Skip to main content

Coronation Insurance meets ¢50m minimum capital requirement


In line with regulatory directive by the National Insurance Commission (NIC), Coronation Insurance Ghana Limited has raised its capital to meet the new minimum capital requirement.

With this move, Coronation has become one of the insurance companies to meet the new capital requirement of ¢50 million.

The Company enhanced its underwriting capability through a capital injection of about $5.14 million by its shareholders.

This has significantly raised the company’s minimum capital from ¢17.1 million to over ¢52 million, putting it among the top insurance companies in Ghana in terms of solvency and capital.

Coronation Insurance is a leading Ghanaian insurance company licensed by the NIC to offer diverse range of products and services covering all classes of non-life insurance such as Motor Insurance, Marine Insurance, Fire and Special Perils, Professional Indemnity, Workmen’s Compensation, All Risks Insurance, etc.

The time-tested expertise of the company in risk management and actuarial services over the years has positioned it as one of the top five companies in the insurance industry with the best claims reserves.

With a claims payout of more than ¢54million in the last 5 years, the company continues to solidify itself as one of the insurance companies best placed in paying claims.

With a legacy of business operations in Ghana since 2009, the company provides products and services that are designed to offer value beyond the ambit of traditional insurance services. Typical of this, is the company’s offer of a free car tracker to customers with vehicles worth GH¢ 100,000 or more in order to enhance their customers’ operations.

The Coronation story is one that dates back to the 20th Century with a founding in 1958 as the West African Provincial Insurance Company (WAPIC).

The parent company, which was founded in Nigeria and listed on the Nigerian Stock Exchange (NSE) in 1990, expanded its operations to Ghana in 2009 under the name, Intercontinental Wapic Insurance. In 2011, the company became a subsidiary of Access Bank as a result of Access Bank’s acquisition of Intercontinental Bank.

Following the divestment of Access Bank through its share distribution scheme in 2013, the Company rebranded to Wapic Insurance in 2014. Subsequent to all Board, Shareholders and Regulatory approvals, the Company changed its name to Coronation Insurance in 2021 to align with its business focus of transforming the African continent through the provision of transformational financial solutions.

Digital revolution

Over the years, Coronation has defined an audacious ambition to be one of the top leading full serviced West African insurance companies by investing in digital transformation initiatives across marketing, social media, sales and customer touch points. This is driving the Company to become a data-driven organisation that develops new business models and delivers more personalised products and services for its customers.

Key amongst these initiatives, is the implementation of a world class full-serviced Core Insurance Application (WapX) to improve operations across the different touchpoints of the Company.

Comments

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...