The Insurance Industry in Ghana : 2016 turnover
Ghana insurance market: ranking 2016 of non life insurers per turnover
2016 turnover | 2015 turnover | 2016 shares | 2015-2016 evolution(2) | |||
---|---|---|---|---|---|---|
In GHS(1) | In USD | In GHS(1) | In USD | |||
SIC Insurance | 160 111 229 | 37 807 065 | 138 984 920 | 36 519 678 | 15% | 15.2% |
Enterprise Insurance | 135 446 537 | 31 982 991 | 100 996 493 | 26 537 838 | 12.7% | 34.1% |
Star Assurance | 119 710 991 | 28 267 356 | 91 584 258 | 24 064 680 | 11.2% | 30.7% |
Vanguard Assurance | 97 100 246 | 22 928 281 | 72 775 120 | 19 122 390 | 9.1% | 33.4% |
Hollard Insurance | 84 094 685 | 19 857 278 | 77 273 501 | 20 304 385 | 7.9% | 8.8% |
Glico General | 69 660 874 | 16 449 022 | 68 638 428 | 18 035 433 | 6.5% | 1.5% |
Phoenix Insurance | 46 278 553 | 10 927 755 | 34 770 287 | 9 136 241 | 4.3% | 33.1% |
Activa International | 40 818 428 | 9 638 455 | 38 268 180 | 10 055 347 | 3.8% | 6.7% |
Ghana Union | 33 526 207 | 7 916 543 | 31 536 467 | 8 286 522 | 3.1% | 6.3% |
Equity Assurance | 31 468 150 | 7 430 574 | 21 294 662 | 5 595 385 | 2.9% | 47.8% |
Quality Insurance | 30 946 446 | 7 307 384 | 23 090 012 | 6 067 132 | 2.9% | 34% |
Donewell Insurance | 30 530 398 | 7 209 143 | 20 357 071 | 5 349 024 | 2.9% | 50% |
Prime Insurance | 29 389 566 | 6 939 758 | 12 158 093 | 3 194 660 | 2.7% | 141.7% |
RegencyNEM | 28 733 674 | 6 784 882 | 17 807 025 | 4 678 974 | 2.7% | 61.4% |
Allianz Insurance | 27 183 279 | 6 418 788 | 21 858 529 | 5 743 547 | 2.5% | 24.4% |
Provident Insurance | 20 364 746 | 4 808 728 | 14 952 407 | 3 928 894 | 1.9% | 36.2% |
Wapic | 15 289 696 | 3 610 356 | 11 211 667 | 2 945 978 | 1.4% | 36.4% |
Millennium Insurance | 12 930 952 | 3 053 386 | 8 161 485 | 2 144 512 | 1.2% | 58.4% |
Saham Insurance | 11 207 580 | 2 646 446 | 12 913 133 | 3 393 055 | 1.1% | -13.2% |
Unique Insurance | 11 167 973 | 2 637 093 | 7 856 036 | 2 064 252 | 1.0% | 42.2% |
NSIA Ghana | 10 998 238 | 2 597 014 | 7 948 287 | 2 088 492 | 1.0% | 38.4% |
Imperial General | 9 239 314 | 2 181 679 | 6 508 200 | 1 710 095 | 0.9% | 42.0% |
Priority Insurance | 8 940 836 | 2 111 200 | 3 872 158 | 1 017 448 | 0.8% | 130.9% |
Best Assurance | 4 918 453 | 1 161 394 | 3 287 646 | 863 862 | 0.5% | 49.6% |
Heritage Energy | - | - | 6 721 760 | 1 766 210 | - | - |
Total | 1 070 057 051 | 252 672 571 | 854 825 825 | 224 614 034 | 100.0% | 25.2% |
(2) Growth rate in local currency
Ghana insurance market: ranking 2016 of life insurers per turnover
2016 turnover | 2015 turnover | 2016 shares | 2015-2016 evolution (2) | |||
---|---|---|---|---|---|---|
In GHS(1) | In USD | In GHS(1) | In USD | |||
Enterprise Life | 235 311 893 | 55 564 197 | 200 438 627 | 52 667 254 | 27.4% | 17.4% |
