Regency Alliance emphasises prompt claims payment

­­Regency Alliance Insurance Ltd, a non-life insurance company, is carving a niche for itself as one of the prompt claims paying companies.

The company, which has been recording a steady growth since it started about seven years ago, paid over GH¢3 million in claims last year, as against GH¢1,510,409 in 2013, up by 49.7 per cent. The company has already paid GH¢2.3 million this year primarily due to the impact of the June 3 floods that caused widespread destruction in Accra.

At an annual general meeting (AGM) in Accra last weekend to receive and adopt minutes and accounts among others, the directors announced a 48.8 per cent increase in gross premium from GH¢8.38 million in 2013 to GH¢12.47 million at the end of last year.

The Chairman of the Board of Directors, Mr Musa Badimsugru Adams, said in spite of the highly competitive environment and a challenging economic landscape, the company’s net premium income after reinsurance also went up by 11 per cent, with