In an effort to grow the life insurance industry in Ghana, Phoenix Life Assurance and the Ghana Union Alliance have merged to form Impact Life Insurance to create opportunities for growth and value in the insurance industry.
Overall, insurance coverage in Ghana is very low, compared to around 2.8% in Kenya and 17.0% in South Africa. Due to this dynamic, several Ghanaian life insurers are undercapitalized but are required to raise new capital of ₵50 million to meet the National Insurance Commission (NIC) regulatory recapitalization requirement.
Delivering the keynote address, the CEO of the Chartered Institute of Marketing Ghana, Kwabena Akuamoah Agyekum called on the new company to pay attention to its new brand and provide tailor-made solutions to growing customer demands.
“The true representation of your brand is what stakeholders feel when they interact with you at your touchpoint.”
Speaking to Joy Business, CEO of Impact Life Insurance, Sheriff Abudu said the company will mainly focus on the retail space to help grow the insurance industry.
“The goal is to strengthen both business insurance and microinsurance, and then solidify retail. Retail in both businesses is not too strong, so we want to make it more big and better and I’m sure that’s what we’re going to do”.
For his part, partner of Uhuru Investment Partners, Nana Ado Danquah said that the merger will have a significant impact on the insurance sector.
This merger is now the second in the insurance sector and the first in life insurance.
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