For Insurance companies in Ghana to actively and effectively participate in oil and gas business in that country, they must endeavour to shore up their capacity and capital adequately in order to write the risk without inhibitions.

Mr William Agbenyega, Managing Director of the Ghana Reinsurance Company gave the advise in Ghana at the reinsurer’s maiden Cedant Awards.

Agbenyega called on the insurance companies and Ghana Reinsurance Company to form partnership to exploit the benefits that would accrue from the discovery of oil and gas and contribute their quota to the development of the Ghanaian economy.

He reminded the insurance companies that Ghana Reinsurance Company, which he described as a reliable re_insurer of choice, had the capacity and technical know_how to accept what the insurance companies had been ceding to Ghana Reinsurance.

According to him, “Premium is the life blood of the insurance business, which must be paid promptly to keep the industry running and called on all parties to discharge their duties to prevent the industry from collapsing”. The Award Night presented a platform for insurance companies to smile home. For instance, Metropolitan Insurance Company won the Star Award of 10,000 dollars in the general business category with Prudential and SIC placing second and third with 5,000 and 3,000 dollars respectively for their efforts.

In the Life Business Category, SIC Life took the first prize of 5,000 dollars followed by Star Life 3,000 dollars and Ghana Union Life 2,000 dollars. Dr Albert Gemegah, noted that insurance and reinsurance services formed a very important segment of the economy of any country, adding that partnerships should be of interest to all because they are important ways of mobilising domestic capital for long_term investment.

Gemegah however advised local insurance companies operating in the country to reinsure locally in the interest of deepening the insurance market, stemming foreign capital flight and improving the country’s economy as a whole. He called on all chief executives of insurance companies to establish and maintain strategic partnerships, alliances and networks between the companies and the re_insurers who would assist them to outline and utilise the symbiotic strength of both parties in pursuit of market growth.

Mr Lionel Mobilia, Chairman of the Board of Ghana Reinsurance Company said it was essential that in the coming years the insurance industry would introduce innovative products that would meet customer needs. He said this was only possible if the relationship between insurers and re_insurers remained strong.