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Ghana Insurance Report Q4 2016

  • October 2016
  • -
  • Business Monitor International
  • -
  • 52 pages

Includes 3 FREE quarterly updates

BMI View:

Growth in the Ghanaian insurance market will be led by life insurance and, in the non-life segment, motor vehicle insurance. Much of this growth will be driven by population growth and rising affluence, but the proportion of the population covered by insurance will also increase as a result of microinsurance and government schemes. Nevertheless, strong growth comes from a very low base and there are major hurdles to higher rates of growth that are needed to reach the market's full potential.


Key Updates And Forecasts

- Currency movements alongside inflation mean that growth will be higher in local currency terms compared with US dollar terms throughout the forecast period between 2016 and 2020. Total premiums expected to grow by 23.8% in 2016 in local currency terms, compared with 17.7% in USD terms.

- In the non-life sector, we expect growth to average 21.5% annually in local currency terms and 15.6% annually in US dollar terms, leading to premiums of GHS2.3bn (USD474mn) in 2020.

Table Of Contents

Ghana Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Ghana 2013-2020) 5
SWOT 7
Insurance 7
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Ghana 2013-2020) 11
Non-Life Premiums Forecast 11
Table: Non-Life Premiums (Ghana 2013-2020) 14
Non-Life Sub-Sector Forecast 14
Table: Non-Life Insurance Premiums by Product Line (Ghana 2013-2020) 21
Insurance Risk/Reward Index 22
Industry Risk/Reward Index 22
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q416 22
Market Overview 24
Life Market Overview 24
Product Offering 24
Competitive Landscape 25
Table: Company Insurance: Life Insurance Market, 2008-2013 (USDmn) 27
Non-Life Market Overview 28
Product Offering 28
Competitive Landscape 29
Table: Company Performance: Non-Life Insurance Market, 2008-2013 (USDmn) 31
Company Profile 33
Enterprise Life/Enterprise Insurance 33
GLICO/GGICO 36
Star Assurance/StarLife 39
SIC Insurance Group 42
Methodology 46
Industry Forecast Methodology 46
Sector-Specific Methodology 47
Risk/Reward Index Methodology 49
Table: Indicators 51
Table: Weighting of Indicators 52

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