GLICO General holds forum to celebrate 10 years
GLICO general, an insurance company, has held a brokers and reinsurance forum as part of its 10th anniversary celebrations.
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The brokers & reinsurance forum was organised to appreciate all the company’s broker and reinsurance business partners who have supported GLICO General in its 10- year journey.
The theme for the forum was, “Local Content; the path to our future” and was chaired by the Commissioner of Insurance, Ms Lydia Lariba Bawa.
The Managing Director of GLICO General, Mr Alfred Ofori-Kuragu, in his opening address, expressed appreciation to all brokers and reinsurance companies, stakeholders and GLICO staff for their commitment to the company during the period.
He said in an era when non-life insurance companies come and go, GLICO General, which started its business operations in 2006, had achieved a decade of innovation and steady growth.
The chairperson for the occasion, Ms Bawa, stressed the need for brokers and reinsurance partners to support insurance companies provide the necessary insurance cover for the Ghanaian populace. She indicated that all players had a collective responsibility to educate and inform Ghanaians of insurance to ensure higher insurance penetration, which currently stands at less than two per cent.
The Insurance Commissioner said local partnerships should be the effective way to develop the insurance sector because it promoted the maximisation of value, job-creation and the use of local expertise. She further stated that the local content policy would facilitate growth of the insurance industry and the Ghanaian economy at large.
The Managing Director of GhanaRe, Mr Gustav Siale, encouraged brokers to utilise insurance services in the local market before accessing the services of overseas insurance companies.
Mr Siale additionally noted that insurance categories such as life, motor, workmen’s compensation and general accidents were all well-established policies in which insurance businesses in Ghana had the technical expertise to underwrite and, therefore, must be patronised by all brokers.
The Managing Director of GhanaRe additionally advised industry players to learn about the dynamics of insurance business in the Ghanaian market. He added that it was only through such trend analysis and the provision of insurance solutions that Ghana’s resources would benefit Ghanaians, while allowing foreign companies to reap fair returns on their investment.