The Ghana Insurance Brokers Association (GIBA) has set up an Oil and Gas brokerage company — GIBA Energy Insurance Limited — as a specialist oil and gas broker wholly-owned by members of the association to enhance insurers’ participation in the promising oil and gas industry.
The venture is a collaborative partnership with government as it reaffirms its commitment to promoting local industry by putting local content participation into law.
“The Petroleum (Local Content and Local Participation in Petroleum Activities) Regulations 2012 recognises insurance participation and participation, and particularly emphasises the participation of insurance brokers.
“This is a commendable venture and GIBA will count on the support of government and industry players to position the company as a unified, equitable and pragmatic solution in the call for local companies to provide services to the oil and gas sector.
“Section 28 (2) of the Regulations states that “the insurable risks relating to petroleum activity in Ghana shall be insured through a brokerage firm registered in Ghana or, where applicable, a reinsurance broker,” the statement from GIBA reads.
GIBA has for the last 24 years after inception contributed to nation-building through the grouping of all individuals, incorporated insurance brokers and consultants in the insurance industry while promoting as well as maintaining and upholding high standards in insurance broking in the country.
It has also promoted and encouraged learning and research into all branches of insurance, insurance broking and its related disciplines.
The statement said GIBA is currently providing staff of its member-companies the opportunity of acquiring knowledge and skills associated with international risk management and broking practice to empower them provide innovative solutions for potential risk management problems of their clients.
“We expect brokers to put on their best caps for professional and ethical behaviour in the discharge of their duties, since sustainability of the insurance industry depends on these,” the statement reads.
Meanwhile, GIBA has launched its 25th anniversary celebrations in Accra. The year-long celebration will among other things provide the association a platform to strategise and introduce new ideas for sustainability of the brokerage and insurance industry as a whole, through special training in oil and gas for industry players as well as public lectures on the practice.
Some programmes lined up to mark the anniversary, which will be climaxed in October 2013, include a health walk and medical screening, symposia, fun games, and quiz competitions.
There will also be talk-shows on selected TV stations, donation to the Children’s Hospital in Accra, as well as a Dinner-dance and Awards.