Quality Insurance Co. Ltd.

Description

History A little over fifteen (15) years ago the Catholic Bishops’ Conference under the Companies Code of 1963 (Act 179) incorporated Quality Insurance Company Ltd. The Company was licensed by the National Insurance Commission as a composite Insurance Company. In 2006, the new Insurance Act (Act 724) made it mandatory to establish a Life Company (Quality Life Assurance Company Ltd - QLAC) to manage the Life portfolio of QIC. This means that QIC is now underwriting only Non-Life businesses. To satisfy that requirement, the sole shareholder, the Catholic Bishops’ Conference of Ghana successfully offloaded 40% of shareholding through a private placement in 2005 to individuals and groups. The change in the share holding structure and objects in the face of the nuances in the business environment demanded that the company asserted itself as a professional insurer by providing high quality insurance products and services spiced with customer care. Incorporated at a time when the insurance market in Ghana was perceived to have been captured by the giants in the industry, many were those who thought that QIC could not stand the turbulence that characterized the insurance market and the Ghanaian business terrain in general. Fifteen years on, QIC plans to build on the success achieved so far and strategies are in place to at least double the market share. With an enhanced capital base, the Company is poised to take its rightful position as a major player in the Ghanaian insurance market. Mission Quality Insurance Company Limited is in existence to provide high quality insurance services through innovative and superior products coupled with excellence in customer care. Vision The vision of Quality Insurance Company Limited is to become a leader in the insurance industry in Ghana Objectives QIC provides a comprehensive range of insurance and other financial services to its clients with the following in mind To act as insurers generally for every non life risk To act as agents to other insurers To offer employment to Ghanaians To ensure prompt and adequate payment of claims To promote and support charitable and social welfare programmes for the Church and the nation at large Our values People focused Challenging Passionate Action orientated Straightforward