Unique Insurance introduces 1st online travel insurance

Unique Insurance Company limited in partnership with Trust Re, a leading insurance firm in the Middle East, has launched the first online travel insurance policy in Ghana.


Known as “Unique Travel Policy”, it was inaugurated by Madam Cecelia Abena Dapaah, Minister for Aviation in Accra.


The minister lauded the initiative of the insurance partners and described it as a commendable development within the aviation and insurance industries in the country.


Madam Dapaah said the policy is an important milestone in the roll-out of innovative products and services to support travellers and generally the travel business in Ghana.


“It is estimated that air traffic to, from and within Africa will grow by about 6.1 per cent annually over the next 20 years. In Ghana, the growth rate is in the average of 7.9 per cent per annum. This shows a huge door of opportunity open, which needs stakeholders to tailor products and services for the demanding clientele,” she said.


She said her ministry had engaged airline operators to ensure that government’s policy intervention for the removal of 17.5 per cent Value Added Tax (VAT) on domestic airfares to make it affordable actually reflected in reduction of domestic airfares.


Madam Dapaah also said the intervention had culminated in a significant increase in passenger throughout from 302,270 as at June 2016 to 373,429 as at September, 2017 representing 23 per cent increase.


The Minister disclosed that, it was the vision of the government to establish Ghana as an aviation hub within the West African sub-region, and position it as the preferred destination of choice for travellers.


Mr. Justice Y. Ofori, Commissioner of Insurance, said that it was good new insurance products were introduced onto the market, because “new products always come with improved benefits and features, and seek to bring variety and choice to the market place”.


The Unique Travel Policy, he explained, is structured to keep 40 per cent of the premiums and risk within the Ghanaian insurance market.


“It is such win-win arrangements that enable Ghanaian insurers to leverage on the superior capitalisation of international players such as Trust Re, while also keeping an adequate share of premiums on the Ghanaian market is the direction that we seek to steer the insurance industry towards improvement,” he said.


The Commissioner of Insurance explained that the online travel insurance package which includes medical coverage, trip interruption, loss of baggage or theft coverage is very important to secure passenger safety and comfort.




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