Mr. Justice Yaw Ofori has been appointed as the Commissioner of the National Insurance Commission (NIC) effective July 12, 2017 by H.E. President Nana Addo Dankwa Akufo-Addo. He takes over from Ms. Lydia Lariba Bawa.
Mr. Ofori is a Fellow of the Canadian Insurance Institute, and also a Fellow of the Insurance Institute of Ghana with over eighteen years experience in the insurance industry. He comes with experience and general knowledge of insurance practices, both local and international, which is expected to assist him push the affairs of the NIC to greater heights.
Prior to his appointment, Mr. Ofori was the first Director of the Ghana Insurance College for eleven years and also a Senior Manager of Vanguard Assurance Company for two years.Under his leadership at the College, he helped to educate, train, mentor and develop insurance professionals to excel in the practice of the insurance profession. He facilitated the College’s affiliation with the Malta International Insurance Training Centre which enabled over 300 students of the College to qualify as chartered insurers.
He previously lectured in Loss Quantification at the Institute of Chartered Accountant, and was once a Resource Person for the Ghana Insurers Association during their information sessions.
The new Insurance Commissioner is a product of the University of Ghana, Legon, graduating with a BA (Hon) Degree in Political Science in 1988. He proceeded to the Toronto School of Business, Canada to read Diploma in Banking and Financial Services, and thence to the York University, Canada and the University of Toronto, Canada to continue his education. In 2010, he acquired an International Executive MBA from the Paris Graduate School of Management.
Mr. Ofori is currently the Chairman of the Ghana Insurance Governing Council.
According to Mr. Ofori, he is committed to liaise with the Ministry of Finance, Cabinet, and Parliament to pass the Insurance Bill into an Act to expedite the revival of the industry.
The new Commissioner said he is also committed in ensuring that insurance penetration is raised by targeting a double digit by the end of the next three to four years, in addition to making sure that insurance companies are adequately capitalised to underwrite big business, especially in the oil and gas sector.
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