Ghana insurance market: turnover per class of business in 2021
In thousands
Source: National Insurance Commission (NIC)
| Class of business | 2021 turnover | 2020 turnover | 2020-2021 evolution * | 2021 shares | ||
|---|---|---|---|---|---|---|
| GHS | USD | GHS | USD | |||
Motor | 1 165 232 | 188 546 | 813 000 | 138 218 | 43.32% | 23.90% |
Property damage (2) | 601 717 | 97 364 | 426 000 | 72 424 | 41.25% | 12.34% |
Engineering | 165 850 | 26 836 | 116 000 | 19 721 | 42.97% | 3.40% |
Credit and surety insurance | 149 944 | 24 263 | 77 000 | 13 091 | 94.73% | 3.08% |
General third party liability | 96 894 | 15 678 | 116 000 | 19 721 | -16.47% | 1.99% |
Marine & aviation | 91 086 | 14 739 | 77 000 | 13 091 | 18.29% | 1.87% |
Personal accident and health | 76 590 | 12 393 | 58 000 | 9 861 | 32.05% | 1.57% |
Others | 14 463 | 2 340 | 38 738 | 6 586 | -62.66% | 0.30% |
GOGIP (3) | - | - | 213 000 | 36 212 | - | - |
Total non-life | 2 361 776 | 382 159 | 1 934 738 | 328 925 | 22.07% | 48.45% |
Total life | 2 513 348 | 406 685 | 1 998 791 | 339 814 | 25.74% | 51.55% |
Grand total | 4 875 124 | 788 844 | 3 933 529 | 668 739 | 23.94% | 100% |
(1) Evolution in local currency
(2) Including theft and fire
(3) "Ghana Oil and Gas Insurance Pool"
Exchange rate at 31/12/2021: 1 GHS = 0.16181 USD ; at 31/12/2020: 1 GHS = 0.17001 USD
Read also | Insurance companies in Ghana
