Insurance industry in ghana 20162019 key trends and. In other words, insurance companies are risk bearers and accept or underwrite the risk in return for an insurance premium. Insurance companies in ghana list of insurance companies. Insurance has a crucial role to play in every economy. Premiums are based on the calculated risks of particular groups and individuals who subscribe to it. Insurance companies in tema, ghana list of insurance. It is actually my first time watching such a program. Assessing internal controls among insurance companies in ghana. These companies are the best when it comes to all forms of insurance. Insurance on health, vehicle, life, and what have you. Top insurance companies in ghana their branches address. The industry is being regulated by the national insurance commission.
The list of insurance companies in good standing is made up of 22 life insurance companies, 29 nonlife insurance companies, and 3 reinsurance companies. Numbers and the measurement of input, output, and productivity. In 1991 the company was listed on the ghana stock exchange gse. Starlife assurance company limited is a leading life assurance company offering a wide range of need base life assurance products designed to meet the financial security needs of the insuring public. We also partner some of the worlds best insurance broking groups such as aon, marsh, willis group and ascoma. Government efforts to strengthen the financial sector and new leadership at the national insurance. List of best insurance companies in tema, ghana, top insurance companies in tema, ghana, insurance companies near me, best insurance companies. The national health insurance authority, the regulator of private health insurance schemes in ghana under the national health insurance act, 2012 act 852, wishes to inform the general public and all healthcare service providers that apart from the under listed licensed schemes, any other institution, firm, company, or individuals purporting to offer health insurance. Nic calls on government to insure important state assets january 20, 2020. Its object is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance, to protect insurance policyholders and the insurance. The sector has shown significant development over the past decade. Brief overview of the life insurance industry in ghana.
Auto insurance in ghana list of auto insurance companies. Here is a list of insurance companies in good standing in ghana. Ghana s financial services sector can be classified into three main categories i. The objective of the study was to carry out a detailed risk assessment of the mobile insurance landscape in ghana and develop a risk assessment framework, to be used for improving the regulatory guidelines for m insurance products in ghana. A resident of ghana shall belong to the national health insurance scheme and may belong to a private health insurance scheme. Find the list of top insurance companies in ghana on our business directory. Donewell insurance quality insurance company vanguard assurance provident. Of ghana entitled insurance act, 2006 an act to revise the law relating to insurance in order to provide comprehensive provisions for the regulation of the insurance industry and for related matters. The ghana insurers association gia was registered under the companies. Ghana stock exchange gse listed companies african markets. A contract of insurance for the provision of healthcare services entered into between a person and a private health insurance scheme is a private contract governed by the laws of contract of the country. Activa international insurance our clients our passion. Section 7saving of equity and common law the rules of equity and of common law applicable to companies. Even though the penetration is low, the industry continues to generate significant profit year after year.
This paper attempts to assess the life insurance industry in ghana through a sample of 330 customers of life insurance companies operating in the kumasi metropolis. Sumana hussein and the dfid ghana team provided valuable guidance, inputs. The national insurance commission fades out manual motor stickers january 21, 2020. Pdf purpose the purpose of this paper is to examine the impact of the. This led to reregistration of northern assurance company to commercial union assurance company limited of ghana. Okay, so i watched the ghana club 100 companies awards yesterday 30th november 2017. Insurance business is one of the developed businesses in ghana. The ghanaian insurance industry has experienced a decade of rapid growth, and the proliferation of private companies and brokers. Enacted by the president and parliament national insurance commission. The study sought to evaluate the financial performance of ghana s insurance companies on gse, and the ghana industry as a whole by comparing the companies performance, and then their respective performance with the general insurance. An analysis and assessment of customer satisfaction with service. List of insurance companies in ghana types of insurance companies in ghana. This will encourage robust risk management practices in re insurance companies in ghana, as firms with robust risk management framework will hold less. A premium is the name of the funds that are generated by an insurance company.
Nov 21, 2018 20181121 the national insurance commission has hinted of increasing the insurance penetration in ghana from its current two percent to six percent. A pchis refers to a health insurance company that is operated for profit based on market principles. The state insurance corporation was incorporated in 1962 by an executive instrument, ei 17, when three existing insurance companies gold coast insurance company, ghana general insurance company and cooperatives insurance company were merged by the government to form the state insurance corporation. Risk management in the ghanaian insurance industry article pdf available in qualitative research in financial markets 51 april 20 with 3,124 reads how we measure reads. In ghana, companies in the insurance industry are regulated by the national insurance commission. Below is a list of insurance companies in ghana with their contact details, the policies they offer and branch network.
The african insurance industry has also been in a state of continuous disruption since the 2008 global financial crisis, and growth has been sluggish. Challenges facing the life insurance industry in ghana. Commonly, the ownership of the private commercial health insurance scheme resides with a company and shareholders. List of insurance companies in ghana insurance top lists. Download financial data for companies listed on the ghana stock exchange and collective investment schemes. Mar 29, 2017 in line with these developments, ghana insurance 2017, scheduled 2829 march in accra, ghana, will examine the underinvestment in agriculture, returns to capital and insurance among farmers in ghana and explore the possibility of increasing productivity with insurance. Ranking of peer companies by participants 56 survey methodology and participants 62 pwc contacts 66.
