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Thriving after the storm

Key considerations for moving your Insurance business from ‘recovery’ to ‘thriving’ amidst COVID-19

In a bid to improve the robustness of the Insurance industry and enable it contribute tangibly to the socio-economic development of Ghana, the National Insurance Commission (NIC), the regulator, has revised upwards the Minimum Capital Requirements of all insurance entities.

Although this was announced before the onset of the COVID-19 pandemic in Ghana and was scheduled to take effect from 30 June 2021, the adverse impact of the pandemic on Insurance businesses led to a postponement of the effective date to 31 January 2022.

To help insurers, this article outlines some of the key areas Insurance companies may want to focus on in a bid to demonstrate to capital providers their ability to progress beyond the recovery phase and to thrive going forward.

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