The General Assembly of the Ghana Insurers Association (GIA), the trade association of insurance companies in the country, has inducted into office, the first female President to steer the affairs of the Association for the next two years.
Aretha Abena Abrafi Duku, is the tenth President of the Association and the first female to have been elected to lead the Association since its inception in 1998.
The Association for the past decades, has membership made up of 53 companies, out of which 26 are Non-life general insurance companies, 23 Life insurance companies and four Reinsurance companies operating in the countries.
Madam Aretha Abena Abrafi Duku, who is also the Managing Director (MD) of Ghana Union Assurance Company Limited (GUA), was inducted into office last week by a Judge of the Supreme Court, Justice Jonathan Acquah, together with ten members being males.
The other members of the Board are, Edward Forkuo Kyei; MD of Glico Life Insurance, Kwame Ofori, MD of Enterprise Insurance, Prof. Kwame Adom Frimpong, MD Mainstream Reinsurance, Alfred Yaw Ofori Kuragu, MD Glico General Insurance and Victor Obeng –Adiyiah, MD of Unique Insurance.
The rest are Kwasi Offeh, MD of Ghana Union Assurance Life, George Kojo Addison, MD of Star Assurance, and Andrew Fifi Simpson, MD of GN life Assurance, Atsu Kosi Menyawovor, Chief Executive Officer of GIA and Ivan A. Avereyireh, MD of Ghana Life Insurance as an Ex-officio Member.
Welcoming participants to the induction ceremony in Accra chaired by Peter Osei –Duah; former MD of State Insurance Company (SIC) and attended by Mona Quartey, Deputy Minister for Finance and Lydia Lariba Bawa, commissioner of the National Insurance Commission (NIC), the immediate past President of GIA,Ivan A. Avereyireh, said the association was committed to the implantation of two legacy projects.
He named the projects as the Ghana Insurance Industry Database (GIID) and the seven- storey GIA office complex in Accra.
‘’We have made progress to move these projects a step forward towards take off and the necessary preparatory works have all been done.
I will therefore urge the new team to see to the actual commencement of the project implementations before the end of the year,’’he urged.
He explained that, when the Association, spends valuable time to engage stakeholders to arrive at key decisions only for members to renege on the implementation of these collective decisions.
He cited the issue of the motor tariff and minimum rates for all non-life products adding that the desire to undercut to gain unfair advantage is still high among members.
According to him, members are suppressing their income due to the unfair practices of undercutting in the industry.
‘’I am hoping that with the injection of fresh capital to meet the National Insurance Commission’s (NIC’s) new capitalization requirement and how some companies struggled to get this additional capital is heartening.
We would think twice and be minded to guard our revenue sources jealously’’ he averred
In her inaugural address, Madam Duku, pledged to build a strong relationship with all stakeholders in the industry.
According to her, the survival of the Association rests heavily on such collaboration needless to mention that of the Ghana Insurance Brokers Association (GIBA) and the NIC.
‘’I believe we can work at even a stronger collaboration with GIBA to create and harness platforms that will encourage self-regulation as we sought to curb some of the irregularities in the industry.’’
She revealed that her administration will get the buy-in of members on pricing regulations as it is the right direction for all practitioners.
This will help the Association achieve a healthy growth and translate into meeting the claims obligations and earn integrity from the public she said.