The Ghana general insurance market witnessed an increase at a compound annual growth rate (CAGR) of 6.5% from $0.3bn in 2016 to $0.4bn in 2021.
As per the data, the leading companies occupied 50.4% of Ghana’s total general insurance market.
1. Enterprise Insurance
Enterprise Insurance ranked number one in the country, reporting a growth of 29.1% compared with the previous year’s premium. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.
2. SIC Insurance
Ranking number two in Ghana’s general insurance market was SIC Insurance. The company registered a 13.8% growth compared with the premium in 2020. Among the leading general insurance companies, its position remained unchanged when compared with its previous years ranking.
3. The Hollard Insurance ( Ghana)
The Hollard Insurance ( Ghana) ranked number three in Ghana’s general insurance market. Compared with previous year’s premium, the company registered a growth 23.4%. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.
4. Star Assurance
Star Assurance, which ranked number four in Ghana’s general insurance market, registered a 30.9% growth compared with last year’s premium. Its ranking among the leading general insurance companies in the previous year was five, which now improved to number four.
5. Glico General Insurance
Glico General Insurance ranked number five in Ghana’s general insurance market. The company registered a growth of 16.9% compared with last year’s premium. From number four position in the previous year, the company’s ranking among the leading general insurance slipped to number five.
This analysis is drawn from GlobalData’s Company LoB Breakdowns Database, which tracks key insurance metrics across segments, categories, and line of businesses for more than 150 markets, globally. The data is sourced from regulatory authority/industry association/company SFCR. This data is mapped to segments and categories as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.