SIC introduces new product

Accra, July 17, GNA - The State Insurance Company (SIC) on Tuesday unveiled a new insurance product christened the "Akwaaba Insurance Policy" to provide medical care and other related medical emergencies to travellers visiting Ghana.

Ghanaians abroad who are visiting the country could also take the policy as an alternative to the National Health Insurance Scheme. The policy, which is first of its kind in the country, covers medical expenses, hospital stay benefits, personal accident, medical repatriation and other emergency expenses, baggage loss and personal liability.

The policy, which covers the geographical boundaries of Ghana only, would be available at embassies, foreign missions as well as online. Mr. Akwasi Osei Adjei, Minister-designate for Foreign Affairs, Regional Cooperation and NEPAD, said the introduction of the product was timely as it had come at a time that many tourists were visiting the country.

"There is nothing traumatic than falling sick or being injured in a foreign land, especially when one's resources are limited," he noted. He said government, recognising the enormous role tourism played in the development of the economy, had created a policy framework and strategies to boost the sector and create conducive environment. Mr. Adjei said the harbours had been modernised, road and railway infrastructure revamped to provide strategic link with neighbouring countries and the Kotoka International Airport had been expanded to provide interlocking services for transit flights and financial intermediation services.

He said the strategic measures were to ensure the target of about one million tourists annually, adding that in the last five years inflow from tourist business investment had increased remarkably. Mrs Josephine Amoah, Commissioner of Insurance, National Insurance Commission, who lunched the product, said corporate governance guidelines were being prepared to ensure that insurance companies were given proper direction and focus.

"Strong internal controls and risk management practices have been put in place," she said.

Insurance companies are also expected to operate in line with business plans approved by the commission. Mrs. Amoah noted that the essence of the exercise was to ensure the solvency of insurance companies, stability of the insurance market and consequently the protection of the interest of policyholders. She stressed that the changes were intended to help insurance companies to develop those competencies which would enable them to respond promptly to the changing demands and sophistication of the global market.

"If these changes are carried out effectively, they will promote confidence, both locally and internationally, in insurance service delivery in the country and consequently engender the high patronage and growth we are so much yearning for."

Mrs. Amoah said SIC ought to contend with the removal of their monopoly over government business and brave the privatisation exercise to retain its leadership position in the insurance market. She praised SIC for demonstrating its determination to maintain the lead in marketing by undertaking a number initiatives, including the introduction of innovative products such as the SIC Akwaaba Insurance Policy.

Mrs. Amaoh said the timing of the Akwaaba Policy was appropriate, coming just before the commencement of the Emancipation, PANAFEST and the Joseph projects being organised by the Ministry of Tourism and Diasporan Relations.

"Since the policy targets foreign residents visiting Ghana, it will be competing with foreign products. Attention should therefore be paid to the quality of service delivery, especially claims handling. "If the product is well marketed and delivered, it could help promote tourism and also open other doors of opportunity to SIC and other providers of insurance services in the country," Mrs Amoah said.