New Inter Africa Insurance Company Group (NSIA) has announced its intention to commence operations in this country’s vibrant insurance sector.
Headquartered in Cote d’Ivoire, with operations in eleven African countries, it hopes to begin operations in January 2010.
Their entry forms part of its geographical expansion strategy in the sub-region, expected to boost the already existing good and conducive business in Africa’s insurance industry.
The number of insurance operators in the country is expected to increase to 40 from the current 35 next year, if all the applications before the National Insurance Commission get the approval.
Available data has shown that the three classes of insurance business - accident, fire, marine and aviation contributed about GH¢72.5million out of the total of GH¢141.5million generated as gross premium income in the non-life portfolio at the close of the 2007 financial year.
The Company, having been granted licence by the National Insurance Commission, will bring its rich experience to propel the industry, said Mr. Bene Boevi Lawson, Managing Director of the Group, at a media briefing in Accra to officially announce its entry strategy.
“Ghana is seen as a country with a very bright future on the continent, with very great prospects for attracting the global investing public.
“The group will continue to expand its products range and client portfolio through a two-pronged enhancement that is furthered by the growing public awareness of the need to cover risk,” Mr. Lawson stated.
He explained that its initial strategic plans will focus on targetting the informal sector via micro finance institutions, associations and the self-employed as well as salaried workers and the professionals.
“Products such as life insurance and comprehensive home insurance that are still not very widespread have a promising future on African markets - markets that are increasingly well regulated, moniterred and democratised,” he indicated.
NSIA’s client portfolio is currently made up of 90 percent companies and 10 percent private individuals, but the group is making every effort to adjust the balance to equal percentages.
On the strength of an annual growth of about 20 percent for five years running, the group aims to increase its market share in the African market from 10 percent in 2009 to more than 15 percent by 2015.
The 2008 result puts the coverage ratio of its investment at 185.44 percent on average for the group’s non-life insurance subsidiaries, and 131 percent for the life insurance subsidiaries.
It plans to become actively involved in the fast-expanding sector of real-estate in Africa, which will bring together developers, bankers, lawyers and insurers. This will help to achieve its objective of consolidating a leadership position in the sub-region by generating about 125 billion CFA francs in turnover and realising a 10 percent rate of returns by 2015.
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