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Insurance companies increase in Ghana

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The number of insurance companies licenced to operate in the country had increased from 35 to 39 at the close of 2008.

A breakdown of the companies shows that 17 are into life underwriting and 22 non-life; B&FT learnt that towards the end of last year, four new companies were licensed.

The companies include Beacon Insurance Company (BIC); NEM Insurance Company; Intercontinental WAPIC; and Express Life.

Beacon is not a new name in Ghana’s insurance history. B&FT was told that Beacon failed to meet the deadline of recertification set by the National Insurance Commission (NIC) in 2007.

The others – Intercontinental, WAPIC and NEM – have foreign investors behind them.

For instance, Intercontinental WAPIC has Intercontinental Bank Plc as its majority shareholder. Both Intercontinental WAPIC and NEM are listed on the Nigerian stock market, while the only life company Express, is owned by Ghanaian investors. It is headed by Amartey Voondee as Managing Director.

The companies licensed as at the end of last year are SIC Insurance Company, Vanguard Assurance, Enterprise Insurance, Donewell Insurance, Prime Insurance, Ghana Union, and Industrial and General Insurance Company. Others are Phoenix, Provident, CDH Insurance, Quality Insurance, Unique Insurance, GLiCO General, Metropolitan Insurance, Star Assurance, Global Alliance, International Energy Insurance, Equity Assurance, and Regency Alliance.

The life companies are SIC Life, StarLife, CDH Life, Donewell Life, Vanguard Life, Metropolitan Life Ghana, Enterprise Life Assurance Company, Quality Life, Phoenix Life, and Unique Life.

The rest are Ghana Life, GLiCO Life, Capital Express Life, Ghana Union Life, Provident Life, and IGI Life.

Source: B&FT

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  1. Why are ghanaian insurance companies reluctant to insure petty traders at kantamanto market.

  2. I want to know the history of insurance in Ghana. I how it all started? can u send me the feedback as soon as possible? thank you.

  3. delali-gagloh bright

    I want to know the history of insurance in ghana n their general performance (returns). I also want to know the impact of inflation on their operation


  5. I want to know the history of insurance in Ghana. I how it all started? can u send me the feedback as soon as possible? thank you.

  6. I am a member of PFA affliated to NATIONAL LIFE GROUP in United States.A Revolutional solution with Disabilty Income,Accelerated Living Benefits(CHRONIC,CRITICAL or TERMINAL ILLINESS RIDERS) Retirement Income,Life Insurance(money for your family in case of death.) In Short;Life Insurance You Don’t Have To Die To Use.I am leaving to Ghana for permanent stay and I want to join Life Insurance Group with the above -listed qualities. Kindly show me one to get affliated with /join in Ghana. Also,I may bring lots of inputs about Life Insurance from US.

  7. pls i want to know about how insurance started in ghana and how they arer going to adjust their policies to favour our oil and gas industry

  8. i want to know a brief history of insurance regulation in Ghana

  9. I want to know the history of insurance in Ghana, the history of life insurance in Ghana and the list of registered life insurance companies inGhana

  10. pls i want the names of registered insurances companies in ghana and their slogan

  11. Please send me 30 registered insurance companies in Ghana with their slogans and hot lines. Thx

  12. please i am in the insurance industry and l will like to know the perception of the insuring public about the life insurance policies

  13. insurance companies patronage esp life assurance is less in Ghana why,