HOUSE JOURNAL OF REINSURANCE CO. LTD January - June 2017

GHANA RE'S FIRST Corporate Insurance For Inclusive CEO Governance National Roundtable - The Way To Go Development Conference UAE, Dubai GHANA REINSURANCE COMPANY LIMITED

Mission

Core Values

TIMELY Provide timely response

TEAMWORK RESOURCEFUL Collaborate Build openly and capacity honestly and remain TRUST professional

UNIQUE Add value through innovation and creativity C O N T E N T S

Insurance For Inclusive National Development 5 Paper On Internet of Things and the future of Insurance 6 International Seminar Held in Takoradi 8 Corporate Governance - The Way To Go 10

11

A Disgruntled Policyholder and An Agent 12

Zambia Training 14

Allons A Paris 16

Retirement - Mr. Gustav W. K. Siale 18

Cyber - Attacks What Is It? 20

Corporate Social Responsibility 22

7th Cedants’ Awards Night 24

Jokes Motivational Speeches / Jokes 27

The GUARANTOR 3 EDITORIAL EMPOWERING PEOPLE TO ADD VALUE

Welcome to the 2017 edition of the Guarantor. This year, our focus is on organisational value creation towards provision of needs-satisfying services for clients. We hope to achieve this through the empowerment of people. Ghana Re's desire is to enhance our training support to clients and partners in local and international markets by building capacity in the underwriting of special risks, conducting proper risk surveys and managing risks as well as other relevant subject areas. Our intention is to assist with the unlocking of potential within people in the industry, particularly, on the African continent. Many training programmes and workshops have been organised during the first half of the year, including a CEO's forum as well as our legendary international training. We are fully committed to doing more to equip people with appropriate skills and broaden their knowledge in new areas. We want to place people shoulder to shoulder with insurance professionals on other continents and, eventually surpass them in the delivery of top-notch insurance services. Aside technical support, we plan to add other interesting and relevant programmes to our training portfolio for your benefit. Help us improve by sharing your feedback with us. We are always at your service.

Editorial Committee

Mrs. Jesicca Mr. Emmanuel Allotey Nii Lamptey Chairman Vice Chairman Dr. Abiba Zakariah Managing Director

Mrs. Vida Mrs. Elizabeth Kotey Ashie Member Member

The GUARANTOR 4 INSURANCE For Inclusive National Development

By Dr. Abiba Zakariah, MD, Ghana Reinsurance Company Limited

CONCLUSION

"The stark reality is that most poor people in the world still lack access to sustainable financial services, whether it is savings, credit or insurance. The great challenge before us is to address the constraints that exclude people from full participation in the financial sector…Together; we can and must build inclusive financial sectors that help people improve their lives." Kofi Annan, 2003.

The Insurance industry needs empowerment to provide relevant products for the larger low income and growing middle income earners using technology and the social media. To continue to play its role in national development by providing what we promise "financial security".

The GUARANTOR 5 Paper On Internet of Things and the future of Insurance

BY MRS. MONICA AMISSAH (AG. DEPUTY MANAGING DIRECTOR, TECHNICAL, GHANA RE) 1.0 DEFINITION OF INTERNET OF THINGS (IoT) The term "Internet of Things (IoT)" was coined by Kevin Ashton of Procter & Gamble, later MIT's Auto-ID Center, in 1999 and it refers to the inter-networking of physical devices, vehicles (also referred to as "connected devices" and "smart devices"), buildings, and other items embedded with electronics, software, sensors, actuators, and network connectivity which enable these objects to collect and exchange data. In 2013,Global Standards Initiative on Internet of Things (IoT-GSI) defined the IoT as "a global infrastructure for the information society, enabling advanced services by interconnecting (physical and virtual) things based on existing and evolving interoperable information and communication technologies". In simple terms, the IoT refers to the connection of devices (other than typical wares such as computers and smart phones) to the Internet. Cars, kitchen appliances and even heart monitors can all be connected through IoT and as Internet of Things grows in the next few years, more devices will join that list. IoT therefore has three (3), interdependent components which are: things with networked sensors, data stores, and analytics engines.

