‘Strengthen insurance system’

A Former Chairman of the Chamber of Mines, Rev. Dr Joyce Aryee, has urged the government to strengthen the insurance and reinsurance system in the financial sector to help  stabilise the economy.

She said more emerging economies had embraced insurance and reinsurance as the main tool for development and it was imporatnt for the government to reconsider the decision of granting that sector the required support.

"We need a tough regulator who will ensure that all companies followed the required insurance policies and advice for better yield and safety," she stated.

She said this at the sixth Cedants' Awards night which was organised by the Ghana Reinsurance Company Limited in Accra.

The awards ceremony, which was on the theme" Insurance-A tool for national development", had the State Insurance Company emerging winners.

Dr Aryee urged all insurance companies to work hard to fight against the challenges they faced with the payment of claims, saying this had become an albatross around the neck of insurance companies.

"We need to open a new chapter that will clear the doubts and past memories of our clients" she stated.

Dr Aryee was hopeful that if all systems and structures were put in place, "the economy will bounce back and the Cedi will regain its lost value."

She reiterated the efforts of the central bank and the government in making sure that the economy became strong with the injection of more dollars.

She said Ghana needed to grow a strong and robust economy which could stand the test of time.

"If we are able to develop a very strong internal structure in the financial sector there would not be the need to seek external support" she stated.

She urged members to be more professional and look to the future with Ghana’s interests at heart and put smiles on the faces of their clients.

Efforts made so far

The Managing Director of Ghana Reinsurance, Mr Gustav Siale, recounted the efforts of the company to gain recognition in the financial sector both locally and internationally.

That had become possible with the integration of good and innovative policies that had won back the trust that organisations and individuals lost in them.

He said the reality was that the insurance industry was a vital force in securing the well-being of both individuals and the business environment around the world.

Mr Siale said an economy without insurance would result in a rapid decrease in the population of firms and in the end result in unemployment and its associated risk such as the increase in crime rate.