EDWARD MENSAH - Associates of the Chartered Insurance Institute (A.C.I.I.)
(Chartered Insurance Practitioner)
- Fellow of the Ghana Insurance Institute (F.G.I.I.)
Born on 7th September 1934, Edward Mensah attended Accra High School and on obtaining his Cambridge School Certificate in 1955 commenced his business career in Banking (Barclays Bank D. C + O) in 1956. He had the benefit of the Bank’s Training Courses “A” and “B”. He was given charge of the Bank’s Agency at Ambassador Hotel and later manned the Achimota Agency.
While in the Bank, he met Mr. Bob Freeman, an African American and a renowned, Actuary, who so inspired him that he decided to give up Banking to join Mr. Freeman’s Insurance Company. Thus began Edward Mensah’s insurance carrier in 1959.
His mentor’s companies, Ghana Life Assurance and Ghana General Insurance were both subsequently acquired by Government and became the nucleus for the formation of the State Insurance Corporation of Ghana in 1962. (now SIC Insurance Company Limited).
After working for only a year with Ghana “Life” and “Ghana General”, he was awarded scholarship to study insurance at the Chartered Insurance Institute’s College of Insurance in Surbiton in the United Kingdom and then to Croydon Technical College. (now University of Croydon). While studying in London he did attachments to Branch Offices of the Provincial Insurance Company. He was seconded to Switzerland in 1964 on attachment to the Swiss Reinsurance Company in Zurich for special training in Reinsurance.
During the formative years of SIC, he was recalled home from his studies to come and assist with the huge volume of work emanating from Government sources. He worked with the new company for 2 years and was further seconded to leading London City Brokers – Willis Faber and Dumas and C.T. Bowrings. He had further attachment to Johnson & Higgins in New York.
He qualified as an Associate of the Chartered Insurance Institute of London (ACII) in 1967. In 1989 he was awarded the Professional Insurance Designation of Chartered Insurance Practitioner. He is a Fellow of the Ghana Insurance Institute.
Returning to the SIC in 1967 he rose through the Managerial ranks to become Chief Departmental Manager in 1969 with executive responsibility for Supervision and Co-ordination of the functions of Underwriting Departments including Claims and International Operations.
He was promoted Executive Director in 1972 and assigned the sole responsibility to develop the Ghana Reinsurance Organisation, (now Ghana Re) organise its local and international operations, engage and train its officers locally and abroad, which he did with commendable distinction.
In 1973, he was appointed Insurance Expert Consultant to the United Nations Committee on Trade and Development (UNCTAD) in Geneva and participated in studies on Reinsurance problems in developing countries.
His success in establishing Ghana re as a National and International Company guaranteed him unassailable credentials for the position of the first and founding General Manager, Chief Executive Officer and Head of Mission of the African Reinsurance Corporation when it was brought into being in late 1977 and which commenced business from the Headquarters in Lagos on 1st January 1978. He established Regional Offices in Casablanca, Morocco and Nairobi, Kenya and also laid the foundation for another Regional Office in Abidjan for French Speaking Africa.
Given the socio-economic background of the 36 Member Countries of the African Reinsurance Corporation at the time, this unique institution’s achievement within a comparatively short period under the leadership of Edward Mensah has been phenomenal.
He successfully completed his first tour of 5 years, which was renewed for a further term. He however voluntarily resigned in late 1984
Edward Mensah has variously served in many international and regional institutions. He was a founding Director on the Board of “Shelter Afrique”, a subsidiary company of Africa Re, African Development Bank and Member States of the AU (then OAU). He served on the Executive Committee of the Federation of Afro Asian Insurers and Reinsurers and was an expert Technical Member of the FAIR POOL. He was an Executive Founding Member of the African Insurance Organisation (A.I.O.).
He has also played an equally important role in the development of insurance education in Africa. He was a Member of the 1st Governing body of the Insurance Institute of Ghana, and is a Past President. He is a Past Executive Member of the West African Insurance Companies Association (WAICA).
In 1975 he was guest speaker at the Swiss Insurance Training Center in Zurich, Switzerland. Included in a number of Papers and Lectures delivered in world insurance circles are “Insurance in Third World Countries with particular reference to Reinsurance” (1979) at the invitation of the Chartered Insurance Institute of London and “Insurance Policy Conditions” in Africa” at the 3rd World Insurance Congress in Buenos Aires, Argentina (1982).
Late in 1984 Mr. Edward Mensah established a Consultancy Firm – Edward Mensah & Associates. The office which was originally based in Lome, Togo, moved to Accra, Ghana in 1986 and later changed name to Edward Mensah, Wood & Associates.
He was appointed Consultant for Africa by Willis Faber & Dumas and Swiss Reinsurance Company of Zurich Switzerland 1985 – 1987.
In 1987, he was invited as Consultant, by the PNDC Secretary for Finance & Economic Planning to give a written comment on 2 Drafts of Insurance Reforms which culminated in the 1989 Insurance Law.
As Regional Industry Expert, he worked with Price Waterhouse to put forward technical proposals for a World Bank Project – Diagnostic Study of the Insurance Industry in Ghana (1993).
As an Associate Director of Harris & Dixon, Lloyd’s Insurance Brokers of London, he was assigned special responsibility for a feasibility study on the formation of a National Reinsurance Company for Sierra Leone (1989).
Edward Mensah served on the Board of National Insurance Commission from 2001 – 2004.
Sponsored by the American Chamber of Commerce in 2000 Edward Mensah received training at the Faculty of Law, University of Ghana, Legon (ALTERNATIVE DISPUTE RESOLUTION CENTRE) as a CONCILIATOR in ALTERNATIVE DISPUTE RESOLUTION.
Edward Mensah served on the Board of The National Insurance Commission from 2001 – 2004.
In recognition of his immense contribution to Insurance in Ghana and the Continent in general, Edward Mensah, is the proud recipient of 8 Industry Awards from various Insurance institutes in Africa. By all accounts, he has had a glittering insurance career.
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