Today, as users, we’re constantly on the go. The majority of website visits start on mobile devices and this trend is very likely to keep increasing with each coming year. As a result, optimizing website accessibility and user experience on tablets, smartphones, and every device imaginable is becoming increasingly important in order for all businesses to stay relevant. To accommodate users, websites that are designed responsively are typically the best option available today.

In keeping with our mission to “make use of up-to-date technologies in our service delivery”, DOT HOUSE has brought its workforce to speed to design responsively. Charity they say begins at home and so we have redesigned our own website to be responsive, serving as our number one reference point for anybody who wants to engage our services.

Responsive design is an approach to web development by which a website is planned, designed, and developed to appear optimally in a range of devices. The phrase “appear optimally” refers to a page being readable, easy to navigate, and usable with minimal panning and scrolling. Responsive Design is not just a method or technique – it is a fundamental ideology about how a site is designed and built.

No matter how small the project, our design philosophy going forward is MOBILE FIRST!

A strong life insurance industry is a necessary condition for long-term funds mobilization. A well-managed, dynamic and profitable life insurance sector adds to the vibrancy of the economy. Over the years, Ghana’s insurance sector has taken incremental steps to a posture that strengthens this sector to support the ultimate goal of transforming its economy into middle-income status. The results are obvious compared to 10 years ago, since when life insurance companies have gained an imposing presence on the Ghanaian landscape. 

With the introduction of the new insurance law Act 724 of 2006, it was stipulated that all life insurance companies separate their operations from non-life. Since the introduction of this new law barely three years ago, Ghana’s life insurance market has witnessed tremendous growth in terms of number of companies, sophistication and reach. Prior to the separation of life business from non-life, there were only 15 companies – five of which were specialist life underwriters.

Those companies are GLICO LIFE, Ghana Life, Enterprise Life Assurance Company (ELAC). They were also the top premium income earners. Importantly, since the separation two years ago, the number of underwriting companies has increased by 11 % from 15 to 17. The companies presently operating include SIC Life; ELAC; Star Life; Vanguard Life; Metropolitan Life Ghana; GLICO Life; Quality Life and Provident Life.

Others include Donewell Life, Phoenix Life, Unique Life; Ghana Union Life; Ghana Life; CDH Life; Express Life; IGI Life and Capital Express Life. Apart from Metropolitan Life, ELAC, IGI Life, Capital Express and Ghana Life, the remaining 12 companies are wholly indigenous and owned by local investors.

Long Term Assurance Underwriting Trends

Life Assurance business gross premium income increased by 34.0% from GH¢91,245 in 2008 to GH¢122,275 in 2009, while management expense increased by 41.9% from GH¢35,014 to GH¢49, 691. Net premium also grew, by 33.3%, from GH¢89,801 to GH¢119,708, while claims incurred increased by 38.3%

Consortium (GOGIC) has been formed by the Ghana Insurers Association (GIA) to help manage the oil and gas portfolio on behalf of stakeholders for the nation. B&FT learnt that SIC Insurance Company Limited, the nation’s largest premium income earner, has been appointed the lead underwriter for the consortium. All members of the Ghana Insurers Association underwriting non-life insurance business are stakeholders in this consortium. This means that Ghana National Petroleum Company (GNPC), supervisors of the nation’s petroleum sector, will always have consultation with SIC Insurance over placement of oil and gas businesses.

B&FT was told that all insurance companies licensed to operate have been asked by the consortium to indicate their interest by acquiring shares in this new company. Oil and gas insurance experts have described the move as a breakthrough for the industry. One expert told B&FT that with the formation of the consortium, all insurances would be placed locally and reinsured to international markets ¬who would in turn give the insurer reinsurance commissions of up to 12.5% or more depending on the class of business. The experts also said this commission is no-risk revenue which can be used to pay for all the expenses of handling the business, fund training, and corporate growth to steadily increase market retention.

“Currently, there is a strong domestic insurance industry, but it has limited expertise in oil and gas insurance,” said one expert. In a related development, he has advocated that the national assets together with the country’s interests in foreign ¬owned assets should be insured in Ghana by law.By so doing, a local insurance company or consortium would retain profits and pay tax in Ghana on premiums paid. Subsequently, he also proposed the appointment of an independent insurance/reinsurance consultant to guide local insurers in all aspects of oil and gas insurance.This approach, according to the expert, encourages international reinsures to develop long-term relationships with the new consortium in providing sufficient capacity to support the local insurers of national assets.

Commercial drivers in the country are threatening to form their own insurance companies following an 800 per cent hikes in third party insurance. Chairman of the Ghana Road Transport and Coordinating Council (GTRCC) Alhaji Aliu Baba has described the hikes as “barbaric” saying it is entirely possible for drivers to come together to form their own insurance company. Motor insurance companies on Monday met to agree a hefty 800% increase in premiums for motor insurance.The new increases are expected to take effect tomorrow. With the increases, a driver who pays 70 cedis for premium a year will now have to pay over 400 cedis for the same period.

