Audio By Carbonatix
Star Assurance Company has for the second time been adjudged the Insurance Company of the year 2012, by the Chartered Institute of Marketing Ghana (CIM).
Star Assurance was awarded the Insurance Company of the year in 2011 and was also adjudged number one in the insurance industry and number 28 on the list of the prestigious “Ghana Club 100” - a listing of the top 100 blue chip companies in Ghana in 2003.
The company continues to soar in terms of achievements in the insurance industry as it was ranked second in the general insurance industry by Total Assets and Gross Premium Income respectively, according to the National Insurance Commission’s (NIC) 2011 Annual Report.
The year 2012 saw very significant growth in Star Assurance’s gross premium production. Gross Premiums grew from a 2011 level of GH¢35.8 million to GH¢61.8 million, representing 72% growth. The company’s underwriting profit also grew from GH¢3.2 million in 2011, to GH¢4.1million, representing 28% growth. However, this does not take account of finance cost. Investment Income for 2012 grew by 33% over the 2011 figure of GH¢1.4 million to GH¢1.9 million.
In 2012 the top six classes of insurance that delivered the most premium income and the percentage of total premium income they provided were: Accident (46.10%), Motor (30.97%), Fire (11.30%), Marine (5.41%), Aviation (5.24%), and Travel (0.98%)
The company with its head office in Accra has nine branch offices across seven out of the country's 10 regions. These are Greater Accra, Ashanti, Eastern, Brong-Ahafo, Western, Volta and the Northern regions. The company operates contact offices in Central, Upper West and Upper East regions. It has successfully operated for twenty-eight years and currently the second biggest insurance company in the country. The company's capability in handling all classes of insurance is reflected in the skills and expertise of its staff. The company's management team is made up of seasoned chartered insurers, marketers, accountants and lawyers, most of them with over 15 years experience in the insurance industry.
The company’s mission is to optimise resources in order to give clients increased satisfaction, optimised human potential and shareholders maximise returns for Shareholders. This, the company works to achieve by making customer satisfaction the topmost priority, as well as providing a congenial work environment for its staff.
Star Assurance is a fast growing, well-managed company, offering competitive insurance products with a service delivery described as excellent by its clients.
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