Fresh Rivalry Hits Insurance Industry
A Nigerian insurance firm, Equity Assurance Limited, has landed in Ghana with a pledge to take the Ghanaian insurance market by storm.
The company which is a subsidiary of Equity Assurance Plc in Nigeria had been licenced by the Ghana National Insurance Commission in February this year.
The company would be opened officially this morning by the Vice President, Alhaji Aliu Mahama.
The management of the company told journalists in Accra that the vision of the company is to become the leading insurance company in Ghana by delivering superior products and services to meet the needs of Ghanaians.
“We are determining to take the insurance business in Ghana to a greater height. We would do this by collaborating with other insurance companies in the country,” Adeyemi Adetuwo, Managing Director of Equity Assurance Limited has said.
Mr Adetuwo said his outfit would offer insurance products such as fire and special peril insurance, consequential loss insurance, burglary insurance, oil & energy insurance, among others.
In addition to the above general lines of insurance products, the MD said:
“our business development strategy of envisaging our clients' insurance needs and developing tailor-made insurance products led us to develop the following innovative products namely an equity enhanced motor policy, blanket engineering package policy, bankers' marine open cover policy, industrial all risk policy, among others for some identified market niches.”
Mr Adetuwo told the press that the starting capital of his outfit is $1million, assuring that, “40 per cent shares of the company would be offloaded to Ghanaian investors.”
He added that Equity Assurance's corporate social responsibility would focus on education, health, sports and infrastructure.
The company has offices at Airport Residential Area in Accra and Tema. Two additional offices would be opened in other cities by the end of the year.
By Felix Dela Klutse