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The Insurance Industry in Ghana, Key Trends and Opportunities to 2018

  • ID: 2894797
  • Report
  • July 2014
  • Region: Ghana
  • 139 pages
  • Timetric
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The report provides in-depth industry analysis, information and insights into the insurance industry in Ghana, including:
- The Ghanaian insurance industry’s growth prospects by insurance segment and category
- The competitive landscape in the Ghanaian insurance industry
- The current trends and drivers of the Ghanaian insurance industry
- Challenges facing the Ghanaian insurance industry
- The detailed regulatory framework of the Ghanaian insurance industry

Summary:

The Ghanaian insurance industry is one of the fastest-growing insurance industries in Africa, in terms of gross written premium. The industry grew at a compound annual growth rate (CAGR) of 30.4% during the review period (2009-2013), as compared to other African countries, such as Chad with 2.3%, Cote d'Ivoire with 3.9%, Cameroon with 9.4% and Uganda with 18.8%. In terms of gross written premium, the industry grew at a review-period CAGR of 30.4% in 2013. This was supported by growth in the life and non-life insurance segments, with the former having posted a CAGR of 37.1% and the latter having registered a CAGR of 27.7%. The industry is expected to grow at a forecast-period CAGR of 23.0% in 2018. The growth will be supported by an increase in oil and gas production, the implementation of compulsory fire insurance for commercial buildings, and an increase in gold production.

Scope:

This report provides a comprehensive analysis of the insurance industry in Ghana:
- It provides historical values for the Ghanaian insurance industry for the report’s 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
- It offers a detailed analysis of the key segments and categories in the Ghanaian insurance industry, along with forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Ghana, and outlines the key regulations affecting them.

Reasons To Buy:

- Make strategic business decisions using in-depth historic and forecast industry data related to the Ghanaian insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities within the Ghanaian insurance industry.
- Assess the competitive dynamics in the Ghanaian insurance industry.
- Identify the growth opportunities and market dynamics within key segments.
- Gain insights into key regulations governing the Ghanaian insurance industry and its impact on companies and the industry's future.

Key Highlights:

