NIC undertaking due diligence in insurance industry

The National Insurance Commission(NIC) has announced that is undertaking due diligence in the insurance sector to prevent it from entering into a crisis.

There have been calls by industry watchers asking the commission to restructure the industry.

The commission says it will soon announce new regulatory reforms which will be transparent and effective.

In an interview with Citi Business News on the sidelines of the launch of Serene Insurance, Board Chairman of the National Insurance Commission , Emmanuel Ray Ankrah gave the assurance that the commission is doing all it can to prevent the industry from suffering the same fate as the banking industry.

“I can assure you that all the turmoil’s that we see in the banking industry will not happen in the insurance industry”, he stated.

He added, “ So I want to tell all Ghanaians that a lot is being done and very soon we shall roll out a program to show to Ghanaians we are taking our job seriously and we do not want the problems of the banking sector to occur in the insurance sector”.

CEO of the Serene Insurance, Chris Boadi Mensah who also spoke to Citi Business News at the sidelines of the launch of Serene Insurance said the company will use innovative means to boost insurance penetration in the country which is currently below two percent.

“The difference from us and the other insurance companies is that we are going to serve our clients and be prompt when it comes to claims payment and we will bring up products that deal with professional indemnity”.

He explained, “We have come to realize that professional indemnity is almost nonexistent when you look at institutions like Korle Bu and Komfo Anokye. You hear of cases of doctors leaving scissors in patients and the hospital is being sued and all that , so we will put an insurance policy in place to cover some of these things”.

Meanwhile Executive Chairman of First Sky Group which is the mother company of Serene Insurance, Company Eric Seddy Kutortse revealed that the company will by the end of 2019 move its headquarters from its current location in Tema Community 25 to Dzorwulu in Accra.

“In pursuit of our vision, plans are far advanced to relocate the headquarters of the Serene Insurance Company which is temporarily premised at the first floor of the First Sky Towers to Accra. In this regard I am pleased to announce that a property has been acquired behind Fiesta Royale Hotel in Accra to be developed into an ultra-modern six floor towers as a permanent headquarters of Serene Insurance by the end of 2019”.

Some products of the company include Motor Insurance, Aviation, Marine, General Accidents, Custom Bonds amongst others.

Source: Citi Business News

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