The Ghanaian insurance market
Insurance market features
- Regulatory authority: National Insurance Commission
- Premiums (2004): 102 875 000 USD
- Insurance density (2004): 4.9 USD
- Penetration rate (2004): 0.21%
Market structure in 2004
Actors | Number |
|---|---|
Insurance companies | 19 |
Reinsurance companies | 2 |
Brokers | 37 |
Identity
- Area: 239 460 Km2
- Population (2004): 20 987 000 inhabitants
- GDP (2004): 48.27 billion USD
- GDP per capita (2004): 2 300 USD
- GDP growth rate (2004): 5.4%
- Inflation rate (2004): 13%
- Main economic sectors: Mining (gold, silver, bauxite, manganese, industrial diamonds), aluminium smelting, cement, food processing, cocoa, small commercial ships building, timber, rubber
Major cities
(in number of inhabitants)
- Accra (capital): 1 700 000
- Kumasi: 650 000
- Tamale: 280 000
Turnover evolution: 2003 - 2004
in USD| 2003 | 2004 | Growth rate | |
|---|---|---|---|
Written premiums | 82 149 006 | 102 874 793 | + 25.23% |
Turnover by company in 2004
in USDCompany | Life | Non life | Total | Market share |
|---|---|---|---|---|
State Insurance Company | 5 698 199 | 28 254 004 | 33 952 202 | 33.00% |
Enterprise Insurance Company | - | 11 616 285 | 11 616 285 | 11.29% |
Metropolitan Insurance Company | 2 361 309 | 8 119 341 | 10 480 650 | 10.19% |
Vanguard Assurance Company | 2 017 987 | 6 633 223 | 8 651 209 | 8.40% % |
Star Assurance Company | - | 5 526 228 | 5 526 228 | 5.37% |
Donewell Insurance Company | 1 381 947 | 3 170 495 | 4 552 442 | 4.43% |
Ghana Union Assurance | 34 192 | 4 181 630 | 4 215 823 | 4.10% |
Gemini Life Insurance Company | 3 847 318 | - | 3 847 318 | 3.74% |
Provident Insurance Company | 1 230 340 | 2 506 472 | 3 736 813 | 3.63% |
Unique Insurance Company | 406 899 | 2 960 941 | 3 367 840 | 3.27% |
Star Life Assurance Company | 2 510 135 | - | 2 510 135 | 2.44% |
Enterprise Life Assurance | 2 306 612 | - | 2 306 612 | 2.24% |
Quality Insurance Company | 438 242 | 1 628 811 | 2 067 053 | 2.01% |
CHD Insurance Company | 255 781 | 1 406 768 | 1 662 550 | 1.62% |
Ghana Life Insurance | 1 611 275 | - | 1 611 275 | 1.57% |
Phoenix Insurance Company | 270 719 | 1 044 642 | 1 315 361 | 1.28% |
Network Assurance Company | 61 211 | 1 076 860 | 1 138 071 | 1.11% |
Beacon Insurance Company | 175 765 | 104 299 | 280 064 | 0.27% |
Inter-life & General Insurance | 246 | 36 618 | 36 863 | 0.04% |
Total | 24 608 175 | 78 266 618 | 102 874 793 | 100.00% |
Companies' market shares in 2004
Premiums split by class of business in 2004
in USD| Premiums | % | |
|---|---|---|
| Non life | ||
Motor | 39 492 659 | 38.39% |
Accident | 16 647 250 | 16.18% |
Fire | 14 001 364 | 13.61% |
Marine | 8 125 345 | 7.90% |
Non life total | 78 266 618 | 76.08% |
| Life | ||
Life | 24 608 175 | 23.92% |
Grand total | 102 874 793 | 100.00% |
2000-2004 Loss ratio
Company | 2000 | 2001 | 2002 | 2003 | 2004 |
|---|---|---|---|---|---|
State Insurance Company | 32% | 35% | 25% | 22% | 19% |
Enterprise Insurance Company | 21% | 15% | 15% | 13% | 17% |
Metropolitan Insurance Company | 19% | 19% | 2% | 20% | 20% |
Vanguard Assurance Company | 18% | 11% | 12% | 12% | 23% |
Star Assurance Company | 26% | 26% | 14% | 17% | 21% |
Donewell Insurance Company | 15% | 10% | 13% | 11% | 11% |
Ghana Union Assurance Company | 19% | 19% | 21% | 20% | 23% |
Provident Insurance Company | 28% | 27% | 19% | 29% | 11% |
Gemini Life Insurance Company | 23% | 22% | 23% | 28% | 33% |
Unique Insurance Company | 12% | 16% | 8% | 19% | 23% |
Star Life Assurance Company | - | - | - | - | 19% |
Enterprise Life Assurance | - | - | 2% | 3% | 26% |
Quality Insurance Company | 15% | 23% | 21% | 8% | 8% |
CDH Insurance Company | 21% | 7% | 12% | 12% | 15% |
Ghana Life Insurance Company | 37% | 43% | 33% | 42% | 41% |
Phoenix Insurance Company | 3% | 10% | 12% | 3% | 9% |
Network Assurance | 9% | 9% | - | - | 3% |
Beacon Insurance Company | 13% | 13% | 37% | 42% | 42% |
Inter-life and General Insurance Company | 35% | 35% | - | - | - |
Ghana Reinsurance Company | 25% | 24% | 21% | - | - |
Mainstream Reinsurance Co. | 37% | 32% | 39% | 23% | 25% |
Market average | 22% | 21% | 19% | 18% | 20% |
Exchange rate USD/GHC as at 31/12 | 2000 | 2001 | 2002 | 2003 | 2004 |
7 087.9 | 7 170.8 | 7 932.7 | 8 677.4 | 9 004.6 |
Source: West African Insurance Companies Association (WAICA)
