Afro-Asian Reinsurance Brokers To Increase Insurance Penetration In Ghana

Afro-Asian Reinsurance Brokers Company Limited has officially announced its operations in Ghana as the best risk management business that has yearned to bring fresh perspective to the reinsurance market in Ghana.

Afro-Asian has a strategic presence in the East African market in Nairobi, Kenya; Southern Africa in Harare Zimbabwe and currently Accra Ghana for the West African Market.

Speaking at the ceremony, the Managing Director of Afro-Asian Insurance Services UK Group, Udai Patel said the Ghana branch is the latest extension of Afro-Asian footprint in Africa.

He indicated that in 2008, the board arrived at a decision to actively establish a strategic presence in selected countries in Africa in order to be physically closer to the Afro-Asian client base spread over 29 countries in Africa.

Mr. Patel indicated that the purpose of these offices is to develop new range of businesses in the surrounding regions to promote insurance and reinsurance knowledge transfer by organizing training seminars.

He added that it will assist the host insurance market to grow through the introduction of new and specialist reinsurance products and business processes.

According to Mr Udai Patel, the company's common vision for the reinsurance business in Ghana is to increase insurance penetration from a single digit to a double digit in the next few years.

The Board Chairman of the Company, John Adu-Kofi said through their efforts, they can assist their insurance clients to lower their risk exposure to the maximum degree and support them to achieve sustainable and profitable growth.

“A major factor of our performance to date is based on the fact that we have the courage to deliver. We take decisions promptly and transparently. Our clients benefit from our unique set-up with our partners. In our decision-making process, we are supported by a strong technological backbone of Afro-Asian Insurance Service Limited, UK, which hosts our underwriting, modeling and back office operations and tools to support our market opportunities,” he stated.

According to him, the company has engaged skilled analysts, who bring extensive market knowledge and product expertise to the organization.

“We are also committed to investing in knowledge and technology to manage insurance risk of our clients,” he emphasized.

Mr Adu-Kofi added that while Afro-Asian Reinsurance Brokers is still a young company, they are making fast progress towards becoming a leading reinsurance broker in Ghana and a recognized partner for our Regional customers.

“As we look forward, we look to apply the expertise of our partners to provide a complete suite of reinsurance broking services, offer greater support to our clients and build a strong sustainable business to bring greater security and stability to the insurance industry, the future engine of growth for Ghana, and beyond,” he posited.