Imperial General Assurance, a leading insurance provider, has unveiled an industry-first Collision Insurance product in a significant step towards ensuring greater financial security for drivers in the country.
Speaking at the event, David Boafo, acting Board Chair of Imperial General Assurance, said the move signifies Imperial General’s commitment to offering exceptional service and solidifying its position as a key player within the evolving local insurance landscape.
“As our service promises, we have given our clients the peace of mind to focus on what is important to them by providing them with a solid fallback when the unexpected happens,” he stated.
Imperial Collision Insurance directly addresses a critical gap in the market by offering financial protection for car owners in the event of collision-related damages. This robust coverage surpasses basic third-party liability insurance, ensuring policyholders are not solely responsible for the financial burden of repairs or replacements following an accident.
“The launch of this product – The Imperial Collision Insurance – is in response to the needs of the market. This milestone is indeed an industry first, and we are proud of it,” he emphasized.
The move comes as the domestic insurance industry is witnessing a positive shift towards personalized solutions and Imperial’s commitment to innovation aligns perfectly with this trend.
The unveiling of this new product is an indication that the insurance industry in Ghana is growing and working towards developing tailor-made products and services that will meet specific needs.
The product provides policyholders with financial assistance to repair or replace their car if it is damaged in a collision with another vehicle or object. This ensures policyholders are not left financially burdened in the aftermath of an accident.
Recognizing individual needs, Imperial Collision Insurance offers a range of coverage limits to choose from. This allows policyholders to select the level of financial protection that best suits their car’s value and their risk tolerance.
In the unfortunate event that a policyholder is hospitalized Imperial Collision Insurance offers additional coverage for hospitalization beyond 3 days of admission. This holistic approach ensures a more comprehensive safety net for policyholders. The hospitalization benefit is irrespective of whether the policy holder is involved in an accident or not.
The company further acknowledged the need for ongoing improvement and customer-centricity.
“We pledge to do more in this regard,” Mr. Boafo added, solidifying Imperial Assurance’s commitment to shaping a future where Ghanaian drivers can navigate the roads with greater peace of mind.
This initiative comes amidst a period of rising road accidents in Ghana, highlighting the critical need for more robust car insurance solutions.
According to the Motor Traffic and Transport Department (MTTD) of the Ghana Police Service, a staggering 14,135 road crashes were recorded in 2023, resulting in 2,276 deaths and 15,409 injuries.
Imperial General Assurance’s Collision Insurance aims to act as a safety net in such situations, offering financial assistance and alleviating the burden on individuals and families impacted by these accidents, the Acting Board Chair noted.
Deputy Managing Director of Imperial General Assurance, Harry Ofori- Attah emphasized that the product has gone through a rigorous research process to ensure that it delivers the needed value to the intended target market. “We have listened to the market and have responded accordingly” he noted.
Present at the unveiling of the new product were industry big players including the Chief Executive Officer of the Ghana Insurers Association (GIA), Dr. Kingsley Kwabahson, President of the Insurance Brokers Association of Ghana ( IBAG), Mr. Shaibu Ali and Mr. Solomon Lartey, President of the Chartered Insurance Institute of Ghana(CIIG) among others.
The post Imperial General launches industry-first Collision Insurance policy appeared first on The Business & Financial Times.
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