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.