Activa International Insurance, Ghana, in partnership with Coface Group, is introducing credit insurance onto the Ghanaian market to enable businesses to have more access to bank loans and increase their receivables to boost economic growth.
Mr Stephen Kyerematen, Chief Executive Officer of Activa International Insurance, Ghana, stated at the product launch in Accra that the credit insurance would fuel economic activity by facilitating processes for business to have access to sufficient bank loans.
It would also enable businesses to have increased access to receivables purchase facilities offered by banks, he added.
Mr Kyerematen explained that Activa/Coface would insure companies against the risk of financial default for their clients both on the domestic market and for export.
He said Activa provides the widest range of general insurance products together with some niche products one would never find in the Ghanaian market.
He explained that some of the products one could find on the Ghanaian market would include the Assets Mark III; one policy combining 20 optional covers covering both personal and commercial lines such as property, business interruption, liability and transit covers.
Mr Kyerematen said that niche products like medical malpractice, clinical trials, directors and officers' liability were also available.
He said the company derived it strength from its extended geographical presence across Africa with pooled competencies and expertise throughout Africa.
Activa's strength was also based on the company’s excellent customer relations and prompt payment of legitimate claims, in addition to it being preferred insurer of most of the multinational and blue chip companies in Ghana, he said.
Mr Kyerematen said the company’s strength is also based on its sound reinsurance backing with Munich Re, Lloyds, Africa Re and Ghana Re among others.
He said since Activa's inception in Ghana, the company had provided and continued to provide top-notch insurance services to all sectors of the Ghanaian economy, ranging from top-notch multi-nationals to local Small and Medium Enterprises in Ghana.
He said the company had been quite successful so far in being the preferred insurer of most of the blue-chip international companies in the industrial, mining, banking, telecommunication, oil sector servicing, international freight and forwarding, food and beverages among other sectors.
Mr Kyerematen said Activa had very robust engineering department that provided insurance covers in the following areas: Civil Engineering Completed Risks Insurance, Erection All Risks Insurance, Principals Advance Loss of Profits Insurance and Machinery Insurance.
Others are Machinery Loss of Profits Insurance, Deterioration of Stock Insurance, and Electronic Equipment Insurance.
Mr Kyerematen said apart from products for corporate organisations and businesses, active insurance also had world class insurance products for individuals such as Home and Personal Assets Protection Policy and its Personals Assets and Liabilities Insurance Pro package.
Activa International Insurance Company (Ghana) Limited is a member of the Pan-African Insurance Group, that is, Activa Assurance.
The company was originally incorporated as Global Alliance Insurance Ghana Limited, a branch of the Global Alliance Group of South Africa in 2005 until it was fully acquired by the Activa Insurance Group in March 2009.
Mr Kyerematen said through Globus Network, Activa was able to provide multinational and global clients with expert and world-class insurance services and coverage across 34 countries in Africa.
On the other hand, Coface Group, worldwide leader in credit insurance, offers companies around the globe solutions to protect them against the risk of financial default of their clients, both on the domestic market and for export.
Coface now inures companies against the risk of financial default of their clients in 97 countries worldwide, offering in each of them services of risk prevention and guarantee, through direct presence or partnerships.