Ghana insurance market

Identity

Population: 31 072 940 inhabitants
Ghana
GDP: 72.354 billion USD
GDP per inhabitant:2 328 USD
GDP growth rate: 0.41%
Inflation rate: 9.9%

Data as of 31/12/2020, Source: World Bank

Ghana insurance market: main indicators

 2020
Turnover759 million USD
Penetration rate1.05%
Insurance density24 USD

Ghana insurance market structure

Insurance and reinsurance companies
Non-life
29
Life
20
Reinsurance companies
3
Total52
Intermediaries
Insurance brokers
93
Reinsurance brokers
5
Total
98

Data as of 31/12/2019, Source: National Insurance Commission (NIC)

Supervisory authority
National Insurance Commission (NIC)
www.nicgh.org
Professional body
Ghana Insurers Association
www.ghanainsurers.org.gh

Ghana insurance market: premium evolution

Figures in million USD
Activities20162017201820192020
Non life
275299329321390
Life
201238275289369
Total476537604610759

Sources: Swiss Re Institute & National Insurance Commission (NIC)

Exchange rate as at 31/12/2016: 1 GHS = 0,23441 USD ; at 31/12/2017: 1 GHS = 0,22028 USD ; at 31/12/2018: 1 GHS = 0,20594 USD ; at 31/12/2019: 1 GHS = 0,17497 USD ; at 31/12/2020: 1 GHS = 0,17001 USD

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