According to Mr Ababio, the insurance company was, therefore, prepared to meet the needs of its subscribers in times of unforeseen risks.

In an interview on the sidelines of a thanksgiving service held to mark the fifth anniversary of the company last Sunday in Accra, Mr Oppong-Ababio also allayed concerns that young insurance companies were unable to indemnify their subscribers in times of risk.

"There are statistics which state that a lot of startups do not cross the first three years after their establishment but we have not just survived we have made an impact.

"This is why we decided to hold this thanksgiving service to thank God that we are one of the companies that have met the minimum capital requirement of the National Insurance Commission (NIC).

"Iy you are not liquid, the NIC would not allow you to operate, Loyalty Insurance capital adequacy ratio has crossed the 150% required by the regulator and we have in excess of 800% as to the amount we are supposed to keep".

The thanksgiving service held at the Transformation Power Chapel in Accra was also used to honour the Board Chairman of Loyalty Insurance, Reverend Dr Kwaku Frimpong.

Dr Frimpong who was the Chairman of the occasion was presented with a citation in recognition of his invaluable contributions to the success of the company.