Insurance awards slated for October 18

THE first-ever insurance awards ceremony is scheduled in Accra on October 18, 2008 to recognise hardworking insurance companies in the country.
Organised on the theme “Insurance for Everyday Life”, the ceremony is expected to witness awards to 16 insurance companies in various categories for 2007.
The categories to be awarded are the Overall Best Insurance Company of the Year, Insurance Company of the Year in the Life and Non-Life categories, Best in Customer Services and Advisory Services, Product Innovation, Motor Insurance, Marine/Aviation Insurance and IT Electronic Infrastructure.
The rest are General Accident, Individual Life Assurance, Group Life Assurance, Informal Sector Life, Corporate Social Responsibility, Claims Payment, Financial Performance and Best Growing Insurance Company.
The Executive Secretary of Corporate Initiative Ghana, Mr Afotey Odarteifio, organisers of the award, told the Daily Graphic that the purpose of the awards was primarily to get the insurance companies to respond to the needs of customers by making their products attractive.
He stressed that Ghanaians did not recognise the importance of insurance in everyday life, and noted that the public only recognised the need to insure their property only in the light of a disaster.
According to him, insurance was an important requirement because it made life easier for everybody, and that it was important to erase the misconception that insurance was only meant for selected group of people .
He cited the recent fire outbreak at Kantamanto as a typical case of the failure of the affected people to insure their property against such disasters.
Mr Odarteifio said users of insurance were being surveyed to evaluate the performance of insurance companies based on which awards would be given.
He said now that an annual award scheme for the insurance companies had been instituted, it would inspire companies to be more responsive to the needs of the public in order that people would be encouraged to sign on to insurance products.
He said his organisation was collaborating with the Ghana Insurers Association, an umbrella body for the insurance companies in Ghana, and the National Insurance Commission to make the occasion successful.