The Ghanaian insurance market

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Photo credit: US Gov / CIA World Factbook

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
 20032004Growth rate
Written premiums
82 149 006102 874 793+ 25.23%

Turnover by company in 2004

in USD
Company
LifeNon lifeTotalMarket share
State Insurance Company
5 698 19928 254 00433 952 20233.00%
Enterprise Insurance Company
-11 616 28511 616 28511.29%
Metropolitan Insurance Company
2 361 3098 119 34110 480 65010.19%
Vanguard Assurance Company
2 017 9876 633 2238 651 2098.40% %
Star Assurance Company
-5 526 2285 526 2285.37%
Donewell Insurance Company
1 381 9473 170 4954 552 4424.43%
Ghana Union Assurance
34 1924 181 6304 215 8234.10%
Gemini Life Insurance Company
3 847 318-3 847 3183.74%
Provident Insurance Company
1 230 3402 506 4723 736 8133.63%
Unique Insurance Company
406 8992 960 9413 367 8403.27%
Star Life Assurance Company
2 510 135-2 510 1352.44%
Enterprise Life Assurance
2 306 612-2 306 6122.24%
Quality Insurance Company
438 2421 628 8112 067 0532.01%
CHD Insurance Company
255 7811 406 7681 662 5501.62%
Ghana Life Insurance
1 611 275-1 611 2751.57%
Phoenix Insurance Company
270 7191 044 6421 315 3611.28%
Network Assurance Company
61 2111 076 8601 138 0711.11%
Beacon Insurance Company
175 765104 299280 0640.27%
Inter-life & General Insurance
24636 61836 8630.04%
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 65938.39%
Accident
16 647 25016.18%
Fire
14 001 36413.61%
Marine
8 125 3457.90%
Non life total
78 266 618 76.08%
Life
Life
24 608 175 23.92%
Grand total
102 874 793100.00%


2000-2004 Loss ratio

Company
20002001200220032004
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)
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