MANAGING Director of Activa International Insurance Company (Ghana) Limited, Mr. Solomon Lartey, has described the insurance penetration in the country as very challenging.
This, he explained, was due to the fact that the market is very small but the competitors are many.
Mr. Solomon Lartey’s appointment as the new MD of Activa International Insurance Company Limited was confirmed last year in November at a meeting in Conakry, Guinea.
Speaking to Weekend Today, Mr. Lartey, who has served the company in an executive management position for the past eight years, said for non-life companies on the market, “the industry is very challenging and competitive and lots of efforts must be put in.
“In this industry we have more than 70 insurance brokers, but the good news is that the insurance penetration is only two per cent. This clearly means lots of rooms to innovate and claim,” the Activa MD stressed.
He however, pointed out that the country’s legal and regulatory framework must be positioned in such a way that it will encourage innovation.
This, he maintained, when acted upon “actively and purposefully” will see the insurance industry grow in the country.
“If we are able to do that I think the insurance penetration will increase,” he told Weekend Today.
Touching on the feat of Activa, he said: “from a humble beginning as Global Alliance Insurance which was incorporated in January 2005 and licensed to write short term general insurance business, the parent company of Global Alliance was Global Alliance Holdings, a company incorporated in the Isle of Man with head office in South Africa.”
According to him, Global Alliance climbed to the 9th position out of 23 insurance companies in the country within four years.
“In April 2009, Global Alliance Insurance was fully acquired by Activa Assurance, a Pan-African insurer and the originator of the Globus Network, following the approval of the National Insurance Commission (NIC) of Ghana,” he disclosed.
Mr. Lartey revealed that currently Activa is the 7th largest insurance company in Ghana by premium income and was adjudged the best insurance company in Ghana by the Association of Ghana Industries (AGI 2014 Awards) and 72nd member of Ghana Club 100.
Activa Ghana is a member of Globus Network, which is the largest of its kind in Africa. It is also a grouping of over 40 well-positioned and dynamic insurance companies in 40 African countries which enable multinational and global clients to enjoy expert and world-class insurance services and coverage with geographical presence.
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