GLICO MD calls for national assets to be insured, donates Gh¢100,000 to GAF

The Managing Director of GLICO General, Andrew Achampong-Kyei Esq. is calling on government to consider insuring the nation’s huge yet critical assets like aircrafts, barracks and government buildings to serve as a financial cushion during disasters and other eventualities.

Speaking at a brief somber handing over ceremony of a donation of Gh¢100,000 to the Ghana Armed Forces (GAF) to honour the memories of 8 gallant patriots, who perished in the recent military helicopter crash, Mr Achampong-Kyei Esq posed a critical question to the nation: “Could the sorrow we bear today have been lighter, had we prepared yesterday?”

He argued that when national assets are lost without insurance cover, “the nation pays twice, once in tragedy, and again from the public purse.”

“Let me speak plainly. Ghana must insure its assets; helicopters, vessels, barracks, vehicles, and infrastructure. These are not luxuries; they are the backbone of our national security and development,” he declared.

However, he acknowledged that one insurance company cannot cover these huge assets, calling for collaborative mechanisms in the insurance industry itself, to spread the risk.

“No single insurer can bear such weight alone. That is why co-insurance and reinsurance exist, to share risks across many shoulders,” he explained.

The donation, presented to the Chief of Defense Staff on September 19, marked exactly 44 days since the tragic helicopter crash took the lives of 8 gallant patriots including a two cabinet ministers on August 6.

The Chief of Defence Staff (CDS), Lt. Gen. William Agyapong expressed profound gratitude for GLICO’s sustained support, which he noted extended beyond the immediate aftermath of the tragedy. “Most times when there are such tragedies, you get support from people from the very early stages, and then subsequently you’ll be on your own. GLICO has shown that that is not part of their values,” the C”S stated.

Lt. Gen. Agyapong echoed and amplified Mr. Achampong-Kyei’s sentiment, calling for government to insure its critical military and national assets.

He praised GLICO for a sustained partnership with the military dating back to the 1990s, when GLICO broke convention by offering insurance to military personnel deemed “uninsurable” by other firms. The Army Chief endorsed the GLICO’s vision of shared risk. “Insurance is a good call, a right call. If we take insurance very seriously, no matter the volume of disaster together we will be able to bring ourselves back,” he urged.

Mr. Achampong-Kyei Esq framed the donation as part of a long-standing tradition of solidarity, rooted in the Akan proverb, “Agya bi wu a, agya bi te ase,” which mean when one father passes, another stands in.

Lt. Gen Agyapong concluded with a call for deepened collaboration between GAF and GLICO. “May the collaboration… continue to grow from strength to strength.”

GLICO General is a subsidiary of the GLICO Group, a leading financial services institution in Ghana with a 40-year history of providing insurance and other financial solutions.

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