President John Evans Atta Mills has admonished insurance companies in African to refrain from any act of unethical conducts capable of tarnishing the sector image any further.
President Atta Mills said, â€œPremiumÂ undercutting, unbridled granting of credit resulting in unethical competitive practices only weaken our financial situation and jeopardise our ability to meet our claims, obligations and improveÂ service of quality to clients,â€ he said
PresidentÂ Mills who was represented by Dr. Kwabena Duffour, Minister for Finance and Economic Planning at the opening of the 32nd Annual General Meeting and educational conference of the West African Insurance Companies Association (WAICA) in Accra, Ghana recently, said the failure of some insurance companies to adhere to ethical standards had affected their capital base and capacity to underwrite the biggest risks associated with the oil and gas industry.
Dwelling on the theme of the conference, ‘The Oil Discovery in West African States, Its impact in the Socio-Political and Economic Development of the Sub-Region and the vital role of the Insurance IndustryÂ in the management of this Natural Resource’ Atta said , his government would support the Insurance Commission’s moves to adopt a risk based regulation, since this enables regulated entities to assess their own operational risks and take the appropriate measures to manage such risks.
The Ghanaian President said the government is developing policy interventions to make Ghanaians assume significant roles in the county’s emerging oil and gas industry.
“The government is determined to not only do the right things but more importantly, do things right for the benefit of the generality of Ghanaians,” he said.
The conference was attended by chief executive officers of insurance companies from Ghana, Nigeria, Liberia, Sierra Leone and The Gambia.