Accra, Aug. 30, GNA - Metropolitan Life Ghana, an insurance company, on has launched five new generations of risk, investment and retirement products to provide solutions for businesses, business people and the ordinary Ghanaian.
The products, Study Provider, Financial Provider, Family Funeral Provider, MasterPlan and Pension Provider, are tailored to meet specific requirements of the Ghanaian market.
The Study Provider is a structured savings product aimed at meeting the educational needs of a child, the Family Funeral Provider offers affordable cover for the family, the Pension Provider addresses the needs of saving towards retirement, the Financial Provider aims at providing funds for one's savings goals and plans whilst the MasterPlan combines several benefits that cater for different life events in one insurance policy.
Ms Josephine Amoah, Commissioner of the National Insurance Commission (NIC), who launched the products in Accra, said government in collaboration with NIC last year introduced the Insurance Act 2006 (Act 724) to bring insurance practice in the country to international standards.
She explained that the life insurance companies had increased from three in 2001 to six in 2006.
"It is anticipated that after the re-registration exercise about 10 more life companies will be added to the existing number." She noted that the gross market premium for life increased from GH 52 million in 2001 to GH 48.9 million cedis in 2006 whilst the market share also increased steadily from 16 per cent in 2001 to 30 per cent in 2006.
"Growing at an average annual rate of 57 per cent, it is anticipated that life premiums could reach about GH 70 million cedis by the end of the year."
Ms Amoah expressed regret that the few life insurance companies in the system had not been able to effectively play their role of mobilising funds and redirecting them into investments to impact positively on the economy.
She attributed this development to the poor savings culture and limited instruments for life funds as well as other internal challenges such as poor records keeping, unreliable data, untimely and irregular statements.
Ms Amoah noted that the life insurance companies needed mortality and morbidity tables based on local statistics for realistic premiums to be charged.
The Insurance Commissioner called on insurance practitioners to initiate products to enhance the development of life businesses and fill the identified gaps.
Life companies, she said, should play more significant roles in the current pension reform, develop annuity products to replace the lump sums, which occupational pension and other long-term savings schemes would pay to employees on retirement.
Mr. Diop Frimpong, Chief Executive Officer of Metropolitan Life Insurance Ghana, said the Company, its headquarters in South Africa, was committed to exceptional services and superior performance and urged Ghanaians to patronise their new products. 30 Aug. 07
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