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The Insurance Industry in Ghana, Key Trends and Opportunities to 2019

The Insurance Industry in Ghana, Key Trends and Opportunities to 2019

Synopsis

Timetric’s '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.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Ghanaian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'The Insurance Industry in Ghana, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Ghanaian insurance industry, including:

  • The Ghanaian insurance industry's growth prospects by segment and category
  • A comprehensive overview of Ghanaian economy and demographics
  • The detailed competitive landscape in the Ghanaian insurance industry
  • The various distribution channels in the Ghanaian insurance industry
  • Details of regulatory policy applicable to the Ghanaian insurance industry
  • Analysis of natural hazards in Ghanaian insurance industry
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 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key segments in the Ghanaian insurance industry, along with market forecasts until 2019.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • It analyzes the various distribution channels in Ghana.
  • 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 market data related to the Ghanaian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Ghanaian insurance industry.
  • Assess the competitive dynamics in the Ghanaian insurance industry.
  • Identify growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Ghanaian insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • The industry grew at a review period (2010–2014) compound annual growth rate (CAGR) of 28.2%.
  • Expansion in the middle-class population, strong regulation, rising public awareness of the benefits of insurance, and acceptance of mobile insurance products supported the overall industry growth.
  • Microinsurers collaborate with mobile networks to reduce transaction costs and make products affordable to low-income buyers.
  • Over the forecast period, the process of recapitalization will improve the underwriting capacity, and result in more capable and reputable insurers in the Ghanaian insurance industry.
  • Economic growth prospects, a stable government, strong regulation and exploration of oil and gas encouraged European and other African insurers into Ghana’s insurance industry through mergers and acquisitions (M&As) during the review period
  • Developing mobile insurance products for the low-income populations in rural areas will drive the industry over the forecast period.


