Take advantage of 24-hour economy to boost insurance penetration – Insurance companies urged
The Deputy Commissioner of the National Insurance Commission (NIC), Bernard Ohemeng Baah, has called on companies in the insurance sector to take advantage of the government’s newly launched 24-hour economy to help boost the country’s insurance penetration which is currently below 2 per cent.
Speaking at the 8th Ghana insurance awards in Accra last Friday, he said the three-shift allowed insurers to reimagine their business models and adapt to changing consumer needs.
He therefore, called on industry stakeholders to explore avenues in manufacturing, logistics, and nightlife to seize these opportunities fully.
The Deputy Commissioner also addressed the need for companies in the sector to enhance their cyber resilience as they relied on the transformative power of technology to advance their business operations.
He reassured the stakeholders that the NIC would soon provide guidance on strengthening security measures in the sector.
Event
Organised by the Xodus Communications Limited, the awards ceremony which was held at the Labadi Beach Hotel in Accra last Friday (Aug 2) celebrated companies in various categories ranging from life and non-life companies, re-insurers, brokerage firms, and other intermediaries, health insurers among other insurance service providers.
The Chief Executive Officer of Xodus Communications, Richard Abbey Junior, explained that since its inception in 2018, the Ghana Insurance Awards, had served as a platform to promote the growth of the insurance industry through progressive competition, innovation, and adherence to the highest professional standards
Mr Abbey Jnr said over the years, more companies who submitted entrees strived to come up with innovative ideas, boosting not just competition but insurance penetration in general.
“When companies introduce new technologies, bring out new products and innovative ideas, it reaches the larger number of people. And that makes the award very competitive,” he said.
He called on the government to enforce insurance policies and suggested that venues hosting public events should require third-party and public liability insurance.
Awardees
16 insurance companies and six individuals were honoured at the eigth Ghana Insurance Awards for their contributions towards fostering innovation and excellence in the industry.
Enterprise Insurance Limited, won the hall of fame awards for continuously winning the General Insurance Company of the year award over the last three consecutive years.
ABSA Bank Ghana Ltd won the bancassurance leader of the year with Serene Insurance Company Limited winning the best going company for 2025.
The brokerage company of the year went to Irisk Management Limited while the best claims initiative of the year, and the major loss award went to Vanguard Assurance Company Limited.
Glico Health Insurance Limited took home the award for the Corporate Social Responsibility(CSR) leadership award (private health) and Equity Health Insurance won the Indigenous Company of the year also in the private health category.
The fastest growing company went to Imperial General Assurance while CSR leadership award (insurance category) went to Star Assurance Company Limited
Starlife Assurance won the Information, Communication and Technology (ICT) leadership award while SIC Insurance Company won the Indigenous Insurance Company for 2025.
Equity Health Insurance’s Daakye Apomuden plan, won the innovative product of the year with Suunu Assurance Ghana Ltd’s Combo Saver initiative and Hollard Life’s Asomdwe MSME insurance winning the marketing initiative and product innovation award respectively.
The product innovation award went to Imperial General Assurance and the 2025 customer care award went to Hollard Ghana.
Glico Health Insurance won brand of the year in both the private health and Glico General Insurance won the brand of the year in the insurance category.
Acacia Health Insurance won the private health insurance company of 2025, SIC Insurance Company, won the General Insurance Company and Starlife Assurance won the life Insurance Company of 2025.
Personalities
The Chief Executive Office (CEO) of the year in the private category went to Maame Afriyie Boachie while Fredrick Adotey Saka of Vanguard Assurance Company Limited won the CEO award for the General Insurance category with Kakra Duffuor Nyarko of Starlife Assurance, winning the CEO award for the life assurance category.
Serene Insurance Company Limited’s Mercy N.K Boampong, won the personality of the year.
Hollard Ghana’s Wahab Adams Hamidu won the unsung hero of the year award.
Dr Kwabena Duffuor from the Star Assurance Group won the lifetime achievement award, crowning the award night which featured music and comedy performances.