1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
  4. > Bancassurance in Ghana: Current State and Future Perspectives to 2020

Finaccord’s report titled Bancassurance in Ghana: Current State and Future Perspectives to 2020, plus the PartnerBASE™ and market data file that accompany it, provides comprehensive and detailed insights into the prospects for bancassurance in Ghana.

In addition to offering a review of key macro-economic metrics in Ghana, the research also provides a background to the banking sector through the following information: identification of the ten largest banks by number of retail banking customers; data to illustrate the development of the banking market including number of fully-licensed banks, deposit accounts, branches and ATMs and how each of these have developed since 2005; and review of the value and growth of the consumer mortgage and non-mortgage lending market.

The research then focuses specifically on bancassurance with commentary in several areas: the regulatory environment and general importance of banks as an insurance distribution channel; the insurance product range, operating models and bancassurance partnerships of the ten leading banks; and future outlook for the value of the life and non-life insurance market of Ghana through to 2020.

Table Of Contents

Bancassurance in Ghana: Current State and Future Perspectives to 2020
TABLE OF CONTENTS
0.0 EXECUTIVE SUMMARY ... 1
1.0 INTRODUCTION 3
What is this report about? .. 3
The development of the bancassurance channel in Ghana is the focus of this report ... 3
Rationale . 3
Sub-Saharan Africa hosts a number of fast-growing financial services markets… 3
… with bancassurance poised to grow in several of these .. 4
Methodology ... 4
Macro-economics, banking and insurance sectors .. 4
Survey of banks .. 4
Market data . 5
Definitions ... 5
Investment-related life insurance ... 5
Retirement savings . 6
Risk life insurance ... 6
Accident insurance . 6
Health / hospital cash plans ... 6
Medical expenses insurance .. 7
Personal motor insurance .. 7
Household insurance .. 7
Creditor insurance ... 7
Travel insurance . 7
Agricultural insurance . 8
Commercial insurance 8
Mortgages and consumer finance . 8
Weighted provider share of partnerships .. 8
Operating models ... 9
Abbreviations and exchange rates 9
PartnerBASE .. 9
Finaccord .. 10
2.0 MARKET ANALYSIS ... 11
Macro-economic background .. 11
Gross domestic product and purchasing power parity (PPP) 11
PPP per capita has been growing at a rapid and consistent rate, and is forecast to continue doing so… .. 11
…even if high inflation and a widening of the budget deficit threaten Ghana's success story . 11
Total population, age structure and level of urbanisation ... 12
Ghana's population is on track to exceed 30 million for the first time by 2020… .. 12
…with a steadily rising proportion of its citizens residing in urban areas ... 12
Political risk 14
Ghana enjoys a relatively stable political environment in comparison to other African countries 14
Other key indicators .. 15
Life expectancy at birth now exceeds 60 years for both men and women ... 15
Mobile phone subscriptions per 100 inhabitants reached 108.2 in 2013 .. 16

Introduction to the banking sector ... 18
Structure of the banking sector 18
Rural banks and micro-finance institutions play an important role in Ghana's banking system ... 18
GCB Bank lays claims to the largest base of retail banking customers in Ghana… 18
… with ADB and Ecobank as its main competitors 18
..and with Barclays Ghana, Stanbic Bank and Standard Chartered as the main non-indigenous rivals . 18
Development of the banking sector . 20
The country's number of bank branches is likely to exceed 1,000 in the near future ... 20
Consumer lending . 22
Ghana's mortgage lending market is very small and has declined in real terms in recent years… . 22
… which is mainly a consequence of lack of affordability .. 22
The performance of the non-mortgage consumer lending market has been a lot more encouraging . 23
Introduction to the insurance sector 24
Premiums for life insurance have outgrown those for non-life insurance in recent years . 24
Close to a half of the non-life insurance market is composed of motor insurance 24
The bancassurance market . 27
Regulatory environment ... 27
Banks need to register as a corporate agent with the insurance regulator in order to promote insurance .. 27
Importance of bancassurance as a distribution channel 27
Banks have become a fairly important insurance distribution channel in Ghana, especially for life policies… ... 27
…with several insurance companies trying to leverage the benefits of the channel. 27
Product range, operating models and partnerships of the ten leading banks ... 27
Nine of the top ten banks offer insurance products among which five promote stand-alone policies .. 27
Ten types of insurance are available from at least one of the ten banks researched in Ghana… ... 28
…with creditor insurance linked to consumer finance and credit cards on offer most frequently . 28
Bancassurance operating models are heavily oriented towards use of a single, external underwriter 29
Partnerships are dominated by three underwriters with Enterprise ranked first… 29
…followed by StarLife and Metropolitan in terms of their weighted share of partnerships ... 30
Future outlook ... 33
The value of the Ghanaian insurance market is likely to be more than USD 1 billion by 2020… 33
… which should be to the benefit of the country's bancassurers ... 33

