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Old Mutual Ghana has disbursed over GH¢130,000 in group welfare claims to the families of seven Ghana Armed Forces officers who died in the line of duty, underscoring the role corporate life insurance plays in supporting bereaved military families. The payment was presented during a courtesy call to the Department of the Civilian Establishment at the Ministry of Defence, where company executives expressed condolences and reaffirmed their commitment to maintaining efficient service delivery for the military institution. Brigadier General Dagadu, Director General of the Defence Civilians Establishment, acknowledged the insurer’s support for welfare programmes across various units within the Ghana Armed Forces. The payment included both claims settlements and an additional cash donation, though the breakdown between the two was not specified. The visit was led by Kosmas Egumbo, Life and Asset Management Executive for Old Mutual Africa Regions, accompanied by Roy Punungwe, Group Chief Executive Officer of Old Mutual Ghana, and Emma Ocansey, Head of Distribution. Egumbo emphasized the company’s focus on stakeholder relationships, noting that the business depends on maintaining strong institutional partnerships. Punungwe positioned the claims payment within the company’s broader mandate of protecting corporate clients’ most valuable assets, which he described as their people rather than just financial resources. That framing reflects how insurers increasingly market group life products as employee welfare tools rather than purely financial instruments. Old Mutual Ghana, established in 2013 after the South African parent company acquired local insurer Provident Life Assurance, provides life insurance and pension solutions through two subsidiaries. The company operates in a competitive market where group life policies for government institutions and large corporations represent significant business segments. Group welfare schemes typically cover death benefits, with employers purchasing coverage as part of employee compensation packages. For military personnel, such policies provide financial support to families when officers die during active service, whether in combat operations, training accidents or other duty-related circumstances. The payment highlights the practical value of corporate insurance arrangements, particularly for high-risk professions where employer-sponsored coverage may be the primary financial protection available to dependents. However, the adequacy of such payouts relative to families’ actual needs often remains a point of debate, especially given rising living costs. Old Mutual’s presence in Ghana’s insurance market has grown since 2013, with the company leveraging its parent group’s African footprint and international expertise. The firm competes with both local insurers and other pan-African players for institutional business, where service efficiency and claims settlement speed often determine client retention. The courtesy call reflected standard corporate practice in Ghana, where large institutional clients receive periodic visits from service providers seeking to maintain relationships and demonstrate responsiveness. Whether such gestures translate into sustained business partnerships typically depends more on operational performance than ceremonial engagement.