- The Ghanaian insurance industry comprises 18 life and 23 non-life insurance companies.
- The industry is dominated by the non-life segment, which constituted 48.8% of the total gross written premium in 2013; this was followed by life insurance with a share of 43.6%, and personal accident and health insurance with a share of 7.6%.
- Ghana allows 60% foreign direct investment (FDI) in the insurance industry.
- The petroleum sector is expected to be a key growth driver of the Ghanaian economy over the forecast period.
- High inflation rates in Ghana negatively affected the purchasing power of individuals during the review period.
- One of the major challenges facing the Ghanaian insurance industry is the increasing loss and combined ratios across the insurance industry segments in 2013.
- Growth in the marine segment is expected to support the growth of the insurance industry over the forecast period.
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Note: Product cover images may vary from those shown
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1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Ghanaian Insurance Industry Overview
3.1 Ghanaian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Regulations by Type of Insurance
5.2.1 Life insurance regulations
5.2.2 Property insurance regulations
5.2.3 Motor insurance regulations
5.2.4 Marine, aviation and transit insurance regulations
5.2.5 Personal accident and health insurance regulations
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Insurance for commercial properties
5.3.3 Workmen’s compensation insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors (IAIS)
5.4.2 National Insurance Commissions (NIC)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding tax on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 SIC Insurance Company Ltd - Company Overview
6.2.2 Enterprise Life Assurance Company Ltd (ELAC) - Company Overview
6.2.3 Enterprise Insurance Company Ltd - Company Overview
6.2.4 StarLife Assurance Company Ltd - Company Overview
6.2.5 Star Assurance Company Ltd - Company Overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation (Percentage)
7.5 Life Expectancy
7.6 Labor Force
7.7 Total Number of Households
7.8 Total Number of Internet Users
7.9 Urban and Rural Populations
7.1 Total Populations
8 Appendix
8.1 Methodology
8.2 Contact
8.3 About
8.4 Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Ghanaian Insurance Overall Written Premium by Segment (GHS Million), 2009-2013
Table 3: Ghanaian Insurance Overall Written Premium by Segment (US$ Million), 2009-2013
Table 4: Ghanaian Insurance Overall Written Premium by Segment (GHS Million), 2013-2018
Table 5: Ghanaian Insurance Overall Written Premium by Segment (US$ Million), 2013-2018
Table 6: Ghanaian Insurance Segmentation (Percentage Share), 2009-2018
Table 7: Ghanaian Life Insurance - Written Premium (GHS Billion), 2009-2013
Table 8: Ghanaian Life Insurance - Written Premium (GHS Billion), 2013-2018
Table 9: Ghanaian Life Insurance - Paid Claims (GHS Million), 2009-2013
Table 10: Ghanaian Life Insurance - Paid Claims (GHS Million), 2013-2018
Table 11: Ghanaian Life Insurance - Incurred Loss (GHS Million), 2009-2013
Table 12: Ghanaian Life Insurance - Incurred Loss (GHS Million), 2013-2018
Table 13: Ghanaian Life Insurance - Loss Ratio (%), 2009-2013
Table 14: Ghanaian Life Insurance - Loss Ratio (%), 2013-2018
Table 15: Ghanaian Life Insurance - Combined Ratio (%), 2009-2013
Table 16: Ghanaian Life Insurance - Combined Ratio (%), 2013-2018
Table 17: Ghanaian Life Insurance - Total Assets (GHS Billion), 2009-2013
Table 18: Ghanaian Life Insurance - Total Assets (GHS Billion), 2013-2018
Table 19: Ghanaian Life Insurance - Total Investment Income (GHS Million), 2009-2013
Table 20: Ghanaian Life Insurance - Total Investment Income (GHS Million), 2013-2018
Table 21: Ghanaian Life Insurance - Retentions (GHS Billion), 2009-2013
Table 22: Ghanaian Life Insurance - Retentions (GHS Billion), 2013-2018
Table 23: Ghanaian Non-Life Insurance - Written Premium by Category (GHS Million), 2009-2013
Table 24: Ghanaian Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 25: Ghanaian Non-Life Insurance - Written Premium by Category (GHS Million), 2013-2018
Table 26: Ghanaian Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 27: Ghanaian Non-Life Insurance - Paid Claims (GHS Million), 2009-2013
