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05.05.2005 Business & Finance

Ghana to host African Insurance Organisation Conference

By GNA

Accra, May 5, GNA - Ghana is to host the 32nd African Insurance Organisation (AIO) conference scheduled for May 21 to May 25 in Accra. The conference, which would attract about 800 major stakeholders in the insurance industry, would be under the theme: "Corporate Governance and the African Insurance Industry.

Participating countries include France, India, United Kingdom, United States and Russia.

Briefing newsmen on Thursday, Nana Agyei Duku, Vice President of AIO, said the conference would offer the opportunity to discuss challenges confronting the insurance industry. Nana Duku explained it would also afford participating countries the opportunity to produce a charter that would regulate the operations of members.

The parleys would also delve into topics such as: "The Concept of Good Governance", "NEPAD and National Initiatives", "Governance and Insurance Regulations" among other issues.

Nana Duku said one of the objectives of the conference was to promote healthy practices in the insurance industry in Africa and the world as a whole.

"Our business is truly international. A claim in UK or Russia has financial repercussions on the insurance business in Ghana as a result of our reinsurance arrangements."

He said a classical example was the September 11 disaster in New York, saying: "Each one of us indirectly made some sort of contribution to the claims paid out by insurers of that risk in US."

According to Nana Duku the conference would offer businessmen the opportunity to explore investments potentials in the country thereby increasing employment and the gross domestic product.

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