In line with regulatory directive by the National Insurance Commission (NIC), Coronation Insurance Ghana Limited has raised its capital to meet the new minimum capital requirement.
With this move, Coronation has become one of the insurance companies to meet the new capital requirement of ¢50 million.
The Company enhanced its underwriting capability through a capital injection of about $5.14 million by its shareholders.
This has significantly raised the company’s minimum capital from ¢17.1 million to over ¢52 million, putting it among the top insurance companies in Ghana in terms of solvency and capital.
Coronation Insurance is a leading Ghanaian insurance company licensed by the NIC to offer diverse range of products and services covering all classes of non-life insurance such as Motor Insurance, Marine Insurance, Fire and Special Perils, Professional Indemnity, Workmen’s Compensation, All Risks Insurance, etc.
The time-tested expertise of the company in risk management and actuarial services over the years has positioned it as one of the top five companies in the insurance industry with the best claims reserves.
With a claims payout of more than ¢54million in the last 5 years, the company continues to solidify itself as one of the insurance companies best placed in paying claims.
With a legacy of business operations in Ghana since 2009, the company provides products and services that are designed to offer value beyond the ambit of traditional insurance services. Typical of this, is the company’s offer of a free car tracker to customers with vehicles worth GH¢ 100,000 or more in order to enhance their customers’ operations.
The Coronation story is one that dates back to the 20th Century with a founding in 1958 as the West African Provincial Insurance Company (WAPIC).
The parent company, which was founded in Nigeria and listed on the Nigerian Stock Exchange (NSE) in 1990, expanded its operations to Ghana in 2009 under the name, Intercontinental Wapic Insurance. In 2011, the company became a subsidiary of Access Bank as a result of Access Bank’s acquisition of Intercontinental Bank.
Following the divestment of Access Bank through its share distribution scheme in 2013, the Company rebranded to Wapic Insurance in 2014. Subsequent to all Board, Shareholders and Regulatory approvals, the Company changed its name to Coronation Insurance in 2021 to align with its business focus of transforming the African continent through the provision of transformational financial solutions.
Digital revolution
Over the years, Coronation has defined an audacious ambition to be one of the top leading full serviced West African insurance companies by investing in digital transformation initiatives across marketing, social media, sales and customer touch points. This is driving the Company to become a data-driven organisation that develops new business models and delivers more personalised products and services for its customers.
Key amongst these initiatives, is the implementation of a world class full-serviced Core Insurance Application (WapX) to improve operations across the different touchpoints of the Company.
