PERSONALITY PROFILE:MR.KOFI DUFUOR

Mr Kofi Dufuor,the Managing Director of STAR ASSURANCE COMPANY LIMITED, is a young , dynamic and generous insurance guru, who is making positive impact in the insurance industry in Ghana.
In fact he represents a new face of the insurance industry and the Ghanaian financial sector at large .
He had his insurance training in the United Kingdom and has been in the insurance industry for over seventeen years. He is well oriented in insurance management, business development and marketing.
He holds a Master of Business Administration degree in Entrepreneurial Management from the University of Ghana. He is a Chartered Insurer and Fellow of the Insurance Institute (FCII) – UK. He is also a Fellow of the Insurance Institute of Ghana (FIIG).

He is a member of the Executive Council of Ghana Insurers Associations.

He has attended several conferences and seminars at home and abroad in insurance management and financial management.

Prior to his appointment as managing Director in 2001, he was the General Manager in charge of Finance and Administration.

STAR ASSURANCE TO CAPITALISE ON OIL BOOM

The management of Star Assurance Company Limited (SACL), would soon roll out customized insurance products to support large risks in the emerging oil and gas industry, Mr Kofi Duffuor, Managing Director of the company announced on Tuesday.

Speaking at the company’s 25th anniversary celebrations in Accra, he said the company would shift its focus on providing traditional general insurance products to offering expected risks in the oil sector and called for collaboration among insurance companies to co-insure the risks.

“The current dynamics facing the industry such as an increase in the number of players in the market, leading to a softening of rates, consumer demands and convergence of the financial services provide a window of opportunity for the industry to achieve its full potential within the financial system,” the Managing Director said.

Mr Duffuor said in 2008, the company’s gross premium income grew by 57 per cent from GH¢10.1 million to GH¢15.9 million adding that the amount was expected to increase to GH¢26 million by the end of this year.

He said the company would increase its underwriting capacity to respond to the demand and challenges in the insurance industry.

“The Board of Directors intends to further re-tool and reposition the company to make it even more relevant to the challenges ahead. As part of its repositioning, the company will be unveiling a new logo during the silver jubilee ball slated for September 2010,” he said.

Mr Duffuor expressed gratitude towards the National Insurance Commission (NIC) for creating a vibrant and well-regulated environment for SACL and other insurance companies to thrive adding “under the NIC’s watch, the insurance industry has grown enormously, offering more business opportunities for companies and individuals and a diet of insurance products to the insuring public.”

He paid glowing tributes to Finance Minister Dr Kwabena Duffuor, founder of the company, and to past board members, sales representatives and the company’s numerous cherished customers.

The year-long activities include charity, career fair, exhibitions and public lecture on the importance of insurance.

STAR ASSURANCE @ 25

MR.KOFI DUFFUOR,MD.STAR ASSURANCE
THE 25 ANNIVERSARY PRIZE FOR THE MOST
LOYAL CUSTOMER

VANGUARD ASSURANCE COMPANY,INSURANCE FOR THE ORDINARY MAN.

VANGUARD ASSURANCE COMPANY,is Ghana's insurance company,closer to the ordinary Ghanaian public,as observed by the Insurance Journal.
Since inception of the company, Vanguard offered only
two classes of business - Life and Fire. Over the years, the company
diversified its product portfolio and presently is a one-stop composite
insurance company underwriting all the major classes of Life and
Non-Life insurance.
Through prudent and efficient management,Vanguard has grown from strength to strength and for several successive years, has been ranked among the top three insurance companies in Ghana.
Inline with the requirements of the new insurance law Act 724 a new
subsidiary, Vanguard Life Assurance Company Limited has been registered and licensed by the National Insurance Commission to handle life assurance while the main Vanguard Assurance handles Non-Life insurance business.
No question that vanguard remains the third popular and influential insurance company in Ghana.

GHANA'MOST INFLUENTIAL INSURANCE BROKER

Insurance Journal's observation in Ghana's insurance industry,proves that KEK INSURANCE BROKERS COMPANY is the most influential brokerage and insurance consultancy firm in Ghana.
The company is one of the highly respected and envied in the African insurance community,due to its absolute good corporate governance ,crowned with excellent customer service ,complete adherence to professional ethical values and a remarkable track record of great corporate social responsibility.