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY ... 1
Bancassurance in Ghana: key data points ... 2
1.0 INTRODUCTION 3
2.0 MARKET ANALYSIS ... 11
GDP in current prices and PPP (purchasing power parity) per capita in Ghana, 2008 to 2020 (forecast) . 12
Total population and level of urbanisation in Ghana, 2008 to 2020 (forecast) . 13
Population age structure in Ghana, 2014 ... 13
Key economic indicators for Ghana, 2008, 2014 and 2020 (forecast) (table) .. 14
Index of political stability, regulatory quality and rule of law in Ghana, 1996 to 2012 .. 15
Life expectancy at birth in Ghana, 2005 to 2013 16
Mobile phone subscriptions, fixed broadband subscriptions and fixed phone lines per 100 people in Ghana, 2005 to 2013 ... 17
Other key indicators for Ghana, 2005 to 2013 (table) 17
Ultimate holding companies and credit ratings of the ten largest retail banking organisations in Ghana, 2014 .. 19
Total assets, number of customers and number of branches of the ten largest retail banking organisations in Ghana, 2014 . 19
Number of fully-licensed banks and deposit accounts in Ghana, 2005 to 2013 .. 20
Number of branches and ATMs per 100,000 adults in Ghana, 2005 to 2013 .. 21
Key banking sector indicators for Ghana, 2005 to 2013 (table) 21
Residential mortgage lending balances outstanding in Ghana (absolute and per capita), 2009 to 2013 ... 22
Consumer non-mortgage lending balances outstanding in Ghana (absolute and per capita), 2009 to 2013 ... 23
Key data points for the consumer lending market in Ghana, 2009 to 2013 (table) .. 24
Gross written premiums for life and non-life insurance in Ghana, 2009 to 2013 .. 25
Gross written premiums per capita and as percentage of GDP in Ghana, 2009 to 2013 25
Gross written premiums for life and non-life insurance in Ghana, 2009 to 2013 (table) .. 26
(table) 26
Segmentation of non-life insurance gross written premiums in Ghana, 2013 .. 26
Involvement in bancassurance of the ten largest retail banking organisations in Ghana: provision of bundled and stand-alone products, 2014 ... 28
Overview of provision rates for different types of insurance offered by the ten largest retail banking organisations in Ghana, 2014.. 29
Bancassurance in Ghana: provision rates, weighted operating models and weighted provider share of partnerships, 2014 ... 31
Summary of use of captive and joint venture bancassurance partners by the ten largest retail banking organisations in Ghana, 2014.. 32
Summary of use of external bancassurance partners by the ten largest retail banking organisations in Ghana, 2014 . 32
Forecast for gross written premiums for life and non-life insurance in Ghana to 2020 33

View This Report »

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 24 Million searchable statistics with tables, figures & datasets
  • More than 10,000 trusted sources
24/7 Customer Support

Talk to Amrita

+1 718 303 2019

Purchase Reports From Reputable Market Research Publishers
Agriculture Bank Insurance Joint Stock Corporation - Company Capsule, Timetric

Agriculture Bank Insurance Joint Stock Corporation - Company Capsule, Timetric

  • $ 99
  • Industry report
  • August 2016
  • by Timetric

Synopsis Timetric's "Agriculture Bank Insurance Joint Stock Corporation - Company Capsule" contains in depth information and data about the company and its operations. The profile contains a company overview, ...

Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2020

Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2020

  • $ 1450
  • Industry report
  • November 2016
  • by Timetric

Synopsis Timetric’s 'Personal Accident and Health Insurance in Colombia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Colombian life insurance segment, ...

Non-Life Insurance in Colombia, Key Trends and Opportunities to 2020

Non-Life Insurance in Colombia, Key Trends and Opportunities to 2020

  • $ 1450
  • Industry report
  • November 2016
  • by Timetric

Synopsis Timetric’s 'Non-Life Insurance in Colombia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Colombian non-life insurance segment, and a comparison ...


ref:plp2014

Reportlinker.com © Copyright 2016. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.