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NEM Insurance commissions Ghana office

By Patience Saghana

NEM Insurance Ghana Limited on Friday last week commissioned its Ghana office with a promise to provide quality and speedy services to the public and as well become the insurer of choice for most Ghanaians.

Mr Edward Pianim, chairman of the Board of Directors of NEM Insurance Ghana, in a welcome address, mentioned that the company would offer different services to maintain best and international standards, adding, “We will be fair and ensure prompt payment of legitimate claims to our customers.”

Pianim called on the National Insurance Commission (NIC) and the relevant authorities to consider reviewing and updating the laws relating to insurance in the country to maximize the retention revenue.

He suggested that policymakers institute’s compulsory comprehensive insurance cover should be for all vehicles instead of the third party insurance policy as stipulated by law, stressing, “Calamities can strike at anytime, so the comprehensive insurance would be the best option.”

He was also of the view that employers should also be obliged to take workers compensation policies, while marine insurance should be taken in Ghana to ensure full benefit from port activities, particularly when the country had discovered oil in commercial quantities.

Senator Musiliu Obanikoro, Nigerian High Commissioner to Ghana, commended government and people of Ghana for creating the enabling environment, which is attracting more businesses into the country.

He urged indigenous Ghanaian companies to venture into the Nigerian market “so that it will not be one-way traffic.”
Dr Kwabena Duffour,  Minister of Finance and Economic Planning,, urged operators in the insurance industry to design easily accessible and affordable products for the public.

Ms Josephine Amoah, Ghanaian Commissioner for Insurance  in her opening remark stated that NEM has met all the requirements to be registered and operate as a non-life insurance company in Ghana.
According to her, the new Insurance Act 2006 of Ghana has created new opportunities for the industry to grow.

For example, the Act requires all property located in Ghana, liabilities arising in the country and goods being imported into Ghana to be insured with Ghanaian insurance companies. It is therefore the duty of anybody insurance a property, liability or goods being imported into Ghana to ensure that the insurance is done with a Ghanaian insurance company, Amoah said.

“It also requires all commercial buildings under construction to be insured against negligence which results in bodily injury or property damage, as well as commercial buildings which must be insured against collapse, fire, earthquake, storm and flood.
Amoah, represented by Mrs Nyamikeh Kyiamah, Deputy Commissioner of the NIC observed that some customers of insurance companies default premium payments, stating that “it could result in the failure of insurers to pay claims on time.”
Kyiamah urged NEM Insurance “not to just add to the numbers”, but play important role and contribute to the development of Ghana.


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