Quality Insurance Company (QIC) which was established a little over twelve years ago, by the Ghana Catholic Bishops’ Conference as a composite Insurance Company has commissioned its “Quality House” the corporate office of QIC.

At the official commissioning, Rev. Msgr. Anthony Kyereme, the board chairman of QIC explained that with the tremendous growth the company has achieved it is imperative for the Company to acquire the new head office as an important catalyst of the company’s long term vision.

He indicated that the commissioning opens a new chapter in the life of QIC as it propel the Company into a higher gear for the realization of the vision for the future to double their share in the next five years.

Rev. Msgr. Kyereme called on the National Insurance Commission (NIC) to tackle the nefarious practice of premium undercutting which is giving the competitive environment an ugly face and appealed to them to address the problem before it compromises the liquidity base of the industry.

The Director of the Financial Sector of the Ministry of Finance Mr. Dominic Donkor said government recognizes the insurance industry as important catalysts of the financial sector which led to the enactment of the Insurance Act.

He added that it would create the enabling environment for the effective and efficient mobilization of resources as well as promoting healthy competition among participants.

Mr. Donkor noted that another dictate of the Insurance Act (Act 724) is the separation of the life business from non-life operations with enhanced capital bases that will enable infrastructural development and capacity building which are necessary to ensure sustained accelerated growth of Ghana’s Insurance industry.

He urged all insurance companies and indeed all other companies to take advantage of the many opportunities that are emerging proactively to give practical expression to the national growth agenda.

Ms. Josephine J. Amoah, the Commissioner of Insurance said to ensure the survival and stability of the insurance companies, the NIC will introduce risk-based capital requirements next year. Insurance companies will therefore not only be required to have minimum capital, but most importantly, they will be required to have the right level of capital to handle the peculiar risks their respective companies face.

She revealed that it would be done by intensifying both off-site evaluations and on-site inspections to helps them detect early warning signals which would enable them make timely intervention to safeguard the interest of policyholders.

The NIC will also come out with a framework on Corporate Governance and Risk Management for Insurance Industry which will include a code on Corporate Governance and workshops on Corporate Governance and Enterprise Risk Management.

Quality Insurance Company Limited (QIC) which is in existence to provide high quality insurance services through innovative and superior products coupled with excellence in customer satisfaction has products ranging from Fire, Burglary, Goods-in-transit, Money insurance, Personal accident, Workmen’s compensation(Employers’ Liability), Public liability, Fidelity guarantee, Professional indemnity insurance, Contractor all risk( Car), Bonds and Guarantees and Plant and Machinery insurance policies.

Some of the fire policy is to provide compensation to the insured person in the event of damage to the property insured by fire and allied perils like earthquake, explosion, aircraft or spacecraft damage, water damage, flood, windstorm tempest, riot, strike and civil commotion, malicious damage, impact among others for both commercial and private entities. Commercial houses in addition can take our consequential loss insurance cover. This is designed to cover the consequence of the fire losses on the profits of the Company.

The burglary policy matches well with the fire cover. This compensates against burglary which arises as a result of forcibly and violent entry, either breaking into or out of the premises to steal. The damage caused to the building is also taken care of.

This insurance covers the civil works of any contract, be it building construction or road construction against any damage or defect. The insurance can be extended to cover losses as a result of fire, flood, earthquake and the like.

When plant and machinery and third party liability insurances are not taken separately, they can be incorporated in the car.

BY: ANGELA AFOTEY