The hikes have sent drivers angry but the Chief Executive Officer of the Ghana Insurers Association, Atsu Enyawovor, said the hikes were legitimate and realistic. According to him, the premiums have been low for far too long, adding even road tolls, booking fees paid by drivers were going up. He said when the premiums paid per year for a 33 seater-vehicle travelling from Accra to Kumasi is divided per day, the total premium is negligible. With the new hikes he said drivers may be paying ¢1.30 per day. How does that affect transport fares? he asked. He said those complaining about the hikes are the ones who drive recklessly and cause needless accidents in the country for insurance companies to pay huge claims to clients.

Atsu Enyawovor, said the hike in premiums has also increased their capacity to adequately compensate victims in an event of accidents. He said they have set a new baseline which will regulate future increases in insurance premiums. But the GTRCC is angry with the new policy. Alhaji Aliu Baba said the new hike is not only insensitive but smacks of disrespect to the drivers. He said they were not consulted by the insurance company. “We are very much surprised at the Insurance Commission and the Insurance Commission. It is too barbaric to tell somebody you are increasing his premium by 800 per cent,” he protested. He said they are agreed at a meeting in 2010 that before an increase is imposed there must be thorough consultation amongst all stakeholders but that was not done.

He said at the time where DVLA is asking for seatbelts in the car which is costing every driver; [they have adjusted] road worthiness then you come and say you are increasing it by 800 per cent. “I am calling on all drivers in the country nobody will pay. We will also establish our own insurance company,” he threatened. He said all drivers will be meeting in the coming days to form their own insurance companies.

Insurance companies have agreed to sell motor insurance cover at a cost of GH¢1.30 a day, making it the first time that car owners can purchase insurance on a short-term basis. By this new policy, which will commence today, vehicle owners can purchase insurance for at least on a monthly basis, which however comes at a cost of 10-20 percent more than when one buys a policy on an annual basis to cover administrative and processing cost. This is a sharp deviation from the previous practice whereby vehicle owners were mandated to buy insurance on an annual basis. As a result of the new policy, the annual premium for the least motor insurance policy — third party insurance — will now cost GH¢471 for private cars, which hitherto cost GH¢70; while that of commercial taxis has been priced at GH¢576 per annum.

According to the 2015 motor insurance tariff, underwriting and implementation guidelines approved for implementation by the General Insurance Council and the industry regulator, National Insurance Commission, third party premium for mini-buses commonly called ‘Trotro’ has also been set at GH?586 with motorcycles required to pay GH¢256 for an insurance. The rise in the third party insurance tariff will have a multiplying effect on the costs of buying comprehensive insurance policy, since there is a thirdparty component in any premium paid for a comprehensive cover. Even though the face value of third party insurance policies has now gone up substantially, insurers have explained to the B&FT that the increment will help insurance companies to support third party road accident victims by paying claims when they fall due.

The B&FT understands all the stakeholders, including the Ghana Insurers Association and National Insurance Commission, have agreed to the increment as input costs of the insurance firms have all gone up. This is the first times in five years that motor insurance premium has been increased and will take effect, today Monday June 8, 2015, to help insurance companies compensate vehicle passengers that may be involved in an accident. Previously, motor insurance cover was sold on an annual basis, and insurers believe this new motor underwriting guideline of selling motor insurance policies will make it flexible and allow insurance companies to meet increasing third party claims. Some heads of insurance companies explained to the B&FT that the increment has been necessitated by the increases in fuel and utility tariffs, as well as the unstable macroeconomic environment that has seen the cedi collapse.

“In 2010, when we last increased motor insurance premiums, the cedi was trading at GH¢1.47 to a dollar. Today, it cost GH¢4 cedis to a dollar. Within the same period, inflation has increased from 8.58 percent to 16.8 percent while fuel prices have also increased from GH¢1.75 a litre to GH¢3.3. “Tariffs for utilities have also gone up, just as road traffic accidents with the ever-increasing liabilities assumed by underwriters; both under the third party injury and death and own-damage claims. There is no doubt that to continue charging the same premiums would eventually collapse the motor portfolio and incapacitate our ability to effectively meet our obligations to policyholders and third party victims of motor accidents,” they argued.

The Ghana Insurers Association (GIA) — the umbrella organization of insurance companies — says it has put in place measures to ensure strict compliance with the new motor insurance tariffs and prevent insurers from undercutting to gain “unfair advantage”. “We urge motor underwriters to ensure strict compliance with the new tariff and underwriting and implementation guidelines. Clandestine monitoring arrangements have been put in place, and those found going contrary to the new tariff will be severely sanctioned,” the CEO of the GIA, Atsu Kosi Menyawovor said in a correspondence to insurers sighted by the B&FT.