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Business News of Tuesday, 28 July 2020

Source: thebftonline.com

Coronavirus: Non-Life Gross Premium hits GH¢515 million in 2020 first quarter

All the non-life companies grew their first-quarter gross premium income marginally All the non-life companies grew their first-quarter gross premium income marginally

In spite of the COVID-19 and subsequent lockdown of activities non-life insurers performance during the period in relation to income, generation was encouraging for this period under review.

The 29 non-life companies generated total gross premium income of GH¢515,741,117 in the first quarter of 2020 as against GH¢397,461,040 the same period in 2019. This is due to the unwavering stands of the regulator to drive insurance growth and to ensure strict compliance with relevant laws affecting insurance business.

The introduction of Motor Insurance Database (MID) by the regulator and the resilience by the companies to build on innovations not only on the product but also technology and people went a long way to improve the selling of the most popular insurance product – vehicle insurance in the country whereby insurers and their clients will sit at the comfort of their homes to buy insurance.

All the non-life companies grew their first-quarter gross premium income marginally against what they did in the same period in 2019.