SIC Life | 212 960 892 | 50 286 455 | 181 272 376 | 47 631 130 | 24.8% | 17.5% |
Starlife Assurance | 105 620 200 | 24 940 098 | 82 520 271 | 21 683 026 | 12.3% | 28.0% |
Glico Life Insurance | 82 733 226 | 19 535 797 | 64 926 000 | 17 059 956 | 9.6% | 27.4% |
Prudential Life | 33 814 009 | 7 984 502 | 20 720 285 | 5 444 462 | 3.9% | 63.2% |
Old Mutual Assurance | 33 425 000 | 7 892 645 | 22 765 849 | 5 981 954 | 3.9% | 46.8% |
Metropolitan Life | 31 595 032 | 7 460 535 | 29 924 473 | 7 862 955 | 3.7% | 5.6% |
Vanguard Life | 22 009 604 | 5 197 128 | 18 126 941 | 4 763 035 | 2.6% | 21.4% |
UT Life | 19 634 602 | 4 636 319 | 18 872 345 | 4 958 897 | 2.3% | 4% |
Ghana Life Insurance | 17 911 223 | 4 229 377 | 14 740 234 | 3 873 144 | 2.1% | 21.5% |
Esich Life | 12 375 460 | 2 922 217 | 8 200 464 | 2 154 754 | 1.4% | 50.9% |
Phoenix Life Insurance | 10 224 115 | 2 414 220 | 8 029 873 | 2 109 929 | 1.2% | 27.3% |
Quality Life Assurance | 9 424 765 | 2 225 470 | 8 972 136 | 2 357 518 | 1.1% | 5% |
Ghana Union Life | 7 636 506 | 1 803 208 | 7 395 373 | 1 943 208 | 0.9% | 3.3% |
GN Life Assurance | 7 270 045 | 1 716 676 | 1 179 090 | 309 818 | 0.9% | 516.6% |
Donewell Life | 7 134 666 | 1 684 709 | 7 705 518 | 2 024 702 | 0.8% | -7.4% |
Saham Life | 5 999 595 | 1 416 684 | 4 563 663 | 1 199 148 | 0.7% | 31.5% |
Beige Assure | 3 700 690 | 873 844 | 5 022 477 | 1 319 706 | 0.4% | -26.3% |
Aviance Life | - | - | 477 366 | 125 433 | - | - |
Total | 858 781 523 | 202 784 081 | 705 853 361 | 185 470 029 | 100% | 21.7% |
(2) Growth rate in local currency
Ghana insurance industry : turnover per class of business (2015-2016)
2016 turnover | 2015 turnover | 2016 shares | |||
---|---|---|---|---|---|
In GHS(1) | In USD | In GHS(1) | In USD | ||
Property damage(2) | 221 506 349 | 52 304 294 | 198 072 421 | 52 045 509 | 11.5% |
Motor | 518 257 208 | 122 376 075 | 355 227 506 | 93 339 579 | 26.9% |
Personal accident and health | 68 659 141 | 16 212 483 | 84 671 194 | 22 248 203 | 3.6% |
Marine & aviation | 68 497 311 | 16 174 270 | 62 446 511 | 16 408 445 | 3.5% |
Third Party Liability | 34 083 134 | 8 048 050 | 28 707 779 | 7 543 256 | 1.8% |
Bond and guarantee | 54 654 670 | 12 905 607 | 41 777 399 | 10 977 429 | 2.8% |
Engineering | 90 035 148 | 21 259 999 | 61 571 738 | 16 178 590 | 4.7% |
Others | 14 364 090 | 3 391 793 | 22 351 277 | 5 873 023 | 0.7% |
Total non life | 1 070 057 051 | 252 672 571 | 854 825 825 | 224 614 034 | 55.5% |
Life | 858 781 523 | 202 784 081 | 705 853 361 | 185 470 029 | 44.5% |
Grand total | 1 928 838 574 | 455 456 652 | 1 560 679 186 | 410 084 063 | 100% |
(2) Including theft and fire
Turnover’s breakdown per class of business in 2016
(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 |
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