Ghana Insurance Report - Business Monitor International - Industry Reports

Ghana Insurance Report

Ghana Insurance Report - Business Monitor International - Industry Reports
Ghana Insurance Report
Published Oct 22, 2016
52 pages — Published Oct 22, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Ghana is a country where micro-insurance should flourish. The life segment (and in the non-life segment, personal accident insurance) should be a major beneficiary of this. ...Initiatives like this will help the life insurance segment to overtake the non-life sector as the larger of Ghana s two insurance markets. A faster rate of growth will see the life segment extend its lead over the non-life market over the forecast period, with life premiums set to account for about --.- of total underwriting activity in Ghana by ----. Nevertheless, life insurance penetration will remain low over the forecast period, even by Sub-Saharan African standards. ...However, we expect to see a relatively high level of premiums growth on a per capita basis. This is reflective of steady growth in Ghanaian household incomes as well as the increased distribution of covers through the development of micro-insurance and other low-cost products.

...Currency movements alongside inflation mean that growth will be higher in local currency terms compared with US dollar terms throughout the forecast period between ---- and ----. Total premiums expected to grow by --.- in ---- in local currency terms, compared with --.- in USD terms. In the non-life sector, we expect growth to average --.- annually in local currency terms and --.- annually in US dollar terms, leading to premiums of GHS-.-bn (USD---mn) in ----. In the slightly larger life insurance segment, we expect to see stronger annual growth of --.- in local currency terms and --.- in US dollar terms between ---- and ----, an increase from the forecasts of -- and -- in the previous quarter. As a result, total premiums will reach GHS-.-bn (USD---mn) by the end of the current forecast period. ...With few smaller players seemingly resistant to merger, the regulator is threatening to remove licences which would lead to liquidation. Consolidation would enable indigenous insurers to underwrite large premiums with the government looking to expand the offshore oil industry, which will require significant cover going forward.

...Ghana s life insurance segment is currently at an embryonic level of development. Density and penetration are, respectively, USD-.- per capita and -.- of GDP. ...

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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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Business Monitor International - Industry Reports. "Ghana Insurance Report" Oct 22, 2016. Alacra Store. May 26, 2018. <>
Business Monitor International - Industry Reports. (2016). Ghana Insurance Report Oct 22, 2016. New York, NY: Alacra Store. Retrieved May 26, 2018 from <>
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