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  4. > Ghana Insurance Report Q3 2016

Ghana Insurance Report Q3 2016

  • May 2016
  • -
  • Business Monitor International
  • -
  • 55 pages

Includes 3 FREE quarterly updates

BMI View: Ghana's insurance market is set to grow rapidly, albeit from a very low base. A number of largeregional providers have positioned themselves to take advantage of growth potential, primarily in the nonlifesector, and we are gradually seeing a broadening in the product offering, including moremicroinsurance products, which will make insurance more accessible for the large sections of thepopulation which fall into lower income brackets. In the life sector, significant education is needed in orderto raise awareness of the benefits of various life products, and though the market is currently small, futuregrowth potential is substantial.

Key Updates And Forecasts

- Currency movements alongside inflation mean that growth will be higher in local currency termscompared to US dollar terms throughout the forecast period between 2016 and 2020. Total premiumsexpected to grow by 23.9% in 2016 in local currency terms, compared to 16.4% in USD terms.

- In the non-life sector we expect growth to average 18.9% annually in local currency terms and 13.2%annually in US dollar terms, leading to premiums of GHS2bn (USD419mn) in 2020.

- In the slightly larger life insurance segment, we expect to see stronger annual growth of 22% in localcurrency terms and 16.1% in US dollar terms between 2016 and 2020, leading to total premiums ofGHS2bn (USD422mn) by the end of the current forecast period.

- Multinational insurers are increasingly taking note of the growth potential in Ghana. Prudential andinvestment partner Leapfrog Investments announced in early 2016 they were launching a USD350mnfund to invest in life insurance companies in Ghana and other leading regional economies over the next three to five years. Leapfrog also recently acquired a majority share in Ghana firm UT Life InsuranceCompany.

Table Of Contents

Ghana Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Ghana 2013-2020) 5
Insurance 7
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Ghana 2013-2020) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Ghana 2013-2020) 15
Non-Life Sub-Sector Forecast 16
Table: Non-Life Insurance Premiums by Product Line (Ghana 2013-2020) 23
Insurance Risk/Reward Index 24
Sub-Saharan Africa Risk/Reward Index 24
Table: Sub-Saharan Africa Insurance Risk/Reward Index - Q316 24
Market Overview 26
Life Market Overview 26
The Product Offering 26
The Competitive Landscape 27
Table: Company Insurance: Life Insurance Market, 2008-2013 (USDmn) 29
Non-Life Market Overview 31
The Product Offering 31
The Competitive Landscape 32
Table: Company Performance: Non-Life Insurance Market, 2008-2013 (USDmn) 34
Company Profile 36
Enterprise Life/Enterprise Insurance 36
Star Assurance/StarLife 42
SIC Insurance Group 45
Methodology 49
Industry Forecast Methodology 49
Risk/Reward Index Methodology 52
Table: Indicators 54
Table: Weighting of Indicators 55

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