Table 28: Ghanaian Non-Life Insurance - Paid Claims (GHS Million), 2013-2018
Table 29: Ghanaian Non-Life Insurance - Incurred Loss (GHS Million), 2009-2013
Table 30: Ghanaian Non-Life Insurance - Incurred Loss (GHS Million), 2013-2018
Table 31: Ghanaian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 32: Ghanaian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 33: Ghanaian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 34: Ghanaian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 35: Ghanaian Non-Life Insurance - Total Assets (GHS Billion), 2009-2013
Table 36: Ghanaian Non-Life Insurance - Total Assets (GHS Billion), 2013-2018
Table 37: Ghanaian Non-Life Insurance - Total Investment Income (GHS Million), 2009-2013
Table 38: Ghanaian Non-Life Insurance - Total Investment Income (GHS Million), 2013-2018
Table 39: Ghanaian Non-Life Insurance - Retentions (GHS Billion), 2009-2013
Table 40: Ghanaian Non-Life Insurance - Retentions (GHS Billion), 2013-2018
Table 41: Ghanaian Property Insurance - Written Premium (GHS Million), 2009-2013
Table 42: Ghanaian Property Insurance - Written Premium (GHS Million), 2013-2018
Table 43: Ghanaian Motor Insurance - Written Premium (GHS Million), 2009-2013
Table 44: Ghanaian Motor Insurance - Written Premium (GHS Million), 2013-2018
Table 45: Ghanaian Liability Insurance - Written Premium (GHS Million), 2009-2013
Table 46: Ghanaian Liability Insurance - Written Premium (GHS Million), 2013-2018
Table 47: Ghanaian Marine, Aviation and Transit Insurance - Written Premium (GHS Million), 2009-2013
Table 48: Ghanaian Marine, Aviation and Transit Insurance - Written Premium (GHS Million), 2013-2018
Table 49: Ghanaian Personal Accident and Health Insurance - Written Premium (GHS Million), 2009-2013
Table 50: Ghanaian Personal Accident and Health Insurance - Written Premium (GHS Million), 2013-2018
Table 51: Ghanaian Personal Accident and Health Insurance - Paid Claim (GHS Million), 2009-2013
Table 52: Ghanaian Personal Accident and Health Insurance - Paid Claim (GHS Million), 2013-2018
Table 53: Ghanaian Personal Accident and Health Insurance - Incurred Loss (GHS Million), 2009-2013
Table 54: Ghanaian Personal Accident and Health Insurance - Incurred Loss (GHS Million), 2013-2018
Table 55: Ghanaian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 56: Ghanaian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 57: Ghanaian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 58: Ghanaian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 59: Ghanaian Personal Accident and Health Insurance - Total Assets (GHS Million), 2009-2013
Table 60: Ghanaian Personal Accident and Health Insurance - Total Assets (GHS Million), 2013-2018
Table 61: Ghanaian Personal Accident and Health Insurance - Total Investment Income (GHS Million), 2009-2013
Table 62: Ghanaian Personal Accident and Health Insurance - Total Investment Income (GHS Million), 2013-2018
Table 63: Ghanaian Personal Accident and Health Insurance - Retentions (GHS Million), 2009-2013
Table 64: Ghanaian Personal Accident and Health Insurance - Retentions (GHS Million), 2013-2018
Table 65: Ghanaian Reinsurance Ceded by Insurance Industry (GHS Million), 2009-2013
Table 66: Ghanaian Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 67: Ghanaian Reinsurance Ceded by Insurance Industry (GHS Million), 2013-2018
Table 68: Ghanaian Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 69: Ghanaian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 70: Ghanaian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 71: Ghanaian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 72: Ghanaian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 73: Ghanaian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 74: Ghanaian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 75: Ghana - Life Insurance Regulatory Framework
Table 76: Ghana - Property Insurance Regulatory Framework
Table 77: Ghana - Motor Insurance Regulatory Framework
Table 78: Ghana - Limits of Investments on Various Types of Assets
Table 79: Ghana - Corporate Tax Rates for the Financial Year 2013
Table 80: Ghanaian Life Insurance Segment - Market Share 2010 and 2011
Table 81: Ghanaian Non-Life Insurance Segment - Market Share 2010 and 2011

