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  • info@insureghana.com



News Date: May 28, 2019


We, the President and Governing Council of WAICA, together with delegates gathered in Freetown, Sierra Leone between April 24th – 26th, 2019 for the Annual General Meeting and Education Conference of WAICA having thoroughly discussed the theme,

“Insurance Production, Distribution and Marketing in a Challenging and Competitive Economy”, resolve as follows:

1. To extend our appreciation and gratitude to the President of the Republic of Sierra Leone, H.E. Rtd. Brigadier Julius Maada Bio and his Government for hosting and supporting the 41st  WAICA Annual General Meeting & Education Conference.

2. To express gratitude to H.E. Rtd. Brigadier Julius Maada Bio for sending a distinguished personality in the person of the Honorable Minister of Finance of the Republic of Sierra Leone, Mr. Jacob Jusu Saffa, to deliver his Key Note Address and also to declare the meeting open.   

3. To express our sincere appreciation to H.E The High Commissioner of the Federal Republic of Nigeria to Sierra Leone, Amb. (Dr.) Habiss Ibrahim Ugbada, for his astute Goodwill Message and to  as well register deep appreciation to the Commissioner of Insurance in the Republic of Sierra Leone, Mr. Arthur Nathaniel Yaskey for his remarks at the Opening Ceremony and his leadership in the hosting of the event.

4. To express our gratitude to the people of The Republic of Sierra Leone for their warm reception and hospitality.

5. To agree to recognize Bancassurance is a blessing and not a bane for direct insurers, as this will increase distribution and market penetration.

6. To recognize the concerns of the insurance industry intermediaries (i.e. brokers) about bancassurance, as it may affect their role, but not erode their relevance in insurance transactions.  

7. That the WAICA member companies ensure effective engagement with Regulators in their respective countries to formulate policies and guidelines that will govern the bancassurance system of doing business.

8. That the WAICA member companies should strive to build strategic alliances with banks as an evolving channel for product development and distribution which benefits all stakeholders.

9. That the WAICA member companies recognize the importance of ICT as a cardinal factor to driving bancassurance. Hence, investment in ICT infrastructure should therefore remain a high priority if the industry is to achieve optimum product distribution and market penetration through bancassurance.

10. That the WAICA member companies agreed that with the continuous evolution of technology and artificial intelligence, these will replace the role of brokers if brokers fail to be more knowledgeable and adhere to proper professional underwriting.

11. That WAICA Member companies having recognized that there has been a paradigm shift in doing business with efficiency, therefore strongly urges insurance brokers to be equipped digitally to maintain relevance as a value adding part of the bancassurance process and by harnessing their relationship with both clients and insurers for effective service delivery.

12. To agree that the brokers must be ahead of insurers in terms of underwriting of the risks prior to transmitting the business to the insurers.

13. That in order to enhance the enforcement of both international and local code of conduct for brokers, Regulators must be firm in ensuring compliance.

14. That brokers must crystalize their roles by narrowing the knowledge gap, leveraging on technology as an enabler, and become more innovative in service delivery whilst employing ethical and  professional practices.

Resolutions Committee
Moses Gbanyah    Liberia (Chair)
Victor Peters         Nigeria
Mohamed T. Jallow    Sierra leone
Henry Danso        Ghana
Bakary Fatty        The Gambia
Claudette During    Sierra Leone

General Questions

There are many insurance companies that offer Life insurance and many others that offer Non-life (General) Insurance in Ghana.You can go to any of these insurance companies and take out insurance.Once you contact them, their staff will advise you on what they offer and what is best suited to your insurance need.Click to see the list of GIA accredited Life Insurance Companies and Non-Life (General) Insurance Companies.Insurance – Some Basic Steps
  • Contact an insurance company, an insurance broker or an insurance agent
  • Discuss your insurance needs with them.
  • Think     about the options carefully and then choose the product(s) that meet(s) your needs
  • Supply truthful information for the completion of the insurance contract documents
  • Sign the insurance contractPay your premium
  • Receive an insurance cover for the risk(s) you have insured.
When should you take Insurance?
Once you have life with its possible unwanted outcomes, it is advisable to take an insurance against such possible unwanted outcomes. Also, as soon as you acquire a property it is advisable to choose an insurance to cover the risk of damage or loss to the property. Again anytime you have liability to another person for any damage you may cause the person, it is advisable to insure the liability. For liability insurance in the form of third party motor vehicle, commercial building under construction and commercial buildings you are required by law to take out insurance as an owner.

