Regency Alliance Insurance Ltd, a non-life insurance company, has been recording a steady growth since it started about seven years ago.

The company paid over GH¢3 million in claims last year, as against GH¢1,510,409 in 2013, an increment of 49.7%.

It has already paid GH¢2.3 million in 2015, primarily due to the impact of the June 3 floods that caused widespread destructions in Accra.

At an annual general meeting (AGM) in Accra last weekend to receive and adopt minutes and accounts among others, the directors of the company announced a 48.8 percent increase in gross premium from GH¢8.38 million in 2013 to GH¢12.47 million at the end of last year.

The Chairman of the Board of Directors, Mr. Musa Badimsugru Adams, said in spite of the highly competitive environment and a challenging economic landscape, the company’s net premium income, after reinsurance also went up by 11 per cent, with profit before tax increasing by 143.5 per cent from GH¢2.13 million in 2013 to GH¢3 million at the end of last year.

 The board chairman was optimistic that besides the risks to the economy in the short term, the company remained bullish about the long term prospects of the economy and company.

“The board and management remain optimistic that the company’s prospects in 2015 are bright and we therefore expect another year of high performance,” Mr Adams said.

The Managing Director of the company, Mr. Bode Oseni, touted the company’s prompt payment of genuine claims; and indicated the company is working on a mechanism to settle claims with 24hours, which he said demonstrates  company’s motto ‘we earn your confidence.’

He announced that the underwriting department of the company had been strengthened with the recruitment of additional experienced staff to enhance the quality and speed of underwriting activities.

Regency Alliance Insurance also enhanced its website to offer more convenience to customers by allowing interaction with the organisation from the comfort of their homes or workplaces.

“There is a wealth of documentation available to understand our products, how to make claims, request quotations and download various forms among others,” Mr. Oseni said in his report to the annual general meeting.

The board and management expressed their resolve to work assiduously and exercise various options to shore up its capital base to GH¢15 million by the close of the year, as required by the National Insurance Commission. 

Regency Alliance Insurance Limited which began operations in May 2008 is licensed to underwrite general insurance products contractors risk, motor, fire and burglary, bonds and special risk in oil and gas.