KEK Insurance Brokers Ltd is a local insurance and reinsurance firm with substantial international links providing enhanced services to several local and multinational firms in all sectors of the economy.

The company was registered as a limited liability company in 1985, and obtained the license to operate as an insurance broking and consultancy firm in 1990. The company since its establishment has competently handled the insurances of well placed local and multinational companies.
The company has been continuously adjudged by the National Insurance Commission as the leading insurance broking firm in Ghana, since 1992.

KEK Insurance Brokers Ltd was able to achieve this feat because of the quality of service rendered to our cherished clients.
The have restructured and reviewed the insurances of several organisations which have enabled them save on premiums and rationalised their accounts to minimize cost.
KEK's major achievements have included the restructuring of the insurances of Ghana Cement Co. Ltd.(Ghacem) along the lines prescribed by the International Finance Corporation, Washington DC and undertook risk assessment and insurance audit for Unilever Ghana Ltd which enabled them make significant savings on premium payments.

As Brokers to Tema Oil Refinery, they were instrumental in getting them an appropriate insurance policy and ensured that their last fire explosion was properly covered and full payment received from the local and international insurers with whom the risk was placed.These insurance and reinsurance brokerage services have been offered by a strong team of professionals with extensive experience in insurance both locally and internationally.

FRAUD ALERT ! ! !

FRAUD ALERT ! ! ! THE PUBLIC IS HEREBY WARNED OF DEALING WITH A FAKE INSURANCE COMPANY CALLED BOAFO INSURANCE ,BELEAVED TO BE OPERATING FROM THE ASHANTI REGION.INFORMATION HAS IT THAT THEY HAVE RECRUITED SSS GRADUATES WHO GO ON AN OUTREACH REGISTRATION AND PREMIUM COLLECTION SPRY FROM UNSUSPECTING MEMBERS OF THE PUBLIC.

GHANA'S OIL BOOM ! ! ! THE ROLE OF THE INSURANCE INDUSTRY.

With Ghana being the new destination for global oil and gas,stakeholders in the insurance industry have expressed their readiness to underwrite oil and gas insurance to retain premium for national development.
Already, some insurance professionals have been sent abroad to learn about oil and gas insurance.

William Agbenyegah, the incoming President of the West Africa Insurance Companies Association (WAICA) said, “Since oil and gas is a huge business there is the need to take advantage of the oil find so as to prevent insurance business from going to companies abroad.

“As it is now, it is only Nigeria that has a local content and can underwrite oil and gas insurance but everything is being done to ensure that the indigenous insurance companies can play a major role in the oil insurance.”

He disclosed this ahead of the 32nd Annual General Meeting (AGM) and Educational Confab of WAICA.

Government, in collaboration with the National Insurance Commission, has already begun a programme to encourage local insurance firms to control oil insurance in Ghana.

The programme is also aimed at building the capacity of insurance companies in the management of oil and gas.

This year’s conference is under the theme, “Oil discovery in West Africa: Its impact on the socio-political and economic development of the sub-region and the vital role of the insurance industries in the management of this natural resource.”

About 200 participants from five Anglophone West African countries attended the three- day conference, which ended on 24 March 2010.

Willie Coker, Secretary General of WAICA further revealed that the conference would focus on whether the oil and gas find would be a blessing or a curse for Ghanaians.

In addition, he said there was the need for the West African market to be ready to manage the risk associated with oil and gas effectively.

“We have to ensure that insurance firms are well positioned for the oil boom,” Mr. Coker reiterated.

Several issues such as the response of the insurance industry, risk management concerns, gas underwriting and reinsurers and pool managers’ perspective were discussed at the conference.

Recommendations ware outlined at the end of the conference,of which participants said it would assist in fast-tracking the development of oil and gas in West Africa.

WAICA, which was formed in the 70’s in Ghana, is currently made up of members from five West African countries, including Ghana, Nigeria, Sierra Leone, Liberia and The Gambia.