A Deputy Minister of Finance and Economic Planning, Mr Fiifi Kwetey, has pledged the government's continuous support for developing the insurance market in Ghana because it is a good source of long-term funding to help finance the country's yawning infrastructural needs. Mr Kwetey said in particular that a well-managed and dynamic life assurance market would add to the vibrancy of the economy, “As life companies the whole world over are seen as vehicles for the mobilisation of investment funds and the situation in Ghana should not be different”. The deputy finance minister said this in Accra on Tuesday on behalf of the Vice-President, John Dramani Mahama, when he joined Enterprise Life Assurance Company Limited (ELAC) to climax its 10th anniversary celebrations. A partnership between ELAC and Sanlam Sky Solutions (then known as African Life) with the International Finance Corporation (IFC) as technical partners, started operations in September 2001 with an initial staff strength of nine and 32 sales representatives. Today, the company has grown and has 152 members of staff with 540 sales representatives in nine out of the 10 regions in the country, controlling 22 per cent of the life assurance market share, up from the initial 3.3 per cent in 2002. The deputy minister was happy that the insurance industry in recent times had designed good products that meet the needs of Ghanaians, adding that the life business, for instance, had experienced phenomenal growth in gross premium incomes. Mr Kwetey congratulated ELAC on its 10th anniversary celebration, which was on the theme: “Footprints to Life”. The Executive Director of ELAC, Mr C. C. Bruce who chronicled the growth pattern of the company, said the company grew from being the 16th largest life insurance company in 2002 to the second position it now occupied, as well as moving from 16th on the Ghana Club 100 rankings in 2010 to be the third most prestigious company in 2011. The company's profit before tax also moved from just over GH¢2 million in 2001 to GH¢l0 million in 2010, with its claims payment moving from GH¢4 million to GH¢6.7 million settled last year. Mr Bruce also mentioned some of the achievements of the life assurance company, such as pioneering “bank assurance”, the model of using the distribution channels of banks to market insurance products starting with three banks; the first to introduce funeral insurance sale in the country; first to introduce church funeral scheme and also the first to create an interactive website in insurances circles. The executive director paid glowing tribute to companies and individuals that had played various roles in developing the life assurance market in the country. They included individuals such as Messrs Wilson Tei and Kwame Acheampong Kyei of OLICO Life and companies such as Vanguard Life, Donewell Life, Metropolitan Life and OLICO Life. Mr Bruce also thanked all stakeholders of the company, including policyholders, partners, pay points and corporate clients. The Deputy Commissioner of Insurance, Mr Simon Davor, who chaired the function, said the National Insurance Commission would review the Insurance Act (A.ct 724) to reflect recent and modern changes. He also called on all insurance companies to prepare to implement the International Financial Reporting Standards (IFRS) by 2012, having been very late in its implementation.