Managing the Risks in Ghana with Strong Foreign Reinsurance Partners

Interview with Genevieve Tachie, Regional Chief Finance Officer of Activa International Insurance

Please introduce yourself.

My name is Genevieve Tachie; I am the Regional Chief Finance Officer at Activa Ghana. When we talk about regional, I play a vital role in our subsidiaries in Liberia and Sierra Leone. I am in control of all of their finances but I am based in Ghana.

How would you compare the Ghanaian insurance market with the other markets where you have your regional subsidiaries?

Ghana’s insurance market is more developed. Because of the wars that Liberia and Sierra Leone have experienced, their business and insurance sectors have suffered. We give them support in all areas – underwriting, claims, financial because the markets there are still underdeveloped. We have to support our subsidiaries from here. Their services are hosted here and every product that they need to launch is supported from Ghana. In this way, they learn from us.

Come and join the family at Activa.

How has the company been impacted, not only by the economic situation in the country but by the natural disasters in the form of the floods that happened earlier this year?

The rains in June were catastrophic and significantly affected our operations. However Activa places a lot of focus on reinsuring the risks that we take on, and so our reinsurance partners were out there supporting us during the storms. When you look at our net figures you don’t see a huge impact because the reinsurers are taking a chunk of these losses.
Apart from that, the various economic factors that we are currently experiencing, from the fluctuations and the depreciation of the local currency, inflation, are affecting our business but Activa deals with foreign partners and so we have put in the measures to make sure that these factors don’t bring us down. We are doing our best to stay afloat.

What would be your personal vision for the company?

My personal vision for Activa is to see us over the next four or five years among the top 5 companies in the country, not only in terms of premiums but also in terms of profits and returns for our shareholders.

Is there any final message you would like to convey?

Activa doesn’t only focus on corporate businesses; we are out there to support all of the retail market too. So my message to everyone out there is to come and join this family. We provide a one stop shop. Our service delivery is one of the best in the country. If you come to Activa, you won’t have to go from desk to desk to get your problem resolved. At just one desk, all your problems will be solved. Come to Activa where you will be ensured the best delivery and when you suffer any losses you are sure of prompt payments for your claims. Come and join the family at Activa.