The Insurance Industry in Ghana : 2016 turnover

Magazine Issue:

Disruption of the supply chain, the Pandora’s box [3]

Magazine date:

Jun 2018

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	2016 shares	2015-2016 evolution⁽²⁾
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%

⁽¹⁾ Ghanaian cedi
⁽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	2016 shares	2015-2016 evolution ⁽²⁾
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%

⁽¹⁾ Ghanaian cedi
⁽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	2016 shares
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%

⁽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
Ex change rate GHS/USD as at 31/12	0.23613	0.26276