Insurance Commission to issue ESG, cybersecurity directives
The National Insurance Commission (NIC) is set to issue an Environmental, Social and Governance (ESG) framework and a Cyber Security Directive to enable the insurance sector deploy technology to facilitate growth.
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These measures, when done, will empower the insurance sector in leveraging technology and innovation for growth.
“The environment is fast changing; climate change is certainly a risk that can no longer be ignored. But climate change does not just bring risks, it brings opportunities for which insurance companies need to strategise to take advantage.
Whereas advancement in technology and Artificial Intelligence is expected to transform insurance service delivery, it exposes the industry to cyber security risk that needs immediate attention,” the acting Commissioner of (NIC), Michael Andoh said.
100th anniversary launch
Mr Andoh disclosed this at the launch of the Enterprise Insurance Ltd’s centenary anniversary celebration in Accra last Tuesday.
He said over the past century, Enterprise has not only weathered the storms of change but has emerged as a beacon of stability and excellence in the insurance sector.
The Enterprise Insurance's legacy, he said, is not only significant for being the first insurer in the Gold Coast but also for its enduring leadership in the non-life insurance space.
He added that the company's ability to evolve, innovate and maintain its market leadership is a testament to the dedication of its leadership, staff, and the trust it has earned from customers over the years.
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Mr Andoh acknowledged the company’s pivotal role in shaping the insurance landscape in Ghana, adding that “as a regulator, we value the commitment of companies such as Enterprise that set high standards, foster healthy competition and contribute to the growth and stability of the industry.”
“As we join you in celebrating the centenary, let us also recognise the pivotal role the Enterprise Insurance continues to play in the socio-economic development of Ghana. May the next 100 years be filled with continued success, innovation and a legacy that transcends generations,” he added.
Commitment to excellence
The Group CEO of the Enterprise Group Plc, Daniel Larbi-Teiku, said the Enterprise Insurance has been at the forefront of general insurance services, offering protection and peace of mind to individuals and businesses alike.
“From motor and home insurance to personal accident, travel, marine, assets-all-risk and a myriad of other business insurances, we have been the go-to insurer for generations.
Our commitment to excellence, reliability and innovation has set us apart, making us the leading insurer in the General Insurance industry,” he said.
He explained that the company’s holding had evolved to encompass a diverse range of services, reflecting its commitment to meeting the holistic needs of our customers.
Mr Larbi-Teiku said the group was poised to adapt and embrace change as the insurance landscape evolves.
“Our commitment to digitalisation, operational efficiency and customer-centric solutions remains unwavering. We understand that our success is intrinsically linked to the trust our customers place in us and we are committed to nurturing that trust through unparalleled service,” he added.
For her part, the Managing Director of the Enterprise Insurance Ltd, Akosua Ansah-Antwi, said “whilst our mission is to give everyone who comes into contact with us their desired advantage, we are nowhere near done (pause) not when too many people in Ghana are suffering unnecessarily from financial and mental stress when things go wrong, because they do not understand the value that insurance brings to their households.
It is our duty to educate and create enough awareness and assurance that will help people believe in the value of insurance.”