The five reinsurance companies that maintained fully-fledged offices in Ghana jointly hosted a four-day seminar last week as part of their collaborative capacity building efforts for the
insurance industry.
The five companies are: Ghana Reinsurance, Mainstream Re, GN Re, WAICA Re and W-Safe Re. Ghana Re is state-owned, Mainstream Re and GN Re are fully indigenous but privately owned, while WAICA Re is owned by the West Africa
Insurance Companies Association of which some Ghanaian insurance firms are members. W-Safe Re is privately, foreign owned but is domiciled in Ghana.
The Joint Local Reinsurers Seminar was the 2025 edition of an annual series by the reinsurance companies and addressed Compliance, Ethics and Financial Integrity. It targeted the Chief Finance Officers (CFOs) and Heads of Finance of insurance and reinsurance companies as well as broking firms in Ghana. The previous edition targeted CEOs in the insurance industry.
The seminar took place from Tuesday, August 5 to Saturday August 9, 2025 at the Volta Serene Hotel in Ho, the capital of the Volta Region. The theme for the event was Compliance, Ethics and Financial Integrity in Insurance – The Role of the CFO.
The Commissioner of Insurance and CEO of the National Insurance Commission, Dr Abiba Zakariah, officially opened the seminar as the Special Guest of Honour. The opening of the event was attended by the CEOs of the five reinsurance companies as well as CFOs drawn from across Ghana’s insurance industry. The seminar’s technical sessions brought together about 50 finance professionals.
Both the Commissioner of Insurance and the CEOs of the hosting reinsurance companies were unanimous in their insistence that their insurance company cedants should endeavor to pay the due reinsurance premiums on the portions of the risk they underwrite which they pass on to their reinsurers.
Indeed, this is a persistent problem in the insurance industry; the primary underwriting insurers often default on their reinsurance premium payments, claiming that they have not collected premium payments from their clients, a situation which, if true, is suspicious given that the National Insurance Commission has a directive in place that insists that an insurer cannot issue a valid policy without premiums being paid. Effectively therefore such circumstances invalidate the
insurance policy and by extension the reinsurance policy from which it is derived.
The seminar explored the critical role of finance in the insurance eco-system. Participants benefitted from expert-led discussions, interactive sessions and opportunities to network with fellow professionals.
Professor Kwame Adam Frimpong, the managing director of Mainstream Reinsurance delivered a two-part presentation on Regulatory compliance and legal considerations in finance and insurance
The next day, Kwadwo Brantuo Mpeani delivered a two-part presentation on Ethical issues and the professional accountant.
On the last day of technical sessions, Professor Abdullahi Nakyea delivered a two-part presentation on Value Added Tax and insurance Accounting.
In Ghana’s insurance industry, CFOs play crucial roles in the operations and strategic direction of the companies where they work. Their responsibilities are vital for financial stability, regulatory compliance, and business growth.
These responsibilities include: Financial strategy and planning, risk management and insurance/reinsurance structuring, regulatory and financial reporting, as well as treasury and investment management. Other tasks include: Performance monitoring and stakeholder engagement as well as technology driven financial innovation,
Last week’s seminar underscored the commitment of local re-insurers to strengthen financial integrity and uphold the highest standards of ethics and compliance within Ghana’s insurance industry, which is built on public trust and confidence, which in turn is derived from prudent and responsible regulation.
Ghana’s five local reinsurers underwrite a portion of the risk taken on by primary insurance firms in the country, competing with reinsurers domiciled abroad for this business. They also take on a portion of some of the risks underwritten by primary insurers domiciled abroad as well.