The nation’s insurance industry has a new entrant called the Millennium Insurance Company born by the Jospong Group of companies including Zoomlion.
The company was launched in Accra on Thursday increasing the number of insurance companies in Ghana to 42.
The Commissioner of Insurance, Mrs. Nyamike Kyiamah, admonished insurance companies in the country to set higher standards by handling claims promptly and fairly.
She encouraged the Millennium Insurance Company to tailor its products and services to be able to satisfy the needs of their customers.
Mrs. Kyiamah reiterated the need for insurance companies to take advantage of the review of the Insurance Act and venture into micro insurance.
She disclosed that as part of the review of the Insurance Act, the minimum capital is being reviewed to five million Ghana Cedis.
“Ghana has a huge informal sector and so we cannot claim to be in business in this country without converting that sector of the economy; neglecting that segment of the economy is also a disservice to the country because this segment needs the service of insurance companies perhaps more than anyone else”, she said.
The Deputy Minister for Finance and Economic Planning, Hon. Fiifi Kwetey urged the Millennium Insurance company to stimulate positive competition and ensure efficiency in the industry.
He said: “Let your entrance result in a significant growth in the industry and stimulate positive competition to ensure efficiency in the industry.”
According to him, government has put in place measures such as the house numbering project and the national identification cards system intended to provide accurate statistical information needed to boost the nation’s insurance industry.
Hon. Fiifi Kwetey emphasized that insurance companies have to design a comprehensive policy for government’s support to enhance wealth creation through the private sector which should truly become the engine of economic growth.
The Chairman of the Board of Directors of the Millennium Insurance Company, Dr. Daniel Seddor promised that the company will make difference in the industry.
“Insurance penetration in Ghana we are told is very low at about two percent but I can assure you that it will not remain the same with the entrance of the Millennium Insurance Company; this is because our team has studied the market and has what it takes to draw people to insurance.”
“Our products or policies range from fire and allied perils, burglary, personal accident, money insurance, marine insurance, workman compensation, contractors all risk, fidelity guarantee, product liability and professional indemnity,” he outlined.