Government has commended the Board, and Management of Ghana Reinsurance Company for its performance for the 2017 financial year. The Company made a profit of forty-nine million Ghana cedis.
Speaking at an annual meeting of board members and shareholders in Accra, the Chairman of the company, George Otoo said the growth of Insurance in Sub-Saharan Africa was projected to be 2.4% in 2017 but insurance penetration on the continent remains under 2% , notwithstanding the significant growth rate.
The annual meeting was to present to shareholders and board members the annual report including financial statements for the year 2017, ratify the appointments of new members of the board and appoint new auditors before the end of the year (2018).
The Chairman, George Otoo said the Company’s strategy is to expand to reach both domestically and externally as well as position its brand among the top ten African reinsurers to ensure growth in both premium and profit.
Mr. Otoo added that the Insurance Regulator has hinted that in order to increase retention capacity of insurance and reinsurance companies in Ghana, it will announce new minimum capital requirements.
Mr. Otoo noted that the company will continue to contribute to the educational and health institutions in the quest to improve the overall well-being of the society.
A cheque of GH¢9 million was presented to government.
