By Alberta Asanewa Dwirah
The Deputy Minister for Energy, Richard Gyan Mensah, has urged companies in the insurance sector to prioritise building trust among the public to strengthen confidence in the industry. Mr. Mensah made the call while delivering an address on behalf of the Minister for Finance at the launch of ICSG Limited in Accra.
According to him, establishing a company within the insurance industry goes beyond starting a business and represents the creation of an institution that promotes confidence and protection within the economy.
“Insurance promotes enterprise, encourages investment, provides families with security, and strengthens commercial transactions. It is a quiet enabler of national development,” he said.
Mr. Mensah acknowledged that many Ghanaians remain sceptical about insurance due to past experiences with claims settlements. He therefore welcomed the establishment of ICSG Limited, describing its focus on claims management as both necessary and timely. He urged the company to position itself not only as a claims management firm but also as a strategic partner in national development.
According to him, the insurance industry must continue to evolve to address emerging risks such as climate change, market volatility, and other economic challenges. “Your success will be measured by the trust you build, the speed and fairness of your claims processes, and the professionalism of your staff,” he stated.
Mr. Mensah also called on stakeholders across the banking and business sectors to collaborate with the new institution to strengthen Ghana’s insurance ecosystem.
Speaking at the event, the Chief Executive Officer of ICSG Limited, Denis Yaw Tufour, called for greater professionalism, transparency, and efficiency in claims management to help restore public confidence in Ghana’s insurance industry.
Mr. Tufour said the establishment of ICSG Limited represents more than the launch of a new business, describing it as a commitment to integrity and renewed trust in the insurance sector.
He noted that insurance penetration in Ghana remains below two percent, which he said highlights the need to strengthen public confidence in the industry.
Mr. Tufour explained that the manner in which claims are handled often determines whether trust in the insurance sector grows or declines.
“Claims are where insurance becomes real. They are where trust is either built or broken,” he stated.
He added that ICSG Limited will operate based on five key principles: independence and integrity, efficiency without compromising quality, regulatory alignment and technical excellence, respectful communication with claimants, and support for market sanitisation through fraud detection and proper verification.
