Smaller insurance companies urged to merge

Smaller insurance companies must merge to seek investors and transform the fortunes of their companies, Mrs Lena Adu-Kofi, President of Ghana Insurance Brokers Association, has urged.

Mrs Adu-Kofi said this in Accra at the 30th anniversary celebration dinner dance and awards night.

The programme was on the theme: ‘30 years of insurance broking in Ghana, achievements and challenges’.

She said partnership was the surest way to catch the eye of investors and become competitive in the insurance industry.

Mrs Adu-Kofi said over the decades, the association had rendered professional insurance consultancy services and promoted public trust in insurance.

Additionally, she said the association had seen continuous growth in membership, professionalism, public education, among others.

The association, she said, had also witnessed a vibrant achievements and working to acquire its own office complex, television and radio station.

Mrs Adu-Kofi urged members to join the African Insurance Organisation and other associations to take advantage of the benefits of the affiliations.

Nana Appiagyei Danoawoeo I, the President of Ghana Chamber of Commerce and Industry, said through training, insurance brokers have become attractive.

He appealed to the authorities to scrutinise the activities of insurance in the country to avoid any unhealthy practices.

The top five brokers are KEK Insurance Brokers Limited, KEK Reinsurance Brokers (Africa) Limited, Edward Mensah, Wood and Associates Limited, Willis Tower Watson Ghana Limited and Safety Insurance Brokers Limited.

The three non- life insurers are SIC Insurance Company Limited, Enterprise Insurance Company Limited and Star Assurance Company Limited.

The three life insurers are Enterprise Life Assurance Company Limited, SIC Life Insurance Company Limited and Starlife Assurance Company Limited.

The three brokers-friendly and supportive reinsurers are Ghana Reinsurance Company Limited, GN Reinsurance Company Limited and WAICA Reinsurance Corporation.

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