17 Honoured at Ghana Reinsurance awards

Seventeen insurance firms have been honoured at the Ghana Reinsurance Plc 15th CEDANTS Awards ceremony in Accra.

They were honoured in various categories during the awards.

The event was held on the theme: “Rising Together: Honouring Partnerships & Excellence in Insurance”

During the ceremony, KEK Reinsurance Brokers (Africa) Ltd took the Broker of the Year Awards. It was followed by Visal Reinsurance Brokers Ltd as the first runner-up and Afro-Asian Reinsurance Brokers (Ghana), as the second runner-up.

The Cedant of the Year Award went to Metropolitan Life Insurance Ghana Ltd in the Life Business category.

Others

Old Mutual Life Assurance Company, Ghana and SIC Life Insurance Ltd were adjudged as the first and second runners up respectively.

Regarding the Special Awards-Life Business, Starlife Assurance Company Ltd took the Premium Payment Award (2023) while Enterprise Life Assurance Ltd, Ghana, had the Contribution to growth of Ghana Re (2023), with Prudential Life Insurance, Ghana, Prudent Underwriting (2023) and Quality Life Assurance Company Ltd, Loyalty (2023).

The acting Commissioner of Insurance at the National Insurance Commission (NIC), Michael Kofi Andoh, said the commissioner in his bid to promote the growth and development of the industry was currently working with some partners on various projects.

The NIC, he said in partnership with FSD Africa, had implemented a regulatory sandbox regime to attract, incubate and test innovative solutions to some of the challenges that hindered the development of the industry.

“The NIC is also partnering with the USAID and the ILO to implement an agricultural insurance fund to facilitate the delivery of suitable and affordable agricultural insurance products for both small and large scale farmers,” he said.

Mr Andoh said a big potential for the growth of the industry lay in reaching out to the micro, small and medium enterprises which were largely excluded from the insurance market.

Again, he said the NIC had partnered with the UNDP to develop a “new inclusive insurance strategy to reach out to this all-important segment”.

The acting Managing Director of Ghana Reinsurance Plc, Monica Amissah Ag. Managing Director said the event was more than an award ceremony, it was a celebration of the partnerships that had been the cornerstone of our success.

“Over the years, you are respected cedants - have played a pivotal role in driving the growth of Ghana Reinsurance Plc thereby contributing to the advancement of the entire insurance industry.

“Your dedication, ingenuity and steadfast support have enabled us to reach significant milestones and created a stronger foundation for the future,” she said.

In a welcome address by the Deputy Managing Director (Finance and Administration) of Ghana Reinsurance, Joseph Adom, he commended Mr Andoh’s remarkable contributions to t he country's insurance landscape.

“With over two decades of service at the NIC, within which he served as head of supervision and deputy commissioner, he has been a pivotal force in advancing industry regulation and fostering inclusivity,” he said.