List of Figures
Figure 1: Ghanaian Insurance Overall Written Premium by Segment (GHS Million), 2009-2018
Figure 2: Ghanaian Insurance Market Dynamics by Segment, 2009-2018
Figure 3: Ghanaian Life Insurance - Written Premium (GHS Billion), 2009-2013
Figure 4: Ghanaian Life Insurance - Written Premium (GHS Billion), 2013-2018
Figure 5: Ghanaian Life Insurance - Paid Claims (GHS Million), 2009-2013
Figure 6: Ghanaian Life Insurance - Paid Claims (GHS Million), 2013-2018
Figure 7: Ghanaian Life Insurance - Incurred Loss (GHS Million), 2009-2013
Figure 8: Ghanaian Life Insurance - Incurred Loss (GHS Million), 2013-2018
Figure 9: Ghanaian Life Insurance - Loss Ratio (%), 2009-2013
Figure 10: Ghanaian Life Insurance - Loss Ratio (%), 2013-2018
Figure 11: Ghanaian Life Insurance - Combined Ratio (%), 2009-2013
Figure 12: Ghanaian Life Insurance - Combined Ratio (%), 2013-2018
Figure 13: Ghanaian Life Insurance - Total Assets (GHS Billion), 2009-2013
Figure 14: Ghanaian Life Insurance - Total Assets (GHS Billion), 2013-2018
Figure 15: Ghanaian Life Insurance - Total Investment Income (GHS Million), 2009-2013
Figure 16: Ghanaian Life Insurance - Total Investment Income (GHS Million), 2013-2018
Figure 17: Ghanaian Life Insurance - Retentions (GHS Billion), 2009-2013
Figure 18: Ghanaian Life Insurance - Retentions (GHS Billion), 2013-2018
Figure 19: Ghanaian Life Insurance - Investment (GHS Billion), 2009-2013
Figure 20: Ghanaian Life Insurance - Penetration (%), 2009-2013
Figure 21: Ghanaian Life Insurance - Premium Per-Capita (GHS), 2009-2013
Figure 22: Ghanaian Non-Life Insurance - Written Premium by Category (GHS Million), 2009-2018
Figure 23: Ghanaian Non-Life Insurance - Written Premium by Category (%), 2013 and 2018
Figure 24: Ghanaian Non-Life Insurance - Dynamics by Category, 2009-2018
Figure 25: Ghanaian Non-Life Insurance - Paid Claims (GHS Million), 2009-2013
Figure 26: Ghanaian Non-Life Insurance - Paid Claims (GHS Million), 2013-2018
Figure 27: Ghanaian Non-Life Insurance - Incurred Loss (GHS Million), 2009-2013
Figure 28: Ghanaian Non-Life Insurance - Incurred Loss (GHS Million), 2013-2018
Figure 29: Ghanaian Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 30: Ghanaian Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 31: Ghanaian Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 32: Ghanaian Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 33: Ghanaian Non-Life Insurance - Total Assets (GHS Billion), 2009-2013
Figure 34: Ghanaian Non-Life Insurance - Total Assets (GHS Billion), 2013-2018
Figure 35: Ghanaian Non-Life Insurance - Total Investment Income (GHS Million), 2009-2013
Figure 36: Ghanaian Non-Life Insurance - Total Investment Income (GHS Million), 2013-2018
Figure 37: Ghanaian Non-Life Insurance - Retentions (GHS Billion), 2009-2013
Figure 38: Ghanaian Non-Life Insurance - Retentions (US$ Billion), 2013-2018
Figure 39: Ghanaian Non-Life Insurance - Investment (GHS Billion), 2009-2013
Figure 40: Ghanaian Non-Life Insurance - Penetration (%), 2009-2013
Figure 41: Ghanaian Non-Life Insurance - Premium Per Capita (GHS), 2009-2013
Figure 42: Ghanaian Property Insurance - Written Premium (GHS Million), 2009-2013
Figure 43: Ghanaian Property Insurance - Written Premium (GHS Million), 2013-2018
Figure 44: Ghanaian Motor Insurance - Written Premium (GHS Million), 2009-2013
Figure 45: Ghanaian Motor Insurance - Written Premium (GHS Million), 2013-2018
Figure 46: Ghanaian Liability Insurance - Written Premium (GHS Million), 2009-2013
Figure 47: Ghanaian Liability Insurance - Written Premium (GHS Million), 2013-2018
Figure 48: Ghanaian Marine, Aviation and Transit Insurance - Written Premium (GHS Million), 2009-2013
Figure 49: Ghanaian Marine, Aviation and Transit Insurance - Written Premium (GHS Million), 2013-2018
Figure 50: Ghanaian Personal Accident and Health Insurance - Written Premium (GHS Million), 2009-2013
Figure 51: Ghanaian Personal Accident and Health Insurance - Written Premium (GHS Million), 2013-2018
Figure 52: Ghanaian Personal Accident and Health Insurance - Paid Claims by Category (GHS Million), 2009-2013
