Thursday, July 23, 2009


DONEWELL Insurance Company has formally launched its international travel policy in Accra. During the launch on Tuesday, the Deputy Commissioner of Insurance Mrs.Nyameker Kyiamah disclosed that, the travel policy has several benefits for the travelling public, such as medical transportation, delayed flight departure, payment of medical expenses legal assistance during emergencies and lost luggage among others and was hopeful that the new policy will help travelers in all their traveling accomplishments. “I commend DONEWELL for the giant steps taking in the Ghanaian insurance industry”.
Mrs.Kyiamah urged all insurance company in the country to take firm positions with the new discovery of Ghana’s oil in commercial quantities to open huge market for various insurance companies in the country. Apart from the drilling of oil, new allied industries will also spring up and will require insurance services.
The deputy Commissioner further reiterated that, her outfit is in the position now to consider risk-based approach to both capital adequacy and general supervision due to significant increases in investments, reinsurance and credit risk insurers and reinsurers around the globe due to financial credit crunch which is also relating to the emergence of mega risks such as oil and gas on our markets.
She disclosed that the insurance industry has seen remarkable growth in premium income of about 290% from GH¢71.28million in 2003 to GH¢277million in 2008.With gross premium income for non-life business recording an increase of 31% in 2008. “The insurance penetration in Ghana is still very low as penetration stands at 1.6% compared to 12.7% in South Africa.”
The Minister of Finance and Economic planning, DR.Kwabena Duffuor urged insurers to come out with new products tailored to meet the needs of both the formal and informal sectors of the economy as 60% o Ghanaians are in the agricultural and no insurance company in the country have ventured into that area. “The market penetrating has been hampered by insurance being perceived poorly by Ghanaians as a result of lengthy claims processes.”
He finally urged insurance companies in the country to intensify their efforts in educating the public on the need to insure, so they can have peace of mind to pursue other interests since they will be compensated in the event of any loss and that is the wish of Government.
Source: Ghanaian reactor Online/ Michael Amedor

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