Protecting your life and property should be an important part of your financial plan. Insurance protects you from financial problems resulting from damage or loss either to yourself or to your property. It is therefore important that you insure your life and property against any unanticipated accidents, damages or loss. You can take insurance to cover any of the following listed below:
  • Death
  • Accident
  • Theft
  • Fire
  • Loss
  • Damage
  • Disability Health.

Broadly there are two kinds of insurance:Life Insurance which pays an insurance benefit when the person who is insured dies;Non-Life (General) insurance, which comes in many forms, including property, liability, disability, health and travel.
  • Property Insurance provides protection against property damage and the insured is indemnified (compensated) if such damage occurs.
  • Liability Insurance provides you with insurance protection if you are found to be liable for causing damage to someone’s health or property.
  • Disability Insurance provides protection should you lose your ability to work and earn income, and pays you income if you are unable to work.
  • Health Insurance covers certain medical expenses and prescription medications.
  • Travel Insurance provides protection against certain adverse occurence during travel such as illness or even missed flights.


  • The insured (policy holder)
  • The third party whose property has been damaged by our insured's vehicle
  • The injured victim
  • Administrators of a deceased estate
  • Parents/guardians in the case of minor.

Non-motor insurance comprise of several lines example public liability, professional indemnity, personal accident etc. Each non-motor insurance claim has its own specific claims procedure and conditions.Generally, when an accident occurs the insured should comply with the following :
  • Report to the police.
  • Contact your broker/insurer and fill the specific claim form.
  • Do not settle or negotiate to settle, admit or repudiate any claim without the consent of your broker/insurer.
  • Forward all relevant documentary evidence in respect of the loss.
  • Forward all claims, writs of summons or letters from third parties to your broker/insurer through insureghana.com.

1. If your vehicle was driven without your consent, order or permission.
2. When an unlicensed driver was driving
3. When the claim is statute barred i.e claims not submitted within the three (3) or six (6) years period.
4. Where there was a change of ownership on the vehicle without reference to us.
5. Using the vehicle whilst the driver was drunk.
6. Using the vehicle for unauthorized purposes.
A. Own damage
  • Report the loss to the insurer and fill the accident report form.
  • Attach a copy of the driver’s license.
  • Furnish the insurer with an estimate of the cost of repairs from either the insurer’s recommended garage or a repairer of your choice.
  • Provide pictures of the damaged vehicle, clearly showing the registration number of the accident vehicle.
  • Allow damaged vehicle to be inspected by the insurer’s surveyor before the commencement of repairs.
  • Police report would be required, depending on the circumstances leading to the loss.

B. Property damage claim
  • Letter of claim
  • Police Report
  • Furnish the insurer with an estimate of the cost of repairs from either the insurer’s recommended garage or a repairer of your choice.
  • Provide pictures of the damaged vehicle.
  • Provide driving license of the insured’s driver.
C. Injury cases·
  • Letter of claim
  • Police Report
  • Medical report
  • Original receipts of Medical Bill incurred (To justify the cost being claimed for)
  • Sworn Affidavit.
Two (2) passport-size pictures of the injured victim endorsed by the doctor who treated the victim.D. Deceased (death) cases
  • Letter of claim
  • Police Report
  • Death Certificate/Burial permit/Post-mortem report
  • Letters of Administration
  • Personal Particulars of the deceased
  • Sworn Affidavit
  • Endorsed passport size pictures of Administrators (two each).
In all cases, a discharge form which states the agreed quantum (amount) will be issued by the insurance company to the insured or claimant for execution and forwarded back to enable us process the cheque.

Under all insurance contracts, damages or losses incurred must be reported to the insurance company for the purpose of making a claim. In most cases a report must also be made to the police. Under a motor insurance for example, you must report any accident to the police as soon as it occurs to enable you to begin the processes for making insurance claims.Failure to report an accident can subject you to personal liability if the persons involved later find themselves to be injured and your insurance company denies the claims due to your failure to report the accident promptly.
This is what you are paid in the case of an accident or loss for which you have insured. Once you have entered into an insurance contract and paid your premium, you are entitled to compensation from the insurance company for any damage or loss suffered. The extent of compensation depends on the type of insurance.

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