  • Key Facts and Highlights
    • Table Ghanaian Insurance Industry - Key Facts
  • Executive Summary
  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Economy and Demographics
  • Ghanaian Insurance Industry Overview
    • Ghanaian Insurance Industry
      • Table Ghanaian Insurance Gross Written Premium by Segment (GHS Million), 2010-2014
      • Table Ghanaian Insurance Gross Written Premium by Segment (US$ Million), 2010-2014
      • Table Ghanaian Insurance - Gross Written Premium by Segment (GHS Million), 2014-2019
      • Table Ghanaian Insurance - Gross Written Premium by Segment (US$ Million), 2014-2019
      • Table Ghanaian Insurance - Segmentation by Gross Written Premium (% Share), 2010-2019
      • Table Ghanaian Insurance - Direct Written Premium by Segment (GHS Million), 2010-2014
      • Table Ghanaian Insurance - Direct Written Premium by Segment (US$ Million), 2010-2014
      • Table Ghanaian Insurance - Direct Written Premium by Segment (GHS Million), 2014-2019
      • Table Ghanaian Insurance - Direct Written Premium by Segment (US$ Million), 2014-2019
      • Table Ghanaian Insurance - Segmentation by Direct Written Premium (Percentage Share), 2010-2019
  • Industry Segmentation
    • Life Insurance
      • Table Ghanaian Life Insurance - Gross Written Premium (GHS Million), 2010-2014
      • Table Ghanaian Life Insurance - Gross Written Premium (GHS Million), 2014-2019
      • Table Ghanaian Life Insurance - Direct Written Premium (GHS Million), 2010-2014
      • Table Ghanaian Life Insurance - Direct Written Premium (GHS Million), 2014-2019
      • Table Ghanaian Life Insurance - Paid Claims (GHS Million), 2010-2014
      • Table Ghanaian Life Insurance - Paid Claims (GHS Million), 2014-2019
      • Table Ghanaian Life Insurance - Incurred Loss (GHS Million), 2010-2014
      • Table Ghanaian Life Insurance - Incurred Loss (GHS Million), 2014-2019
      • Table Ghanaian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium, 2010-2014
      • Table Ghanaian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
      • Table Ghanaian Life Insurance - Total Assets (GHS Million), 2010-2014
      • Table Ghanaian Life Insurance - Total Assets (GHS Billion), 2014-2019
      • Table Ghanaian Life Insurance - Total Investment Income (GHS Million), 2010-2014
      • Table Ghanaian Life Insurance - Total Investment Income (GHS Million), 2014-2019
      • Table Ghanaian Life Insurance - Net Written Premium (GHS Million), 2010-2014
      • Table Ghanaian Life Insurance - Net Written Premium (GHS Million), 2014-2019
    • Non-Life Insurance
      • Table Ghanaian Non-Life Insurance - Gross Written Premium by Category (GHS Million), 2010-2014
      • Table Ghanaian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
      • Table Ghanaian Non-Life Insurance - Gross Written Premium by Category (GHS Million), 2014-2019
      • Table Ghanaian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
      • Table Ghanaian Non-Life Insurance - Direct Written Premium by Category (GHS Million), 2010-2014
      • Table Ghanaian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
      • Table Ghanaian Non-Life Insurance - Direct Written Premium by Category (GHS Million), 2014-2019
      • Table Ghanaian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
      • Table Ghanaian Non-Life Insurance - Paid Claims (GHS Million), 2010-2014
      • Table Ghanaian Non-Life Insurance - Paid Claims (GHS Million), 2014-2019
      • Table Ghanaian Non-Life Insurance - Incurred Loss (GHS Million), 2010-2014
      • Table Ghanaian Non-Life Insurance - Incurred Loss (GHS Million), 2014-2019
      • Table Ghanaian Non-Life Insurance - Loss Ratio (%), 2010-2014
      • Table Ghanaian Non-Life Insurance - Loss Ratio (%), 2014-2019
      • Table Ghanaian Non-Life Insurance - Combined Ratio (%), 2010-2014
      • Table Ghanaian Non-Life Insurance - Combined Ratio (%), 2014-2019
      • Table Ghanaian Non-Life Insurance - Total Assets (GHS Million), 2010-2014
      • Table Ghanaian Non-Life Insurance - Total Assets (GHS Billion), 2014-2019
      • Table Ghanaian Non-Life Insurance - Total Investment Income (GHS Million), 2010-2014
      • Table Ghanaian Non-Life Insurance - Total Investment Income (GHS Million), 2014-2019
      • Table Ghanaian Non-Life Insurance - Net Written Premium (GHS Million), 2010-2014
      • Table Ghanaian Non-Life Insurance - Net Written Premium (GHS Million), 2014-2019
      • Property insurance
        • Table Ghanaian Property Insurance - Gross Written Premium (GHS Million), 2010-2014
        • Table Ghanaian Property Insurance - Gross Written Premium (GHS Million), 2014-2019
      • Motor insurance
        • Table Ghanaian Motor Insurance - Gross Written Premium (GHS Million), 2010-2014
        • Table Ghanaian Motor Insurance - Gross Written Premium (GHS Million), 2014-2019
      • Liability insurance
        • Table Ghanaian Liability Insurance - Gross Written Premium (GHS Million), 2010-2014
        • Table Ghanaian Liability Insurance - Gross Written Premium (GHS Million), 2014-2019
      • Marine, aviation and transit insurance
        • Table Ghanaian Marine, Aviation and Transit Insurance - Gross Written Premium (GHS Million), 2010-2014
        • Table Ghanaian Marine, Aviation and Transit Insurance - Gross Written Premium (GHS Million), 2014-2019
    • Personal Accident and Health Insurance
      • Table Ghanaian Personal Accident and Health Insurance - Gross Written Premium by Category (GHS Million), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Gross Written Premium by Category (GHS Million), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Direct Written Premium by Category (GHS Billion), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Direct Written Premium by Category (GHS Billion), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Paid Claims (GHS Million), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Paid Claims (GHS Million), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Incurred Loss (GHS Million), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Incurred Loss (GHS Million), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Total Assets (GHS Million), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Total Assets (GHS Million), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Total Investment Income (GHS Million), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Total Investment Income (GHS Million), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Net Written Premium (GHS Million), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Net Written Premium (GHS Million), 2014-2019
      • Personal accident insurance
        • Table Ghanaian Personal Accident Insurance - Gross Written Premium (GHS Million), 2010-2014
        • Table Ghanaian Personal Accident Insurance - Gross Written Premium (GHS Million), 2014-2019
      • Travel insurance
        • Table Ghanaian Travel Insurance - Gross Written Premium (GHS Million), 2010-2014
        • Table Ghanaian Travel Insurance - Gross Written Premium (GHS Million), 2014-2019
    • Reinsurance
      • Table Ghanaian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (GHS Million), 2010-2014
      • Table Ghanaian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014
      • Table Ghanaian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (GHS Million), 2014-2019
      • Table Ghanaian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
      • Table Ghanaian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession) (%), 2010-2014
      • Table Ghanaian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession) (%), 2014-2019
      • Table Ghanaian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession) (%), 2010-2014
      • Table Ghanaian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession) (%), 2014-2019
      • Table Ghanaian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession) (%), 2010-2014
      • Table Ghanaian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession) (%), 2014-2019
  • Distribution Channel Outlook
  • Natural Hazards
    • Table Ghanaian Average Annual Loss by Hazard
    • Floods
    • Exposure
  • Competitive Landscape
    • Overview
      • Table Ghanaian Insurance Industry - Market Shares, 2013
      • Table Ghanaian Life Insurance - Segment Shares, 2013
      • Table Ghanaian General Insurance - Segment Shares, 2013
    • Leading Companies
      • SIC Life Insurance Company Ltd - company overview
        • Table SIC Life Insurance Company Ltd - Key Facts
      • Enterprise Life Assurance Company Ltd - company overview
        • Table Enterprise Life Assurance Company Ltd - Key Facts
      • SIC Insurance Company Ltd - company overview
        • Table SIC Insurance Company Ltd - Key Facts
      • Enterprise Insurance Company Ltd - company overview
        • Table Enterprise Insurance Company Ltd - Key Facts
      • Star Assurance Company Ltd - company overview
        • Table Star Assurance Company Ltd - Key Facts
  • Governance, Risk and Compliance
    • Table Ghana - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Regulations by Type of Insurance
      • Life insurance regulations
        • Table Ghana - Life Insurance Regulatory Framework
      • Property insurance regulations
        • Table Ghana - Property Insurance Regulatory Framework
      • Motor insurance regulations
        • Table Ghana - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Ghana - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance regulations
      • Personal accident and health insurance regulations
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Insurance for commercial properties
      • Workmen's compensation insurance
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • National Insurance Commissions (NIC)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
        • Table Ghana - Limits of Investments on Various Types of Assets
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding tax on premium paid overseas
      • Corporate tax
        • Table Ghana - Corporate Tax Rates for the Financial Year 2015
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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