Minimum capital increase for insurers, reinsurers and brokers in Ghana
Insurance, reinsurance and brokerage companies have until the 30th of June 2021 to comply with the new minimum capital requirements imposed by the National Insurance Commission (NIC).
This capital increase cannot be made by incorporation or revaluation of property or other assets.
Minimum capital, to operate on the insurance, reinsurance or brokerage business
| Compagny | Minium Capital in million GHS | Minimum Capital in million USD |
|---|---|---|
Life or Non-Life insurance | 50 | 9,17 |
Reinsurance | 125 | 22,92 |
Insurance brokerage | 0,5 | 0,091 |
Reinsurance brokerage | 1 | 0,18 |
The NCI also intends to strengthen the solvency rules. The aim is to build companies able to face major disasters.
The Ghanaian insurance market involves 24 life insurers, 29 non-life insurers, 3 reinsurers and 85 insurance brokers and loss adjusters. In 2017, the market generated a turnover of 2.4 billion GHS (440.15 million USD).
