Local Insurance Firms Need Capacity Building – Ken

Ken Ofori-Atta, Minister of Finance has said there was the need to build the capacity of local insurance companies to enable them handle the risk associated with the oil and gas sector.

Mr Ofori-Atta made this known in a speech read on his behalf at the commissioning of the Serene Insurance Company at Tema.

The company, which is a member of the First Sky Group, obtained its licence to operate as insurance company in April, this year, to help redefine the insurance industry.

It is offering motor insurance, aviation, marine, insurance of the person, custom bond, property insurance, general bonds, general accidents, liability insurance, and pecuniary insurance.

The Finance Minister commended the First Sky Group for opening the company in Ghana and expressed the hope that it would abide by the laws governing the insurance industry and work to move it forward.

Eric Seddey Kutortse, the Group Chairman of the First Sky Group, said the company would complement the efforts of government to bring development and relief to Ghanaians.

“Our desire as a Group is to partner government in this journey by investing in critical areas of our economy, which would stimulate employment creation, address societal needs and improve the well-being of our people,” he said.

Mr Christopher Boadi Mensah, the Chief Executive Officer of the company, said although the country had a large uninsured population the few insured were not entirely satisfied with the quality of insurance service in the country.

He gave the assurance that the company would work to improve service delivery through progressive technologies that reduced cost and provided better coverage and services to policyholders.

Justice Jones Dotse, a Justice of the Supreme Court, who chaired the function, reminded the directors of the company of their legal responsibilities and urged them to act with utmost good faith, avoid conflict of interest situations and endeavour to practice good corporate governance.