ghana ad ghana ad ghana ad
  • 3Sports
  • Home
  • MG Radio
3news
Advertisement
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
3news
No Result
View All Result
Home Business

Gov’t to turn attention to insurance sector after banking reforms

March 21, 2019

realityapp realityapp realityapp

The Senior Minister, Yaw Osafo Marfo, says government will soon sanitise the insurance industry.

Speaking at the annual conference of the Ghana Insurance Brokers Association in Kumasi, Mr Osafo Marfo urged insurance companies to consider merging as a way of increasing their financial muscle to better serve their clients.

“As government we are taking tough decisions to sanitize the banking sector. We will soon sanitize the insurance sector also because the two move together.”

RelatedPosts

Gov’t to turn attention to insurance sector after banking reforms

March 21, 2019

Smaller insurance companies urged to merge

November 12, 2018

President of the Ghana Insurance Brokers Association (GIBA), Lena Adu-Kofi, tasked members to address their capital inadequacies to avoid unfavourable outcomes.

She appealed to regulators to assist the market with policy framework that will optimize potentials in the insurance market.

“Having embraced the need to increase the Minimum Capital Requirement, we as market players should be looking at the way forward.

“This is because, adequate capital cam serve as a solid foundation to induce growth in our companies and our industry at large.”

Commissioner of Insurance Justice Yaw Ofori explained the need for an upward adjustment of the minimum capital requirements of insurance companies.

“An upward revision of Minimum Capital Requirement (MCR) is expected to help improve effectiveness and increase underwriting and retention capacity of our market.

“Increasing the MCR is only one of a number of steps needed to strengthen the insurance industry. Other steps include enforcing current compulsory insurances to improve penetration, implementing risk-based supervision and solvency requirements, and improving the claims payment to improve public trust in insurance.”

GIBA is in support of the proposed Minimum Capital Requirements of GH¢500,000.

The Association is however entreating those who cannot meet the recapitalization to consider mergers.

By Ibrahim Abubakar|3news.com|Ghana

 

Previous Post

Cedi will remain stable as we leave IMF programme – Senior Minister Osafo Marfo

Next Post

Gov’t to turn attention to insurance sector after banking reforms

Related Posts

Business

Gov’t to turn attention to insurance sector after banking reforms

March 21, 2019
Business

Smaller insurance companies urged to merge

November 12, 2018
Next Post

Gov’t to turn attention to insurance sector after banking reforms

Discussion about this post

Stay Connected

  • 1.7M Fans
  • 211k Subscribers
Ghana month Ghana month Ghana month
  • Trending
  • Comments
  • Latest
Video: I’m gay, I prefer men like John Dumelo – Pappy Kojo

Video: I’m gay, I prefer men like John Dumelo – Pappy Kojo

February 21, 2021

Eugene Arhin dragged to court for ‘adultery’; wife demands GH¢2m in settlement

February 11, 2021
Esther Cobbah appointed onto board of IPRA

Esther Cobbah appointed onto board of IPRA

February 18, 2021
NPP PC aspirant defects to NDC in Odododiodio

NPP PC aspirant defects to NDC in Odododiodio

February 23, 2021
Black Satellites arrive in Ghana after AFCON triumph

Black Satellites arrive in Ghana after AFCON triumph

March 7, 2021
Benzema rescues derby point for Real at leaders Atletico

Benzema rescues derby point for Real at leaders Atletico

March 7, 2021
Man Utd end Man City’s 21-game winning run with derby victory

Man Utd end Man City’s 21-game winning run with derby victory

March 7, 2021
Fulham win as Liverpool lose sixth straight home game

Fulham win as Liverpool lose sixth straight home game

March 7, 2021

Recent News

Black Satellites arrive in Ghana after AFCON triumph

Black Satellites arrive in Ghana after AFCON triumph

March 7, 2021
Benzema rescues derby point for Real at leaders Atletico

Benzema rescues derby point for Real at leaders Atletico

March 7, 2021
Man Utd end Man City’s 21-game winning run with derby victory

Man Utd end Man City’s 21-game winning run with derby victory

March 7, 2021
Fulham win as Liverpool lose sixth straight home game

Fulham win as Liverpool lose sixth straight home game

March 7, 2021
3news

3news.com is the fastest growing news portal in Ghana. Get all breaking news updates, latest news headlines, local and world stories, showbiz, lifestyle etc.

Follow Us

Browse by Category

Recent News

Black Satellites arrive in Ghana after AFCON triumph

Black Satellites arrive in Ghana after AFCON triumph

March 7, 2021
Benzema rescues derby point for Real at leaders Atletico

Benzema rescues derby point for Real at leaders Atletico

March 7, 2021
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 Media General - Developed and managed by MG Digital.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus

© 2021 Media General - Developed and managed by MG Digital.