Accra. Activa Provides world class insurance services in over 48 out of the 54 African countries through its Globus Network.

The company is the foremost insurer of Corporate Ghana and the preferred partner and representative of some of the world’s largest and best insurance groups like Chubb, Zurich, IF and many other respectable global insurance groups and organisations.

The Ghana Insurance Awards, which was organized on the theme ‘Stewardship, Standards, Product Innovations, ICT and Corporate social responsibility’ was under the special guest of honour, Hon. Daniel Nii Kwartei Titus Glover – Deputy Minister of Transport.

In his address, Hon. Titus Glover asked insurance companies to increase claims payments in respect of property damage. He also revealed that very soon, all public buses would have a manifest system that will record names, contact numbers of passengers so that in case of accidents, families can be reached for insurance claims and support.

The ceremony, which was attended by captains of the insurance industry, saw Mr. Daniel Kwaku Afriyie, a fellow of the West African Insurance Institute in Ghana and the Gambia receiving the Life Time Achievement award. Other recipients included Ms Aretha Duku as the Insurance Personality of the year; Mrs. Elizabeth Wyns Dogbe as the Life Insurance CEO of the year; and Nancy Ampah of Nationwide Medical Insurance as Private Health Insurance CEO of the year.

The Young Achiever of the year award went to Achumile Majija; whilst Daniel Gyasi Nyarko received the Unsung Hero Award. In all 40 awards were bestowed on Insurance companies and personalities who have distinguished themselves in the year under review.

The Ghana Insurance awards was organized by Xodus Communications under the auspices of the Ghana Insurers Association.