NIC institutes measures to aid claims payment

The National Insurance Commission (NIC) has issued claims payment guidelines to ensure that policyholders and claimants enjoy the benefits of their insurance.

It has also taken a number of steps to address the issues of capital inadequacy, weak governance and risk management systems in the insurance industry.

The Commissioner of Insurance, Ms Linda Lariba Bawa, who made this known at the official opening of the GLICO Airport office in Accra, said the ‘No Premium No Cover Policy,’ which had been in effect since April, this year, was intended to improve the liquidity of the companies to enable them  to pay claims promptly.

Insurance industry

Ms Bawa described the current state of the insurance industry as very dynamic, as the number of companies within the industry had increased significantly, with policyholders demanding assurances and guarantees.

On GLICO, Ms Bawa said for the past 20 years, the company had been a major player in the insurance industry and continued to set high standards in its operations, serving as a shining example for other companies.

The commissioner said the network of branches that GLICO had in parts of the country, the number of professionals it had trained for the industry, the company’s ability to pay claims on time, among others, and the new airport office building, were all clear evidence of the viability of GLICO.

She said the NIC shared in GLICO’s achievement because as a supervisory body, the accomplishment of any insurance company was a good reflection on the achievement of the NIC and its mandate to develop and support a vibrant insurance industry in the country.

GLICO

The Executive Chairman of GLICO Group Limited, Mr Kwame Achampong-Kyei, said the small company which started some 27 years ago, had matured with six branches namely GLICO life, general, healthcare, financial properties and pensions.

He said GLICO continued to set the pace for others to follow in the industry with its own head office building with 27 branch office network in the country.

Mr Achampong-Kyei said as an indigenous wholly owned Ghanaian company, GLICO faced a number of challenges in its quest to make a difference in the world of insurance but had remained focused, resolute and was venturing into areas where others could only dream of.

Mr Alfred Yaw Ofori-Kuragu, a member of the board, said the Ghanaian insurance market was a flourishing one with huge potential for growth.