General’s claim-paying ability has been confirmed by the Global Credit Rating Company with an A-rating.
The Global Credit Rating Company rates insurance companies after carefully examining the management capacity, technical underwriting capacity, solvency, operational risk, and financial performance of the company.
The firm awarded GLICO General an A- rating after a rating review conducted last month. According to the rating agency, the A- rating is given to “firms with high claim-paying ability.”
Commenting on the rating, the MD of GLICO General, Mrs. Francisca Karikari, said “We are committed to building a world-class general insurance company in Ghana, and we will not rest on our oars until we achieve the ultimate in global ratings.”
She acknowledged the hard work of the staff and management as well as the support of the board, which has been instrumental in the growth of the business. She dedicated the award to clients who continue to trust GLICO General with their business.
GLICO General is one of the fastest-growing non-life insurance companies in Ghana with global ambitions. Since the start of operations in 2006, the company has been able to attract blue-chip clients, and has on its client-list top multinationals with operations in Ghana.
GLICO General continues to grow premiums in all its areas of business including motor, fire, accident, marine, energy and engineering. With additional capital injection of over US$5million from shareholders at the end of 2010, the company has set its eyes on insuring onshore energy risks.
The additional capital has made GLICO General one of the most highly-capitalised companies in the general insurance industry in Ghana, thereby enhancing its capacity to take on bigger risks and serve its clients better.
In August, GLICO General Insurance Company joined Ghana Club 100 as the second-highest insurer in the non-life category of the insurance market. The company has also been nominated to receive an award on November 25th at the 4th Ghana Business and Financial Services Excellence Awards.
According to the General Manager for Finance and Administration, Mr. Joshua D. Twum, all the awards that the company is receiving after just 5 years of operation demonstrate the company’s commitment to delivering efficient services to clients.
“Clients keep coming to GLICO General because they trust GLICO General will have the financial strength to pay claims and support them should they encounter unexpected difficult business moments,” he said.
Source: B&FT
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