Gemini Life Insurance insures boxers

The Gemini Life Insurance Company Limited, (GLICO), on Friday presented an insurance sponsorship package worth 840 million cedis to the Ghana Boxing Authority (GBA).

Announcing the package to the boxing fraternity at the Accra Sports Stadium, Mr Eric Andane, a representative of GLICO said an insurance cover of ?100 million would be available for any world titled bout, 50 million cedis for a commonwealth fight, ?20 million for an African title bout and ?10 million for a national championship.

The package, he said, is aimed at giving insurance cover to boxers and enticing them to insure themselves against ring accidents and other mishaps. The policy covers 64 boxers.

The GLICO representative said in the case of an accidental death, a boxer who is registered under GLICO would be given 100 percent of the sum insured while a permanent or total disability on the part of a registered boxer would attract 100 percent of the sum assured.

Other injuries, which would attract 100 of the sum insured include total loss by physical severance of at least two limbs, total and permanent loss of sight in both eyes, and total loss by physical severance of one limb.

Fifty percent of the sum assured would be paid for total loss by physical severance of one limb and a total and permanent loss of sight in one eye. Mr Andane, however, said much depends on the contribution a boxer makes with the company, adding that "negotiations are always open for increment."

Mr Edward Osei Kwaku, the minister of Youth and Sports said in his keynote address, which was read for him that the ministry was aware of the poor conditions of most boxers, especially when they retire and therefore see the company's package as timely.

He urged the GBA to work much harder since there is more room for improvement.

Mr Frank Apeagyei, chairman of the occasion, said boxers are exposed to risk whenever they enter the ring, hence the need to introduce them to insurance cover for protection.

He advised the promoters and managers of boxers to take advantage of the package and get their wards registered.