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SIC introduces “Akwaaba Insurance
Policy”
Accra, July 17, GNA - The State Insurance Company (SIC) on
Tuesday unveiled a new insurance product christened the
“Akwaaba Insurance Policy” to provide medical care and other
related medical emergencies to travellers visiting Ghana.
Ghanaians abroad who are visiting the country could also
take the policy as an alternative to the National Health
Insurance Scheme.
The policy, which is first of its kind in the country,
covers medical expenses, hospital stay benefits, personal
accident, medical repatriation and other emergency expenses,
baggage loss and personal liability.
The policy, which covers the geographical boundaries of
Ghana only, would be available at embassies, foreign
missions as well as online.
Mr. Akwasi Osei Adjei, Minister-designate for Foreign
Affairs, Regional Cooperation and NEPAD, said the
introduction of the product was timely as it had come at a
time that many tourists were visiting the country.
“There is nothing traumatic than falling sick or being
injured in a foreign land, especially when one’s resources
are limited,” he noted.
He said government, recognising the enormous role tourism
played in the development of the economy, had created a
policy framework and strategies to boost the sector and
create conducive environment.
Mr. Adjei said the harbours had been modernised, road and
railway infrastructure revamped to provide strategic link
with neighbouring countries and the Kotoka International
Airport had been expanded to provide interlocking services
for transit flights and financial intermediation services.
He said the strategic measures were to ensure the target of
about one million tourists annually, adding that in the last
five years inflow from tourist business investment had
increased remarkably.
Mrs Josephine Amoah, Commissioner of Insurance, National
Insurance Commission, who lunched the product, said
corporate governance guidelines were being prepared to
ensure that insurance companies were given proper direction
and focus.
“Strong internal controls and risk management practices have
been put in place,” she said.
Insurance companies are also expected to operate in line
with business plans approved by the commission.
Mrs. Amoah noted that the essence of the exercise was to
ensure the solvency of insurance companies, stability of the
insurance market and consequently the protection of the
interest of policyholders.
She stressed that the changes were intended to help
insurance companies to develop those competencies which
would enable them to respond promptly to the changing
demands and sophistication of the global market.
“If these changes are carried out effectively, they will
promote confidence, both locally and internationally, in
insurance service delivery in the country and consequently
engender the high patronage and growth we are so much
yearning for.”
Mrs. Amoah said SIC ought to contend with the removal of
their monopoly over government business and brave the
privatisation exercise to retain its leadership position in
the insurance market.
She praised SIC for demonstrating its determination to
maintain the lead in marketing by undertaking a number
initiatives, including the introduction of innovative
products such as the SIC Akwaaba Insurance Policy.
Mrs. Amaoh said the timing of the Akwaaba Policy was
appropriate, coming just before the commencement of the
Emancipation, PANAFEST and the Joseph projects being
organised by the Ministry of Tourism and Diasporan
Relations.
“Since the policy targets foreign residents visiting Ghana,
it will be competing with foreign products. Attention should
therefore be paid to the quality of service delivery,
especially claims handling.
“If the product is well marketed and delivered, it could
help promote tourism and also open other doors of
opportunity to SIC and other providers of insurance services
in the country,” Mrs Amoah said.
GNA
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