Wapic Insurance has complied with the National Insurance Commission’s (NIC) recapitalisation requirement regulatory deadline of December 31, 2015, by injecting fresh funds into its operations.
Mr Adedayo Arowojolu, Managing Director for Wapic Insurance said the Company’s capital base had grown to GHȼ 17 million, which exceeds the regulatory requirement.
He, however, explained that the regulatory directive on recapitalisation mirrored Wapic Insurance’s ongoing transformational agenda conceived to position the company for industry leadership.
Mr Arowojolu, who made the disclosure during a media interaction in Accra, said, the Company had proactively commenced deepening its capital base since 2014 prior to NIC’s revision of the solvency framework.
He noted that, as such, its parent company, Wapic Insurance Plc, Nigeria injected GHȼ 6.78 million to boost the company’s capital base in the first quarter of 2014.
“It also injected another GH₵ 10.4 million in December 2015 to enhance its capital adequacy ratio, which is above the 150 per cent regulatory minimum,” he added.
The Managing Director noted that driven by its aspiration to industry leadership, Wapic Insurance Ghana continues to evolve initiatives that would firmly establish the company as the insurer of choice in the Ghanaian market.
Mr Adedayo described the Company’s outlook for 2016 as a unique opportunity to create a truly African financial services company with international delivery standards.
He again noted that they were inspired to be one of the fastest growing insurance brands in West Africa with a continued resolve to transform and illuminate the industry for the benefit of both its customers and other stakeholders.
The NIC introduced a new solvency framework in 2015, which took effect on January 1, 2016 under the new guidelines all insurers and reinsurers are expected to recapitalise to a minimum of GHȼ 15 million by December 31, 2015.
The capital base of insurers was increased from one million dollars to GHȼ 15 million; this was in a quest to strengthen the financial capacity of operators in the Ghanaian insurance Industry.
Wapic Insurance Plc., is a leading West African multi-line insurance company providing solutions covering life, general and special risks.
Established in 1958 and listed on the Nigerian Stock Exchange since 1978, the company’s mission is to transform and illuminate the insurance industry for the benefit of its customers and other stakeholders.
The company focuses on two core business segments – General and Life Insurance. The Company has two wholly owned subsidiaries.
Wapic Life Assurance Limited and Wapic Insurance (Ghana) Limited as well as an associated company, Coronation Merchant Bank Limited.
Through its diverse products portfolio and commitment to creating excellent service experience, the company which boasts of AM Best financial strength rating of “B-” and an Issuer Credit rating of ‘bb-”, for the second year running has significantly enhanced its underwriting capacity to rank amongst the top five insurance companies in Nigeria by solvency and capital.