The the insurance industry in ghana, key trends and opportunities to 2019 report provides detailed analysis of the market trends, drivers and challenges in the ghanaian insurance. Activa is the preferred local partner of most international insurance groups such as zurich insurance group, chubb, xl catlin and many others across the globe. List of top companies in ghana club 100 updated website ghana. Effective management of risks by insurers will increase the penetration of insurance in ghana. Ltd emerged as the new market leader in the first half of 2018 in ghana s insurance industry. The paper focused on the determinants of capital structure of insurance companies in ghana using panel data methodology. Top insurance companies in ghana their branches address and.
The ghana stock exchange gse was set up on the 26 of november 1990 and has laid down rules and regulations for companies. Our goal is to deliver and provide the latest news and analysis on economies, companies and industries in the region. Find brokerinsurer for quotation or report a claim. The object of the commission is to ensure effective administration, supervision, regulation and control the business of insurance in ghana. Determinants of capital structure of insurance companies in ghana. Its object is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance, to protect insurance policyholders and the insurance industry. Government efforts to strengthen the financial sector and new leadership at the national insurance commission, the industry regulator, contributed to rising optimism in late 2017.
Here is a list of insurance companies in good standing in. The data for the study covers 18 insurance companies from 2005 to 2011. The national insurance commission also assured the public that no insurance company is in financial distress currently. Enacted by the president and parliament national insurance. Ghanas financial services sector can be classified into three main categories i. Mar 15, 2016 the the insurance industry in ghana, key trends and opportunities to 2019 report provides detailed analysis of the market trends, drivers and challenges in the ghanaian insurance industry. When it comes to companies in ghana, its the same issue, especially when people talk about the ghana club 100 list. Africas insurance industry is largely underdeveloped, and insurance penetration levels are very low by global standards.
The unaudited data submitted to the national insurance commission nic by the twentynine insurance companies show that the first half of 2018 was a better period for enterprise insurance company. Usually, it is very difficult to come out with a list of best companies. Accordingly, the term insurance may be defined as a cooperative mechanism to spread the loss caused by a particular risk over a number of persons who. Currently, enterprise insurance is the largest private insurance company in ghana and also the highestranked general insurance company in the club 100 listing. Established in 1924, then gold coast, enterprise insurance is one of the oldest insurance companies in ghana. Our goal is to deliver and provide the latest news and analysis on economies, companies and industries in the. Assessment of financial performance of listed insurance. These included the insurance institute of ghana iig, the ghana insurance brokers association giba and the ghana insurance association. Determinants of capital structure of insurance companies. Donewell insurance provides a wide range of great value insurance services, including personal accident, motor, fire, bonds, home and money insurance.
Annual cost efficiency trends ugspace home university of ghana. The nic was established by the insurance act, 2006 act 724, which replaced insurance law, 1989 p. The general objective of the study is to find out the determinants of the profitability of insurance firms in ghana. It was formally enacted into law in december 2004 and subsequently revised and replaced in 2012 by act 852, which presently governs health insurance schemes in ghana. Provider of financial market data, news, analysis and research with a focus on africa. The ghana stock exchange gse was set up on the 26 of november 1990 and has laid down rules and regulations for companies seeking to be listed on the. State insurance company, which was once owned by the government but has now been listed on ghana stock exchange, continuous to dominant both the life and nonlife markets. Westom insurance brokers, your trusted partner in insurance january 29, 2020. In ghana, there have been a number of disasters resulting in loss of life and property. The ghanaian insurance industry has undergone significant changes such as. Insurance companies in ghana list of insurance companies ghana.
The purpose of this paper is to examine the risk management practices of life assurance firms and nonlife insurance firms find, read and. Insurance companies bear risk in return for a fee called premium. School not under any insurance policy january 17, 2020. But this cannot be achieved if financial institutions and insurance companies.
In a statement issued by the nic, it stated that it has released this list to help the public when they need to engage the services of an insurance company in ghana. The insurance industry in ghana is highly competitive and consists of major players such as sic life company, phoenix life assurance company, vanguard life assurance company, provident life assurance company, donewell life insurance company among others. In conclusion, it needs to be emphasized that ghana s financial and insurance sector can contribute immensely to the economic development agenda of the country. The first two chapters of the report feature the country profile by giving general information on ghana and by thoroughly studying its economic state, including key macroeconomic indicators and their development trends. Insurance companies provide unique financial services to the growth and. Vanguard assurance company limited began operations in october 1974 as a composite insurance company and has the enviable record of being the first private indigenous insurance company in. Pdf insurance regulations, risk and performance in ghana. Pdf risk management in the ghanaian insurance industry. Mobile insurance m insurance is an innovative line. Challenges facing life insurance companies in ghana. This report is a comprehensive research of insurance industry in ghana.
List of best auto insurance companies in ghana, top auto insurance companies in ghana, auto insurance companies near me, best auto insurance companies. Commonly, the ownership of the private commercial health insurance scheme resides with a company. Insurance penetration in ghana to increase to 6 percent by 2020. Secondary data on financial reports were collected from sixteen insurance firms in ghana for the period 2005 to 2010. Pdf market structure, efficiency and profitability of insurance. Get in touch and let talk more about your insurances and it as a tool.
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