Ghana’s insurance sector is witnessing growing competition, with newer firms beginning to challenge the dominance of established players.
At the 8th Ghana Insurance Awards, Serene Insurance was named Best Growing Insurance Company. In a separate recognition, the company’s Head of Claims, Daniel Otoo, won Claims Professional of the Year at the 5th Chartered Insurance Institute of Ghana (CIIG) Excellence Awards.
Recognition That Reflects Industry Priorities
These accolades are significant for a relatively young firm in an industry where consumer confidence is often tested. Claims settlement remains a critical benchmark for trust, and Otoo’s recognition highlights how professionalism in claims management is increasingly shaping reputations.
For Serene, winning both institutional and individual awards demonstrates progress in aligning with industry standards and consumer expectations.
A Sector Under Transformation
Ghana’s insurance penetration, still below 2% of GDP, remains low compared to global averages, but recognition of rising firms points to changing dynamics. New entrants are leveraging agility, technology, and service quality to gain ground. For regulators and policymakers, this competition provides an opportunity to raise performance standards across the industry, particularly in areas of claims responsiveness and product innovation.
The CIIG Insurance Excellence Awards provides a platform to promote professionalism, integrity, and excellence in the insurance industry, and designed to ensure that Ghana’s insurance practices align with internationally accepted best practices. The 5th edition of the awards event underscored CIIG’s commitment to driving sustained growth in the insurance industry, benefiting clients and raising the standards of insurance practices across Ghana.
Comments on achievements
Commenting on the milestone, Head of Claims at Serene Insurance, Mr. Daniel Otoo that “The recognition marks a proud moment for me, but more importantly, it reflects the collective support, teamwork, and leadership at Serene Insurance. I am reminded that our daily commitment to fairness, diligence, and professionalism in claims management truly makes an impact.
“This award has strengthened my sense of purpose and renewed my motivation to continue upholding the highest standards of excellence, both for our clients and for the growth of Serene Insurance and the insurance industry at large”, Mr. Otoo reiterated.
Reflecting on the being recognised as the Best Growing Insurance for the second consecutive year, General Manager, Marketing & Business Development, Nana Yaw Dwomoh observed “this honour is a demonstration of the sacrifice and devotion underpinned by innovation, speed and agility to the delivery of insurance products and services within the country anchored on the belief of a satisfied client telling the good Serene Insurance story to others”.
“This acknowledgement confirms desire to be the New Face of Insurance through strategic deployment of robust, competitive marketing models targeted in satisfying customer needs and meeting expectations as part of the broader objective to among the top-performing insurance companies in Ghana”, Mr. Dwomoh reiterated.
Chief Executive Officer of Serene Insurance Company Limited, Mercy Naa Koshie Boampong commended the visionary direction from the Board and the hardwork and loyalty of Management and Staff in consolidating the brand presence of the company as the New Face of Insurance as Serene Insurance’s growth path and laurels are unprecedented in the history of new entrants in the insurance ecosystem.
Opportunities and Market Pressures
Despite these positives, insurers continue to operate in a challenging macroeconomic environment. Inflationary pressures, cedi depreciation, and new regulatory capital requirements weigh heavily on profitability and operational efficiency. Still, there are growth opportunities in microinsurance, SME-focused products, and digital distribution channels, which are gaining traction among younger consumers.
Outlook
Serene Insurance’s recognition as Best Growing Insurance Company, alongside Daniel Otoo’s Claims Professional of the Year award, signals that younger players can successfully compete by building trust and credibility in areas where customer expectations are rising. As competition deepens, the industry may see stronger consumer protection, innovation, and a gradual increase in insurance penetration, a key goal for Ghana’s economic resilience.
Source: https://thehighstreetjournal.com/serene-insurance-strengthens-market-position-in-ghanas-insurance-industry/
