Saham Insurance Ghana, has presented cheques for GHS 468,493.13 to two victims of the Makola market fire incident as insurance claims to rebuild their businesses.

Mrs Edith Lawson- Atenga, Head, Bancassurance, Saham Insurance Ghana, in a presentation said, the essence of insurance was to cushion people in times of unexpected challenges, hence insurance for businesses, should not be considered as unnecessary costs but an investment.

Mrs Lawson- Atenga said Saham had partnered with CalBank and Bank of Africa to insure some of the shops as part of their Bancassurance Initiative to provide financial risk protection for their clients.

She expressed the hope that the funds would help the business owners to rebuild their business, as well as build the confidence of people in the insurance industry.

She said this would also draw attention of all, particularly business owners of the need to have their premises and business insured.

Mrs Lawson- Atenga said they were excited about the partnership to support businesses.

She reiterated their commitment to paying claims promptly and support to their bank partners, and clients with insurance solutions to help grow and sustain their businesses without relenting on their purpose to empower generations to be financially confident, secured and prosperous.

She called on business owners to invest in insurance by insuring their business and premises, irrespective of the size.

Ms Anita Ofori, a Cosmetics Products dealer at Makola market and a client of CalBank, who received a cheque for GHS299,196.00, commended Saham and Cal Bank for the presentation and assured them it would be put to good use.

"I did not expect this because I had insured my business just 2 months before the fire at the Makola Market, I lost everything in the fire and it was difficult," she said.

She called on other market women to patronize insurance product to get maximum support when accidents occurred.

Mr Peter Fordjor, Group Head Consumer and Retail Banking, CalBank said they had interest in the Small and Medium-sized Enterprises (SMEs), where 90 per cent of them were in the informal sector.

He said the product they were offering under Bancassurance had targeted the SMEs, therefore all shops had been covered.

He assured their customers of their partnership with Saham to provide more products in exciting ways to make customers enrich their lives.

Mr Alex Agyei-Amponsah, Group Head, Retail Banking, Bank of Africa, who received the second cheque for GHS 169,297.13 on behalf of the second claimant, said incidents such as fire outbreaks were bound to happen, however, it was exciting to know that they had provided support for their customers with insurance cover from Saham.

''What we have done is a way of bringing the customers back into the business because we have insured the stock they had before the fire, and the compensation from Saham will be reinjected into the business," he said.