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 their primary focus of the company will be on 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 Ado Danquah 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.
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