Donewell targets 10% insurance market share

…exceeds NIC’s GHS15m capital requirement

Management of Donewell Insurance Company Limited have said the company has a clear objective of controlling more than 10 percent shares in the country’s insurance space.

The company also indicated, it would soon achieve one of its goals of being ranked among the first five General Insurance Companies in the country.

“We have the potential to do so. We are fully capitalized and have exceeded the regulator’s minimum capital requirement of GHS15 million with the capacity to meet any immediate increase in the requirement by NIC,” Donewell’s CEO, Mr. Seth Aklasi told the Goldstreet Business at the launch of the company’s 25th anniversary celebration in Accra.

He explained that the company, last year, paid claims in excess of GHS24 million out of its premium income of GHS36 million, demonstrating a certain preparedness to meet clients’ need at any time.

Despite the existence of almost 23 life insurance, 26 non-life insurance and three re-insurance companies in the country, the National Insurance Commission continuously argues that Ghana’s insurance penetration level, currently measured at two percent, is very low for the industry.

But Mr. Aklasi, expressed optimism that with the adoption of new technologies to identify consumer trends and client behaviour, Ghana’s insurance penetration level and patronage, could reach a desirable percentage in the near future.

“We are continuing to make great strides culminating in growth rates of 27, 50 and 17 percent in 2015, 2016 and 2017 respectively. Our quest to adopt new technologies would further strengthen our commitment in ensuring that, appreciable number of Ghanaians are covered by Donewell,” he explained.

Mr. Aklasi called on the NIC to sanitise the insurance industry by combating the emergence of fake insurance stickers on the market.

“Our successes have not been achieved without the challenges that generally plagues the industry, including the patronage of fake insurance stickers by some unscrupulous individuals who supports this unlawful activities,” he said.

By Wisdom Jonny-Nuekpe