The Managing Director of GLICO General, Dr Andrew Achampong-Kyei, has underscored the need for the country to insure its critical national assets to avert huge financial losses in times of disaster.
He said assets such as helicopters, marine vessels, barracks, vehicles and infrastructure were the backbone of national security and development, and therefore should not be left without cover.
“When they are lost without insurance, the nation pays twice, one in the tragedy, and again from the public purse,” Dr Achampong-Kyei stated.
He made the call in Accra last Friday when GLICO Life Insurance Company donated GH¢100,000 to the Ghana Armed Forces (GAF) at the office of the Chief of Defence Staff (CDS).
The donation was part of GLICO’s commitment to cushion the military and the families of personnel who lose their lives in the line of duty.
Dr Achampong-Kyei explained that no single insurer could bear the weight of insuring such large assets, stressing the need for co-insurance and reinsurance arrangements to spread risk and protect the nation more effectively.
GLICO’s support
Recalling the recent tragedy that claimed the lives of eight nationals, including three soldiers, Dr Achampong-Kyei said GLICO had stood with their families by providing insurance benefits where policies existed and donations where they did not.
He further highlighted the company’s relationship with the GAF, stating that GLICO was the first insurer in the country to design packages for the military at a time when personnel were considered uninsurable.
He said the company had remained a trusted partner through difficult times, including during the COVID-19 pandemic, when it supported education campaigns and initiatives to boost public confidence.
“For 40 years, GLICO has lived by its promise, “we cushion you for life.
Today, we renew that pledge. But let it not be GLICO’s promise alone, let it be a national vow. Let us insure. Let us prepare, let us protect,” he added.
Commendation
The CDS, Lieutenant General William Agyapong, commended GLICO for its continued support to the GAF, describing the appeal for a stronger insurance culture as timely and necessary.
“It’s a right call, and I hope all stakeholders will come on board.
If we take insurance seriously, no matter the volume of disaster, we will be able to recover,” he said.
Lt Gen. Agyapong also lauded GLICO for sustaining its support beyond the immediate aftermath of tragedies, saying that the company had stood by the GAF since the early 1990s.
He said the partnership had grown stronger and had become a bond that the institution greatly valued.
Lt Gen. Agyapong described the donation as an act of mercy and prayed for God’s favour and progress for the company in its endeavours.
