The Insurance Industry in Ghana : 2016 turnover

Ghana insurance market: ranking 2016 of non life insurers per turnover

 2016 turnover2015 turnover2016 shares2015-2016 evolution(2)
 In GHS(1)In USDIn GHS(1) In USD
SIC Insurance
160 111 22937 807 065138 984 92036 519 67815%15.2%
Enterprise Insurance
135 446 53731 982 991100 996 49326 537 83812.7%34.1%
Star Assurance
119 710 99128 267 35691 584 25824 064 68011.2%30.7%
Vanguard Assurance
97 100 24622 928 28172 775 12019 122 3909.1%33.4%
Hollard Insurance
84 094 68519 857 27877 273 50120 304 3857.9%8.8%
Glico General
69 660 87416 449 02268 638 42818 035 4336.5%1.5%
Phoenix Insurance
46 278 55310 927 75534 770 2879 136 2414.3%33.1%
Activa International
40 818 4289 638 45538 268 18010 055 3473.8%6.7%
Ghana Union
33 526 2077 916 54331 536 4678 286 5223.1%6.3%
Equity Assurance
31 468 1507 430 57421 294 6625 595 3852.9%47.8%
Quality Insurance
30 946 4467 307 38423 090 0126 067 1322.9%34%
Donewell Insurance
30 530 3987 209 14320 357 0715 349 0242.9%50%
Prime Insurance
29 389 5666 939 75812 158 0933 194 6602.7%141.7%
RegencyNEM
28 733 6746 784 88217 807 0254 678 9742.7%61.4%
Allianz Insurance
27 183 2796 418 78821 858 5295 743 5472.5%24.4%
Provident Insurance
20 364 7464 808 72814 952 4073 928 8941.9%36.2%
Wapic
15 289 6963 610 35611 211 6672 945 9781.4%36.4%
Millennium Insurance
12 930 9523 053 3868 161 4852 144 5121.2%58.4%
Saham Insurance
11 207 5802 646 44612 913 1333 393 0551.1%-13.2%
Unique Insurance
11 167 9732 637 0937 856 0362 064 2521.0%42.2%
NSIA Ghana
10 998 2382 597 0147 948 2872 088 4921.0%38.4%
Imperial General
9 239 3142 181 6796 508 2001 710 0950.9%42.0%
Priority Insurance
8 940 8362 111 2003 872 1581 017 4480.8%130.9%
Best Assurance
4 918 4531 161 3943 287 646863 8620.5%49.6%
Heritage Energy
--6 721 7601 766 210--
Total
1 070 057 051252 672 571854 825 825224 614 034100.0%25.2%
(1) Ghanaian cedi
(2) Growth rate in local currency

Ghana insurance market: ranking 2016 of life insurers per turnover

 2016 turnover2015 turnover2016 shares2015-2016 evolution (2)
 In GHS(1) In USDIn GHS(1) In USD
Enterprise Life
235 311 89355 564 197200 438 62752 667 25427.4%17.4%
SIC Life
212 960 89250 286 455181 272 37647 631 13024.8%17.5%
Starlife Assurance
105 620 20024 940 09882 520 27121 683 02612.3%28.0%
Glico Life Insurance
82 733 22619 535 79764 926 00017 059 9569.6%27.4%
Prudential Life
33 814 0097 984 50220 720 2855 444 4623.9%63.2%
Old Mutual Assurance
33 425 0007 892 64522 765 8495 981 9543.9%46.8%
Metropolitan Life
31 595 0327 460 53529 924 4737 862 9553.7%5.6%
Vanguard Life
22 009 6045 197 12818 126 9414 763 0352.6%21.4%
UT Life
19 634 6024 636 31918 872 3454 958 8972.3%4%
Ghana Life Insurance
17 911 2234 229 37714 740 2343 873 1442.1%21.5%
Esich Life
12 375 4602 922 2178 200 4642 154 7541.4%50.9%
Phoenix Life Insurance
10 224 1152 414 2208 029 8732 109 9291.2%27.3%
Quality Life Assurance
9 424 7652 225 4708 972 1362 357 5181.1%5%
Ghana Union Life
7 636 5061 803 2087 395 3731 943 2080.9%3.3%
GN Life Assurance
7 270 0451 716 6761 179 090309 8180.9%516.6%
Donewell Life
7 134 6661 684 7097 705 5182 024 7020.8%-7.4%
Saham Life
5 999 5951 416 6844 563 6631 199 1480.7%31.5%
Beige Assure
3 700 690873 8445 022 4771 319 7060.4%-26.3%
Aviance Life
--477 366125 433--
Total
858 781 523202 784 081705 853 361185 470 029100%21.7%
(1) Ghanaian cedi
(2) Growth rate in local currency

Ghana insurance industry : turnover per class of business (2015-2016)

 2016 turnover2015 turnover2016 shares
 In GHS(1)In USDIn GHS(1)In USD
Property damage(2)
221 506 34952 304 294198 072 42152 045 50911.5%
Motor
518 257 208122 376 075355 227 50693 339 57926.9%
Personal accident and health
68 659 14116 212 48384 671 19422 248 2033.6%
Marine & aviation
68 497 31116 174 27062 446 51116 408 4453.5%
Third Party Liability
34 083 1348 048 05028 707 7797 543 2561.8%
Bond and guarantee
54 654 67012 905 60741 777 39910 977 4292.8%
Engineering
90 035 14821 259 99961 571 73816 178 5904.7%
Others
14 364 0903 391 79322 351 2775 873 0230.7%
Total non life
1 070 057 051 252 672 571 854 825 825 224 614 034 55.5%
Life
858 781 523202 784 081705 853 361185 470 02944.5%
Grand total
1 928 838 574455 456 6521 560 679 186410 084 063100%
(1) Ghanaian cedi
(2) Including theft and fire

Turnover’s breakdown per class of business in 2016

Ghana 2016 life and non life insurance

(2) Including theft and fire Source : National Insurance Commission (NIC)
Ex change rate
GHS/USD as at 31/12
2016
2015
0.23613
0.26276
0
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