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13.02.2020 Business & Finance

Insurance Brokers Change Name To Insurance Brokers Association Of Ghana

By Emmanuel Ajarfor Abugri
President of IBAG, Mrs. Lena Adu-Kofi President of IBAG, Mrs. Lena Adu-Kofi
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The Ghana Insurance Brokers Association (GIBA) has officially launched its new name and logo to become more distinctive in its operations in the insurance industry.

The Association which has been operating for the past 32years now wishes to be called Insurance Brokers Association of Ghana (IBAG).

Speaking at the ceremony in Accra, the President of IBAG, Mrs. Lena Adu-Kofi said the Association underscored the need to rebrand the Association to give proper meaning to its mandate in the ever-evolving sector.

As the mouthpiece of the brokers and the insuring public, she noted that the Association will deepen its public education effort on insurance and continue to serve as an advocate for members regarding regulatory issues and governmental policies.

Mrs Adu-Kofi added that the insurance brokers will continue to provide professional risk management advice to policyholders, assist the insuring public to purchase the right insurance cover from a lawful insurance company and ensure fair treatment of clients through the prompt payment of legitimate claims.

“The insurance broker does all the above and more, at no cost to the buyer of insurance. Insurance brokers worldwide are remunerated in the form of brokerage (fees), which is built in the insurance premium,” she emphasized.

Mrs Adu-Kofi urges other insurance brokers to join the Association for the common good of the industry.

According to her, the Association has successfully undertaken many initiatives and achieved some great milestones over the years.

She indicated that the Association has contributed to the issuing and implementation of some regulatory guidelines and directives, such as the No Premium No Cover directive, the Reinsurance Guidelines, the Insurance Law, Commission rates for brokers, Premium rates for various policies.

“We were involved in the setting up of the Ghana Insurance College (GIC) and the Insurance Awareness Coordinators’ Group (IACG), and continue to play key roles in the work of GIC and IACG.

“We have held public lectures, seminars and insurance awareness activities including Health Walks, Corporate Games, radio and TV appearances, etc. We engage in numerous Corporate Social Responsible activities: including donation to Accra Psychiatric Hospital, Princess Marie Louis Children’s Hospital, and support for flood victims and many others,” she stressed.

The Commissioner of the National Insurance Commission (NIC), Mr. Justice Yaw Ofori indicated that the brokers have generally contributed about 25% of the total industry premium of Ghc2.3billion.

He added that 43% of non-life premiums was generated by brokers. “This is no mean achievement and it is my hope that this rebranding will challenge you to do more.”

According to him, the Commission has embarked on a number of projects to improve the industry that aims to protect the insuring public.

Mr. Yaw Ofori noted that the recently launched Motor Insurance Database (MID) has become operational with the aim of plugging leakages in motor premiums through the sale of fake stickers.

He calls on industry players and stakeholders to comply with the new system to help increase the trust and confidence of the insuring public.

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