Company/Corporate News
Loyalty Insurance MD raises concern about unhealthy competition in industry

The Managing Director of Loyalty Insurance Company Limited, Ernest Frimpong, has expressed worry about some unhealthy practices in the insurance sector.
According to him, even though Ghana’s insurance market is highly competitive, characterised by a lot of innovation, some unethical practices like premium undercutting could hamper growth of the industry.
“The Ghana insurance market is a highly competitive and dynamic marketplace,” Frimpong said.
There is a dichotomy; on one hand, the market is characterised by innovation, and on the other hand, there is also some unhealthy competition in the market. The issue of undercutting premiums has been around for a while. We need to change this narrative; we need stronger cooperation among ourselves for the benefit of our industry”. He added.
The Loyalty Insurance MD spoke at the company’s fifth anniversary celebration launch themed, “Growing through digitalisation.”
The company unveiled four new digital applications which it believes will place it at the forefront of technological innovation in the insurance sector.
The Managing Director also expressed gratitude to shareholders of the company for raising capital to meet the National Insurance Commission’s minimum capital requirement of ¢50 million.
The Commissioner of Insurance, Dr. Justice Ofori, commended the management and staff for embracing technology as part of their operations.
He urged them to re-strategise and remain customer-focused in order to remain relevant in the industry.
Let me congratulate management and staff of Loyalty Insurance Company Limited for the attainment of five years of growth and consistent success and express my gratitude to all who have contributed to making the company what it is today,” he said.
-
Environment4 weeks ago
Miss Climate Pageant 2022 officially launched
-
Environment2 weeks ago
Minister of Sanitation and Water Resources applauds Zoomlion for reclamation of Oti Landfill
-
General News4 weeks ago
Joshua Mortoti is the New President of Ghana Chamber of Mines
-
Banking and Finance3 weeks ago
BoG partners journalists to build confidence in the economy through accurate reportage
-
Company/Corporate News4 weeks ago
QNET calls for accelerated climate action on World Environment Day
-
Banking and Finance3 weeks ago
Bank of Ghana wins Central Banking FinTech policy of the year award
-
Banking and Finance3 weeks ago
Don’t hide from your debtor banks – BoG advises borrowers
-
Company/Corporate News4 weeks ago
Zoomlion marks World Environment Day