Figure 53: Ghanaian Personal Accident and Health Insurance - Paid Claims (GHS Million), 2013-2018
Figure 54: Ghanaian Personal Accident and Health Insurance - Incurred Loss (GHS Million), 2009-2013
Figure 55: Ghanaian Personal Accident and Health Insurance - Incurred Loss (GHS Million), 2013-2018
Figure 56: Ghanaian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 57: Ghanaian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 58: Ghanaian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 59: Ghanaian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 60: Ghanaian Personal Accident and Health Insurance - Total Assets (GHS Million), 2009-2013
Figure 61: Ghanaian Personal Accident and Health Insurance - Total Assets (GHS Million), 2013-2018
Figure 62: Ghanaian Personal Accident and Health Insurance - Total Investment Income (GHS Million), 2009-2013
Figure 63: Ghanaian Personal Accident and Health Insurance - Total Investment Income (GHS Million), 2013-2018
Figure 64: Ghanaian Personal Accident and Health Insurance - Retentions (GHS Million), 2009-2013
Figure 65: Ghanaian Personal Accident and Health Insurance - Retentions (GHS Million), 2013-2018
Figure 66: Ghanaian Personal Accident and Health Insurance - Investment (GHS Million), 2009-2013
Figure 67: Ghanaian Personal Accident and Health Insurance - Penetration (%), 2009-2013
Figure 68: Ghanaian Personal Accident and Health Insurance - Premium Per Capita (GHS), 2009-2013
Figure 69: Ghanaian Reinsurance Ceded by Insurance Segment (GHS Million), 2009-2018
Figure 70: Ghanaian Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 71: Ghanaian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 72: Ghanaian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 73: Ghanaian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 74: Ghanaian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 75: Ghanaian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 76: Ghanaian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 77: Ghana - Insurance Regulatory Framework
Figure 78: Ghana - Insurance Supervision and Control at Various Levels
Figure 79: Ghana - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 80: Ghanaian Life Insurance Segment - Market Share 2010 and 2011
Figure 81: Ghanaian Non-Life Insurance Segment - Market Share 2010 and 2011
Figure 82: SIC Insurance Company Ltd - Main Products
Figure 83: SIC Insurance Company Ltd - Key Employees
Figure 84: Enterprise Life Assurance Company Ltd (ELAC) - Main Products
Figure 85: Enterprise Life Assurance Company Ltd (ELAC) - Key Employees
Figure 86: Enterprise Insurance Company Ltd - Main Products
Figure 87: Enterprise Insurance Company Ltd - Key Employees
Figure 88: StarLife Assurance Company Ltd - Main Products
Figure 89: StarLife Assurance Company Ltd - Key Employees
Figure 90: Star Assurance Company Ltd - Main Products
Figure 91: Star Assurance Company Ltd - Key Employees
Figure 92: Ghanaian GDP at Constant Prices (US$ Billion), 2009-2013
Figure 93: Ghanaian GDP at Current Prices (US$ Billion), 2009-2013
Figure 94: Ghanaian GDP Per Capita at Constant Prices (US$), 2009-2013
Figure 95: Ghanaian Inflation Rate (%), 2009-2013
Figure 96: Ghanaian Life Expectancy (Number of Years), 2009-2013
Figure 97: Ghanaian Labor Force (Million), 2008-2012
Figure 98: Ghanaian Total Number of Households (Million), 2009-2013
Figure 99: Ghanaian Total Number of Internet Users (Thousand), 2008-2012
Figure 100: Ghanaian Urban and Rural Populations (%), 2009-2013
Figure 101: Ghanaian Total Population (Million), 2009-2013
Note: Product cover images may vary from those shown
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- SIC Insurance Company Ltd
- Enterprise Life Assurance Company Ltd (ELAC)
- Enterprise Insurance Company Ltd
- StarLife Assurance Company Ltd
- Star Assurance Company Ltd
Note: Product cover images may vary from those shown
4 of 4
Note: Product cover images may vary from those shown
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