Covid-19 Haunting Insurance Industry

Tackie Abdul-Salaam making a response after receiving an award

JUSTICE YAW Ofori, Commissioner of the National Insurance Commission, says the insurance industry has been adversely affected by the novel coronavirus.

The commissioner, who was speaking at the maiden Chartered Insurance Institute of Ghana Awards held over the weekend in Accra, said this year had been an exceptional year with the Covid-19 pandemic.

Making reference to a market research by the National Insurance Commission (NIC) on the effect of the pandemic on the insurance sector, he said the insurance industry had been adversely affected especially in the life sector, adding that “the non-life sector, although has been adversely affected, is currently recovering due to the impact on the non-life sector mitigated by sale of motor insurance through electronic motor insurance database (MID).”

He said insurers had invested almost GH¢6 million in ICT since the outbreak of the pandemic and had sold the motor insurance on a digital platform which had ensured continuous sales throughout the year.

Adzo Dzidzorli Asafo, award panel chair, in a comment, said the awards criteria included the liquidity position of the companies, market shares, solvency requirements, customer service issues, general contribution to the industry, cooperative governance requirements and corporate social responsibility.

“It was a daunting task to come out with the criteria to select as a team the best out of the numerous entries received from giants in our industry and outstanding professionals,” she said.

The Chartered Insurance Institute of Ghana Awards was under three groups which included the individual awards, company awards and non-industry and honorary award category.

Under the individual category, Tackie Abdul – Salaam won the risk management professional and Iris Jacqueline Odarkor Logan won claim professional of the year. Nana Serwaa Abrahams and Isaac Kwakwa Sarpong won professional underwriter and young insurance professional of the year respectively.

The general insurance company of the year was awarded to Enterprise Insurance Company Limited. Star Assurance won best IT innovation and employee development company of the year. KEK insurance Broker won two awards – insurance broker of the year and general business, an honorary awards and reinsurance broker (Africa) limited of the year.

Ghana Reinsurance Company and SIC Life Insurance Ghana Limited won reinsurance company of the year and corporate social responsibility company of the year respectively; while Daniel Kweku Afriyie and Mercy Kyei won the life time achievement of the year.

The awards committee chair, Lydia Lariba Bawa, commended the insurance professionals in the industry under the leadership of Rev. Asante Marfo-Ahenkora, for instituting credibility in the insurance industry by designing an awards scheme to acknowledge the contributions of individuals and companies towards the growth and development of the industry.

She acknowledged the support of the Ghana Insurance Association, Insurance Brokers Association of Ghana, the Ghana Insurance College, the Chartered Insurance Ladies Association of Ghana and the National Insurance Commission for supporting the awards; she also congratulated all the winners of the awards.

By Prince Fiifi Yorke