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Star assurance records significant growth and awarded CIMG Insurance Company of the year 2012

The year 2012 saw very significant growth in Star Assurance’s gross premium production. Gross Premium grew from GH¢35.1 million in 2011 to GH¢61.8 million, representing 76% growth. The company’s Profit before Tax also grew from GH¢3.7 million in 2011 to GH¢8.1 million in 2012, representing 119%. Investment Income for 2012 grew by 250% over the 2011 figure of GH¢1.4 million to GH¢4.9 million.
This sterling performance has earned them the prestigious Insurance Company of the year 2012 award by the Chartered Institute of Marketing Ghana. In 2012 the top six classes of insurance that delivered the most premium income and the percentage of total premium income they provided were: Accident (46.10%), Motor (30.97%), Fire (11.30%), Marine (5.41%), Aviation (5.24%), and Travel (0.98%) The red and white façade of its head office situated in Kokomlemle, Star Assurance Company Limited is unmistakably professional and customer friendly in everything it does, including even where it operates from.
The company with its head office in Accra has nine branch offices across seven out of the country’s 10 regions. These are Greater Accra, Ashanti, Eastern, Brong-Ahafo, Western, Volta and Northern. The company operates contact offices in Central, Upper West and Upper East regions. Star Assurance has successfully operated for twenty-eight years and currently the second biggest insurance company in the country. The company’s capability in handling all classes of insurance is reflected in the skills and expertise of its staff.
 The company’s management team is made up of seasoned chartered insurers, marketers, accountants and lawyers, most of them with over 15 years experience in the insurance industry. The company’s mission is to optimise resources in order to give clients increased satisfaction, optimised human potential and shareholders maximise returns for Shareholders. Star Assurance works to achieve this by making customer satisfaction the topmost priority, as well as providing a congenial work environment for its staff.
The company is a fast growing, well-managed company, offering competitive insurance products with excellent service delivery and this is why Star Assurance has consistently been recognized as one of the biggest in the industry.The great stride the company has made in insurance in recent years has been acknowledged by the industry and its customers in particular. In the National Insurance Commission’s (NIC) 2011 Annual Report, Star Assurance was ranked second in the general insurance industry by Total Assets and Gross Premium Income respectively.
Star Assurance has been a member of the prestigious “Ghana Club 100” – a listing of the top 100 blue chip companies in Ghana and was once adjudged number one in the insurance industry Responding to the business outlook of Star Assurance, The Managing Director, Mr. Kofi Duffuor said, the company will continue to invest in people and technology to enhance its existing insurance products as well as develop innovative packages to reflect the dynamic needs of its customers.
Mr. Duffuor emphasized that Star Assurance is positioned to take service excellence in the insurance industry to greater height and Customer satisfaction which has been the hallmark of the company will continue to be an important pillar in its operations in the years ahead.


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