In a bid to grow the Life Insurance industry in Ghana, Phoenix Life Assurance and the Ghana Union Alliance have merged to form Impact Life Insurance to create opportunities for business growth and value in the Insurance Industry.
Overall, insurance coverage in Ghana is very low, compared to about 2.8% in Kenya and 17.0% in South Africa. As a result of this dynamic, several Ghanaian life insurers are insufficiently capitalized but are required to raise new capital of ₵50 million to meet the National Insurance Commission’s (NIC) regulatory recapitalization requirement.
Delivering the keynote address, CEO of the Chartered Institute of Marketing Ghana, Kwabena Akuamoah Agyekum called on the new company to pay attention to its new brand and provide tailor-made solutions to the growing demands of clients.
“The true representation of your brand is what the stakeholders feel when they interact with you at your touch point”.
Speaking to Joy Business, CEO of Impact Life Insurance, Sheriff Abudu said the primary focus of the company will be the retail space to help grow insurance sector.
“The focus is to strengthen both corporate and micro insurance, then solidify the retail. The retail in both companies are not too strong so we want to make it bigger and better and I’m sure that is what we are going to do”.
On his part, Partner of Uhuru Investment Partners, Nana Addo Dankwah said the merger will have a significant impact on the insurance sector.
The merger is now the second in the insurance industry and the first in life Insurance.
Latest Stories
-
EC asks police to start criminal investigation into Ejisu by-election ‘white envelope’ bribery allegation
41 mins -
LPG Marketers Association kicks against NPA’s $80 per metric ton levy on LPG
1 hour -
We need a comprehensive review of Ghana’s financial regulations – Dr Alhassan Andani
1 hour -
Court dismisses injunction against NBA for approving registration of 14 new GM crops
2 hours -
Penalty for companies not filing returns increased to GH¢1k from May 1
2 hours -
Ejisu By-Election: Results so far
2 hours -
Ejisu By-Election: And the winner is…
3 hours -
Dumsor: Businesses could collapse if situation is not resolved – Ghali
3 hours -
Ejisu by-election: NPP will do everything possible to win – Kingsley Nyarko
3 hours -
‘White envelope’ incident was unfortunate – Political Science lecturer
3 hours -
NPP will always win Ejisu elections – Paul Yandoh
3 hours -
Manhyia Palace Museum comes alive in May by showcasing restored Asante treasures
3 hours -
NPP win in Ejisu by-election will signal Bawumia’s triumphant victory in 2024 polls – Richard Ahiagbah
3 hours -
Presidents must respect Chiefs, says historian
3 hours -
Deloitte 2024 Technology, Media and Telecom predictions: Experts upbeat about impact of economy
3 hours