BMI View: The outlook for Ghana's insurance markets is robust, especially since they proved resilient tothe economic downturn of 2014-16. A recovery of economic growth, which our Country Risk team forecastswill exceed 6% in both 2017 and 2018, will help drive continued growth in premiums in both real terms andUSD terms, in a country where the insurance market is relatively underdeveloped compared to the widereconomy. Both the life and non-life sectors will experience average annual growth that reaches doubledigits in percentage terms for both currency classes over the period 2017 to 2021.
Key Updates And Forecasts
We have again made a few changes to our forecasts this quarter. We expect premium growth in the lifesector to total 22.4% in local currency terms in 2017, taking total premiums to GHS1.2bn, ahead of agradual deceleration from this elevated level during the remainder of our forecast period, such thatpremium growth of 15.6% in 2021 takes total premiums written to GHS2.19bn.