June 25, 2024

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NIC urges insurers to overview company tactic amid Covid-19

Commissioner of the National Insurance policies Fee (NIC) Justice Yaw Ofori says the Covid-19 outbreak has affected the insurance policy field both of those positively and negatively.

The positives contain the style of items to meet new difficulties, investment in exploration and ICT progress, according to him.

He defined that the negative facet refer to a reduction in new businesses and renewals for the reason that of the deal with-to-confront nature of the insurance policy marketplaces.

Mr Ofori said that “to establish a resilient sector, therefore, is dependent on both equally parties shifting together.”

Talking at the Ghana Reinsurance Enterprise Limited’s 11th Cedants Awards for insurance coverage organizations he mentioned ‘these situations phone tenacity, ability, innovation and also demand from customers the importance of organization continuity, scheduling and tension tests.

The NIC boss, speaking on the theme ‘Building a resilient market in moments of covid’, explained it “requires organizing for our transforming atmosphere and by undertaking this our sector will stand its grounds and will arrive out more robust and better.”

He indicated that the Fee continues to be concerned about overseas transfers of reinsurance premiums introducing that over $40 million left the shores of Ghana in 2019 leaving a negative impression on the overall economy.

He, hence, entreated “all insurers to extort all local capability in advance of any remembers for overseas reinsurance since this will assistance lessen premium flight and harness the wanted source for the region.”

Running Director of Ghana Reinsurance Firm Minimal, George Mensah also reported the dynamics of this pandemic make it critical for insurers to be ready to review their business enterprise strategy with the goal of sufficiently making ready for the operational disruption introduced by Covid-19.

Metropolitan Daily life Insurance policies Organization, Ghana Union Insurance coverage Enterprise and other insurance coverage organizations were being acknowledged at the 11th Cedants Awards for insurance plan organizations.