The National Insurance Commissioner, Ms. Josephine Amoah, has stated that the global financial crisis did not have noticeable impact on the Ghana insurance market. She revealed that investigations conducted by her outfit indicate that local insurance companies did not indulge in subprime mortgages or hedge funds; neither did the firms place investments or reinsurance arrangements with any of the companies which have been badly hit by the crisis, vis-à-vis American International Group (AIG). Nonetheless, globalization and evolution of financial conglomerated and internationally active groups which have cross-border and cross-sector linkages means no country can be completely insulated from the crisis. “It is, therefore, imperative for all financial sector regulatory bodies, including NIC, to devote greater energies to improving corporate governance, risk-management, supervisory processes and international cooperation to ensure financial stability both nationally and internationally”, she said. As at the close of business in December, 2008, gross premium income for the general business market stood at GHc276, 494,733; representing a 36% increase over the previous year’s figure. Total market capitalization was GHc180, 256,182, while the total asset of the industry was GHc477, 388,079. Life insurance premium income for the year under review stood at GHc89,243,821, bringing its market share to 32%. Source: B&FT