Acting Commissioner of the National Insurance Commission (NIC), Mr. Kofi Andoh, has unveiled plans to introduce a risk-based capital framework for life insurance companies.
He stated that this framework would ensure that the capital held by life insurance companies matches the risks involved in their operations.
Mr. Andoh announced these plans during the 10th anniversary celebration of Prudential Life Insurance in Accra.
He highlighted that the commission would implement several new measures in the sector, including creating a Ghanaian mortality table for life insurance and an actuarial capacity-building program.
These initiatives are designed to boost the profitability of the life insurance market and enhance services for Ghanaians.
Mr. Andoh pointed out that the current mortality table used by Ghanaian life insurance companies does not accurately reflect local market conditions, as it was originally developed for South Africa.
He praised Prudential Life Insurance for its success, attributing it to adherence to local regulations and international best practices.
“It also has a very strong governance and risk management regime that incorporates anti-bribery, corruption, and robust anti-money laundering controls and procedures,” he said.
Madam Jane Mingle, Acting Chief Executive Officer (CEO) of Prudential Life Ghana, underscored the company’s dedication to sustainability through initiatives such as the COVID-19 Relief Fund, the Climate and Health Resilience Fund, and the Safe Steps Road Safety Campaign.
She also emphasized the company’s commitment to environmental sustainability, noting that their annual tree-planting campaigns have led to the growth of over 17,000 seedlings, including 2,000 mangrove seedlings at the Obane Ramsar site in Ada Foah.
Emmanuel Mokobi Aryee, CEO of Prudential Africa, remarked that Prudential Life is the only insurance company in Ghana affiliated with the Million Dollar Round Table (MDRT).
He explained that the MDRT is a global association that recognizes top-performing life insurance agents for their high ethical standards and professionalism.
Madam Dorothy Tsidi, Chief Commercial Officer of Prudential Life, detailed the key activities planned for the year-long celebration, including PruRide and PruWalk, annual cycling and walking events aimed at promoting health and wellness, and a legacy sustainability project called PruCares.