Unique Insurance launches online travel policy

Victor Obeng Adiyia, Managing Director of Unique Insurance Company Limited, has urged government to look at measures and incentives that will help promote the purchase of travel insurance for every Ghanaian travelling abroad.

Speaking at the launch of his company’s newest product – Unique Travel Policy – Tuesday in Accra, Mr Adiyia stated: “This will reduce the incidence of distress calls and unbudgeted costs to Ghanaian travelers and their families, and also ensure the welfare and safety of Ghanaians when they are off the shores of the motherland.”

The launch of the product was a collaboration between Unique Insurance and Bahrain’s Trust Re, a leading player in the global travel insurance space.

Trust Re is the lead re-insurer of the Unique Travel Policy and has paid-up capital of $250 million.

Mr Adiyia said: “We have met the needs of our clients by processing their valid claims fairly and paying promptly, we have given our shareholders good return on their investment, and our treasured employees have been adequately compensated for their contributions to making Unique Insurance what it is today.

“Competing merely on price has made all insurance companies worse off and has not inured to the benefit of policyholders – inadequate premiums affect the speed with which claims can be settled. It is time for insurers to get creative and we, at Unique Insurance, want to set the pace by offering a truly value-laden, responsive, first-of-its-kind travel insurance product in the market. Ghanaian policy holders deserve world-class products and services, and that is what Unique Insurance is prepared to offer.”

He also added that in October 2019, his outfit would mark the 20th Anniversary of Unique Insurance Company Limited.

“We have had our fair share of the triumphs and challenges. Overall we are excited that our company has realigned its operations to the original vision of the founders, and has been growing steadily over the last couple of years.”

Justice Yaw Ofori, Commissioner of Insurance, in a speech, expressed delight that the Unique Travel Policy is structured to keep 40 percent of the premiums and risk within the Ghanaian insurance market.

Congratulating the two companies for launching the product on the Ghanaian market, he noted: “It is such win-win arrangements that enable Ghanaian insurers to leverage on the superior capitalistation of international players such as Trust Re, while also keeping an adequate share of premiums in the Ghanaian market is the direction that we seek to steer the insurance industry towards.”

Cecilia Abena Dapaah, Minister for Aviation, who officially launched the product, wished the two companies a fruitful partnership.

The product can be bought at every travel agency at the time of buying travel tickets.