Increase of minimum share capital for Ghanaian insurers

The National Insurance Commission (NIC) is planning to increase the minimum level of share capital required for the exercise of insurance business in Ghana.

Currently set at 15 million GHC (3.3 million USD), the minimum share capital of insurance companies will now amount to 50 million GHC (11 million USD), an increase of more than 233%. This amount will reach 150 million GHC (33 million USD) for reinsurers.

The Ghanaian market includes 52 companies, 27 of which are non life insurers, 22 life insurers and three reinsurers.

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