Business News of Wednesday, 30 January 2013

Source: Daily Guide

NIC Steps-Up Insurance Coverage

As part of its reform programme aimed ensuring effective and stable insurance market, the National Insurance Commission (NIC), in collaboration with its development partners, is working towards developing local actuarial expertise to help improve access to insurance.

According to the Commissioner of the NIC Nyamikeh Kyiamah, “This will expand the micro insurance sector so as to reach out to the large informal sector employees who are mostly not covered by any form of insurance and help to grow Ghana’s insurance penetration and density.”

Mrs. Kyiamah, who was speaking at the climax of the 25thAnniversary dinner and awards night of GLICO Life, added that the NIC had finalized plans to get all insurance companies to submit quarterly electronic returns from the end of 2012.

She stated that as the regulator of the insurance industry “working with GLICO LIFE over the years in our pursuit of a robust insurance industry has been a pleasure.”

The Commissioner wished the company well and reiterated NIC’s commitment to provide assistance, as it works towards its expansion programmes.

In his address, the Managing Director of GLICO LIFE, Edward Forkuo Kyei, said the theme for the celebration, 25 Years Together in Business: Our Customers; Our Focus, was to appreciate and give back to the company’s customers and stakeholders whose support throughout the years has developed the company.

He said some activities that took place during the year-long anniversary included a forum to interact and share ideas with insurance brokers; customer service month, blood donation exercise, support to deprived schools by donating thousands of exercise books, environmental cleanliness programme and the setting up of the GLICO Education Endowment Plan (GEEP).

He was hopeful that in the coming years, GLICO LIFE would offer more exciting products to its customers.