A time has come to push the insurance penetrative discussion forward through a partnership among key industry players, Mr. Stephen Kwame Oduro, Managing Director of SIC Insurance has said.
Speaking to media persons at the company’s 2018 annual general meeting, he accentuated the importance of deepening partnership for sustained growth for players in the industry.
He said per the structure of the insurance industry in Ghana; insurers and reinsurers, insurance brokers and agents were key partners that any insurance company worth its sort align itself to remain relevant.
The Company recorded GH¢177,986,624 as gross premium revenue in 2018, representing year-on-year growth of 10% over revenues for 2017 and a market share of 14%. A total of GH¢35,883,964 was paid as claims in 2018.
On the proposed new Minimum Capital Requirement, the SIC Insurance boss said, as the country’s largest insurer, plans are in place to meet the timelines set by the National Insurance Commission (NIC).
The NIC as part of its inclusion in the robust development of the financial sector has initiated measures for the recapitalization of both Life and Non-Life Insurance entities. The Insurance regulator is expecting all insurance companies to raise their Minimum Capital Requirement from the current position of GHC15million to GHC50million by 30th June 2021.
“We have looked at all the positions available ad have drawn our comprehensive proposal to be submitted to the Commission soon. We are expectant that our proposal would be approved and we will work acidulously to meet all timeline set by the NIC” he said.
The Managing Director was optimistic that though there were challenges facing the industry, the growth potential was great.
He, therefore, called for collaborative efforts among all industry players to build efficient distribution channels, continue with mass consumer education about insurance products and services, developing of affordable offerings and finding ways to manage the collection of insurance premiums in a way that consumers will sign on with ease.
These initiatives among others he said were some of the sure ways of pushing the penetration agenda forwards and changing the narrative.