GLICO General, a general insurance company, last year paid GH˘4.14m as claims to its clients. The figure represents 62 per cent increase over the 2011 claims of GH˘2,609,592.53.
Some of the claims were paid to organisations and companies such as Dalex Finance, Anlo Rural Bank, Crown Cars, Gemini Maritime Services and Edmac, as well as some individual insurers. The Chairman of the Board of Directors, Mr Kwame Achampong-Kyei, said the claims covered Motor, Fire, Marine, Engineering and General Accident insurance.
Since its inception in 2006, GLICO General has not only handled complex insurance risks, but ensured quick processing of claims at all times. In line with GLICO’s tagline, ‘We cushion you for life’, GLICO General continues to maintain its record performance in claims payment.
For instance, GLICO General’s claims ratio, that is the indication of how well an insurance company pays claims, was 50 per cent for 2011. This represents 12 percentage points above the insurance industry’s average of 38 per cent the same year.
The ability of GLICO General to pay claims stems from its prudent underwriting techniques, careful financial management, strategic investments and increasing profits. Mr Achampong-Kyei emphasised the need for the company to improve its service to clients whose patronage and support kept GLICO in business.
“We are in the business of paying claims and it is only by paying claims promptly that we will continue to succeed and remain profitable,” he stated. GLICO General is a subsidiary of GLICO Group and one of the fast growing general insurers in Ghana’s insurance industry.
Source: Graphic Business
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