Afro Asian Reinsurance Brokers has began operations in West Africa with the official launch of its branch in Ghana. Afro-Asian was established in 1988 by Rasik Patel, to build on his extensive network of connections and resources in the Afro-Asian countries.
The firm is a privately owned company based in the heart of the City of London and situated very close to Lloyd’s.
Speaking at the launch in Accra, Ghana’s Commissioner of Insurance Justice Yaw Ofori expressed worry about the increasing number of fake insurance products on the Ghanaian market.
He is blaming the country’s low insurance penetration for this development. Less than two percent of Ghanaians use any form of insurance, making it one of the lowest levels on the continent. Yaw Ofori urged the company to take advantage of the large market for local reinsurance and intermediaries in the country.
Yaw Ofori also commended Afro-Asian Insurance Services Group for setting up a subsidiary office in the country and urged them to replicate their unique, innovative and sterling services provided to clients around the world and to Ghanaian companies.
“Local insurers will have access to increased capacity leading to unique risk solution innovation being provided by the company will improve because there will be direct solutions to the reinsurance of non-traditional risk leading to an increase in insurance penetration in the country,” he said.
Managing Director of Afro Asian Reinsurance Brokers Ghana Samuel Adoteye Asare revealed that his outfit is well positioned to help grow the insurance sector with their expertise. “What we stand to gain is that we have the knowledge and expertise of the International market to underwrite risk in the oil and Gas sector.”
Afro Asian Insurance which has been in existence for the past thirty years operates in about 29 countries currently. It currently operate in the UK Kenya, Zimbabwe and now Ghana.
Source: Africafeeds.com
