Accra, Sept. 10, GNA - Ghana's maiden insurance award aimed at rewarding excellence and engendering competitiveness in the sector is slated for October 3.

The award launched in Accra is being initiated by the Corporate Initiative Ghana (CIG) in conjunction with the Ghana Insurers Association to also reward innovations in the insurance industry as well as promote efficiency in service delivery. Speaking at the launch, Dr Joseph Abbey, Executive Director of the Centre for Public Analysis (CEPA), called on the insurers to improve quality service and reduce risks in the industry. He said the timing of the award was crucial since Ghana was looking forward to becoming an oil economy.

Dr Abbey reiterated the need for insurance companies to ensure that best products were offered to clients in order to improve the economy. Ms Josephine Amoah, Commissioner for National Insurance Commission, also lauded the institution of the awards, adding that they would inspire insurance companies to attain excellence, as well as help to promote acceptability and recognition among clients. He pledged the commission's support to the initiative saying it would ensure good corporate governance. Mr Asamoah Boahene, Head of the Awards Planning Committee, said the awards would enhance efficient financial management. According to him, 24 companies registered under the awards scheme by 2007 would assess the awards.

Mr Boahene said 15 award categories would be considered using a fact-finding survey including social responsibility and customer service ability of the companies. He said the best insurance company of the year would be adjudged based on similar criteria together with others such as issues concerning life and non-life insurance.