The Ghana Insurers Association (GIA) held its Annual General Assembly on December 14, 2023, to usher in a new era of leadership. With the conclusion of the tenure of the former Board led by Mr. Seth Kobla Aklasi, Managing Director of Donewell Insurance LTD., a new Board was elected for a two-year term. The election, widely regarded as one of the most fiercely contested in GIA’s history, featured both new candidates and those seeking re-election.
In a landmark inaugural ceremony held on Thursday, February 1, 2024, at the auditorium of the National Insurance Commission (NIC), key stakeholders from the Ghanaian insurance industry gathered to witness the transition of leadership. Attendees included leaders from industry bodies such as the Insurance Brokers Association of Ghana (IBAG), represented by Mr. Shaibu Ali, the Chartered Insurance Institute of Ghana, represented by Mr. Solomon Lartey, and the Ghana National Bureau of the ECOWAS Brown Card Scheme, represented by Mr. Benjamin Yamoah. Managing Directors and Chief Executive Officers from member insurance companies also graced the occasion, with the event chaired by the Acting Commissioner of Insurance, Mr. Michael Kofi Andoh.
Mr. Seth Kobla Aklasi, the re-elected President, expressed gratitude to the Association for the opportunity to serve an additional term, citing it as a testament to the confidence vested in the outgoing Board. He acknowledged the commitment of the previous Board in navigating challenges, such as the Domestic Debt Exchange Programme (DDEP) and taxation on non-life insurance policies proposed by the government.
Aklasi highlighted positive accomplishments during the previous tenure, including collaborative efforts with industry bodies, contributing to improved key indices as reported by the NIC’s “Public Perception and Confidence of Insurance in Ghana (Phase IV) Research Report.” Notable achievements included an average confidence index of 61.65%, an improved perception index of 53.3%, basic knowledge in insurance among 75% of the sampled population, and a basic understanding of insurance by 83%.
Looking ahead, Aklasi outlined key projects aimed at advancing industry growth, such as establishing a claims database to combat fraudulent claims and implementing data-backed pricing strategies for more liquid insurance companies capable of meeting legitimate claims promptly.
The President expressed optimism that the recent closely contested elections and increased interest in the Association would serve as a catalyst for a positive change in the industry’s attitude. He urged members, stakeholders, and the industry at large to collaborate for mutual benefit and contribute to the overall progress of the insurance sector in Ghana.