Mr. Gideon Amenyedor, Acting Chief Executive Officer of Vanguard Assurance has disclosed that the Company, the third largest premium income earner in 2008 paid out Gh¢6.5 million as claims last year.

He said this payment debunk the global notion that insurers are quick in mobilizing premiums but delay when it comes to claims payment.

The Chief Executive stressed that Vanguard had survived in the business of insurance due to the prompt claims payment. He made this disclosures last week while presenting a fire claims check of GH¢186,106 to the Chief Executive of Magvlyn Industries at a short ceremony at the Head Office in Accra.

He emphasized that Vanguard Assurance is in business to pay genuine claims when it occurs. He admitted that the Company has entered its growth phase with a spectacular performance last year with premium income growing from GH¢11.2m in 2007 to GH¢18.3m in 2008. Total assets also improve drastically by 34.9% from GH¢10.6m to GH¢14.3m.