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Ghana insurance market: revenue per class of business in 2024
June 11, 2025
In thousands
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| Class of business | 2024 insurance revenue (IFRS17) | 2023 turnover (IFRS4) | 2023-2024 evolution (1) | 2024 shares | ||
| GHS | USD | GHS | USD | |||
| Motor | 1 963 919 | 133 448 | 1 817 875 | 151 756 | 8.03% | 28.19% |
| Property damage (2) | 1 560 007 | 106 002 | 1 276 182 | 106 536 | 22.24% | 22.39% |
| Engineering | 369 331 | 25 096 | 287 605 | 24 009 | 28.42% | 5.30% |
| Third party liability | 230 052 | 15 632 | 277 117 | 23 134 | -16.98% | 3.30% |
| Marine & aviation | 248 840 | 16 909 | 214 741 | 17 926 | 15.88% | 3.57% |
| Personal accident & health | 294 363 | 20 002 | 158 216 | 13 208 | 86.05% | 4.22% |
| Credit & surety insurance | 285 939 | 19 430 | 155 367 | 12 970 | 84.04% | 4.10% |
| Other risks | 2 500 | 170 | 36 949 | 3 085 | -93.23% | 0.04% |
| Non-life total | 4 954 951 | 336 689 | 4 224 052 | 352 624 | 17.30% | 71.11% |
| Universal Life and Investment Product (3) | 712 921 | 48 443 | 1 726 295 | 144 111 | -58.70% | 10.23% |
| Assurance en cas de vie | 559 168 | 37 996 | 1 188 157 | 99 187 | -52.94% | 8.02% |
| Group life | 321 007 | 21 813 | 338 073 | 28 222 | -5.05% | 4.61% |
| Assurance en cas de décès | 278 666 | 18 935 | 307 106 | 25 637 | -9.26% | 4.00% |
| Credit life | 79 607 | 5 409 | 113 387 | 9 466 | -29.79% | 1.14% |
| Other risks | 61 873 | 4 204 | 165 697 | 13 833 | -62.66% | 0.89% |
| Life total | 2 013 242 | 136 800 | 3 838 715 | 320 456 | -47.55% | 28.89% |
| Grand total | 6 968 193 | 473 489 | 8 062 767 | 673 080 | -13.58% | 100% |
(1) Growth rate in local currency
(2) Includes theft and fire
(3) Includes investment products
Exchange rate as of 12/31/2024: 1 GHS = 0.06795 USD ; as of 12/31/2023: 1 GHS = 0.08348 USD
Read also | Insurance companies in Ghana