The GUARANTOR 6

? 4.0 ADVANTAGES & DISADVANTAGES OF IoT Home insurance companies are Some possible uses of IoT data as well as what can go wrong are as depicted sensitizing customers about the in the Table below: usefulness of having certain connected devices installed at their Uses Problems premises to prevent potential danger Product designing Malfunctions to property. Underwriting Hacking ?Drones are being used as a tool to access property damage after Premium pricing Negligence incidents have occurred thereby Fraud prevention Privacy assisting in making the work of loss Claims handling Data breach litigation adjusters near perfect. Real time analysis ?IoT based analytics can be used Marketing to predict future event which will assist insurers in pricing as well as prepare clients for upcoming events 5.0 THE INSURANCE INDUSTRY AND IoT and thus reduce damages. The ability to bring internet connection to nearly every type of consumer device will have huge impact on the insurance industry. Insurers looking to cut 6.0 THE WAY FORWARD cost, improving business practices and client's risk levels assessment will As insurance practitioners, it is increasingly invest in the Internet of Things. Some typical examples of the becoming increasingly imperative to impact of IoT on insurance are as listed below: think outside the box so as to ensure ?Some auto and health insurers have already started offering new types of that, we can take advantage of this insurance known as usage base insurance that uses IoT to track clients' technological innovation to the activities and offer discounts/rewards for healthy and safe behavior. benefit of our companies and our ?Health insurers are providing free fitness trackers and offering lower economies as a whole. premiums and other discounts for meeting daily exercise goals.

The GUARANTOR 7 INTERNATIONAL SEMINAR Held in Takoradi -February 2017

he history of any Evolving trends and complex risks appropriate technical tools in the that confront insurers in their daily hands of its employees to enable insurance industry operations coupled with the huge them provide the requisite is one of growth in the insurance industry professional service. T require increasing awareness and We should be keenly aware of the innovation, reform, improvement in the competitive problems within our industry such as growth and sound structure of the players in the inadequate skills in underwriting development and industry. To enable a company complex emerging risks, insufficient compete favourably, it is also service coverage, rate undercutting, Ghana's is no exception. necessary for it to place the and poor growth strategies which

The GUARANTOR 8 make the industry incompatible with and stimulating business growth in insurance services, the Company the needs of economic development our country. This, we believe, would periodically conducts seminars aimed as well as the goals of building a also translate into corporate at assisting in updating the skills of moderately prosperous society. profitability. personnel in the industry both local It is equally important that Insurance It has always been the firm belief of and overseas. Practitioners are properly trained to Ghana Re that technical capacity We believe that the continuous enable them serve the public better development is vital for the growth of training of Ghana Re's clientele in the countries where it operates will help which would lead to the insurance any Insurance Industry. In line with stimulate healthy competition and industry playing its vital role of the Company's mission to assist thereby help raise standards in the providing protection, peace of mind clients provide efficient professional African insurance markets.

