WAICA sees Sanlam Allianz merger deepen insurance market penetration

The West African Insurance Companies has given kudos to the management and staff of Sanlam Allianz Insurance on the successful conclusion of their merger and launch in Ghana.

It stated that the merger would bring added impetus to its operations and lead to a stronger and vibrant insurance company.

Davis Iyasere, secretary general of WAICA, while speaking on the joint venture, commended the initiative and expressed hope that it would deepen insurance in Africa, particularly in the West African sub-region.

He expressed WAICA’s readiness to partner with SanlamAllianz as they take the next steps in their operations, even as he congratulated the Managing Director of the new entity, Tawiah Ben-Ahmed for the vigour and tenacity with which he drove the process of the successful merger underscores SanlamAllianz’s ambition to be among the top three players, in both market share and profitability.

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He expressed confidence that SanlamAllianz will create significant value for clients, shareholders and other stakeholders as the combined expertise and resources of the new company will provide innovative solutions and services to meet the ever-evolving needs of policyholders in Ghana.

“It is hoped that the new entity has the capability to gain leadership positions in all key markets in both general insurance and life segments, unlock the potential of multiple fast-growing African markets and access a wider range of customers, particularly in the corporate segment,” he added.

“According to him, the merger will provide opportunities to improve insurance penetration in

Ghana, adding that with the right combination of financial strength, scale, new technology and a tangible commitment to the customer, the company is poised to be a market leader and a dominant force in the market in the foreseeable future.

With a combined group equity value (GEV) of approximately R35 billion, it is expected that retail and corporate clients will benefit from a broader offering of insurance products tailored to their needs as well as best-in-class financial solutions. Products and services will be available in the markets where one or both companies currently operate, he averred.