The GUARANTOR 9 Corporate Governance

- The Way To Go Emmanuel Nii Lamptey “ “

R. Fricker

The GUARANTOR 10 GHANA RE'S FIRST CEO Roundtable Conference 2017 -UAE, Dubai

h a n a R e's f i r s t C E O Appetite. Resource person also Roundtable Conference was provided some demonstration on Gheld at the Apex Insurance thepractical implementation of ERM, Training Centre, Dubai International Designing Risk Maps, Risk Registers Finance Centre, Dubai, United Arab and Business Continuity Plan. Emirates from April 9 - 13, 2017. In all, eleven participants from nine The conference was officially closed insurance in four countries - Ghana, with a dinner on Wednesday evening after a city tour of Dubai township. Sudan, India and UAE attended the Reinsurance, Dubai Financial Centre Closing the programme Dr. Abiba programme. (DFC), Mr. Lawrence Njore of Apex Zakariah informed the CEOs that I n s u r a n c e , N a i r o b i O f f i c e , Ghana Re was prepared to assist them The focus for the first roundtable Mr.TareqMareaand Ms.Julie Justin, with the implementation of ERM at conference was Enterprise Risk both of Apex Insurance, Dubai office their workplaces. Following discussions Management. The ultimate goal was and Mrs. Mary Ohene-Adu of Ghana held during the conference, she further for each CEO to walk away with a clear Re. urged the CEOs to form risk picture of what ERM is, what they could management committees (if they do achieve from ERM and an action plan Participants were taken through not have)and contact the office for the to help run their businesses or use as a various topics including Defining necessary support with regards to benchmark for existing systems in their Enterprise Risk Management, Role of t r a i n i n g . Pa r t i c i p a n t s w e r e organizations. ERM in Corporate governance using subsequently given certificates of some models such as the COSO participation for attending the The facilitators were Dr. Abiba Framework, and Establishing Risk conference. Zakariah Managing Director of Ghana Re and Mr. YacoubSawalha, an Insurance and Risk Consultant of Apex Insurance. They were assisted by Mr. Zuhair Al Atout, CEO of Apex Insurance.

The Conference was jointly opened on Monday, April 10 at 9.00 by Dr. Abiba Zakariah and Mr. Zuhair Al Atout. In attendance were Mad GracitaAoa-de Gracia, Manager Insurance and

The GUARANTOR 11 A DISGRUNTLED POLICYHOLDER AND AN AGENT By Mawuli Zogbenu

The GUARANTOR 12 The GUARANTOR 13 TRAINING 2ND TO 4TH MAY, 2017

Kenya TRAINING 14th TO 16th JUNE, 2017

The GUARANTOR 14 Your Trusted Partner for Reinsurance Service

HEAD OFFICE - REGIONAL OFFICE CAMEROON - REGIONAL OFFICE KENYA - Plot 24, Sudan Road, Ambassador Hotel Area, Rue Drouot Akwa, TRV Office Plaza, 58 Muthithi Road Ridge, . P. O. Box 1177 Douala, Cameroon Suit 2D, Westlands. P. O. Box AN 7509 Accra-North Tel: +237 99318959 P. O. Box 42916-00100, Nairobi, Kenya Tel: +233(0)302 633 733 Fax: 233 (0)302 633 711 Tel: 254 20 3748974/5 Email: [email protected] Web: www.ghanare.com

RATING: AM BEST - Financial Strength B; Issuer Credit bb The GUARANTOR 15 Your Reinsurer of Choice ALLONS A PARIS Ghana Reinsurance Renforce Les Capacites Des Acteurs Del’assurance

The GUARANTOR 16 Mrs. Elizabeth Ashie

The GUARANTOR 17 Retirement - Mr. Gustav W. K. Siale Managing Director

The GUARANTOR 18 The GUARANTOR 19 CYBER - ATTACKS WHAT IS IT?

CHARLES EBO FABIN

The GUARANTOR 20 GUARANTOR 21 CORPORATE SOCIAL RESPONSIBILITY DONATIONS TO SELECTED HEALTH AND EDUCATION INSTITUTIONS

The GUARANTOR 22 The GUARANTOR 23 7th Cedants’ Awards Night

The GUARANTOR 24

Jokes

Poor young chap.....he attended a seminar organised by Management on....”Admit mistakes and earn respect” he admitted one ...... they sacked him!!!

HUSBANDS ARE THE BEST PEOPLE TO SHARE YOUR SECRETS WITH.

THEY’LL NEVER TELL ANYONE BECAUSE THEY AREN’T EVEN LISTENING.

Motivational Speeches

The GUARANTOR 27 GHANA REINSURANCE CO. LTD Box