The Insurance Industry in Ghana, Key Trends and Opportunities to 2018

Published: Jul, 2014 | Pages: 139 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Ghana, including:
The Ghanaian insurance industry's growth prospects by insurance segment and category
The competitive landscape in the Ghanaian insurance industry
The current trends and drivers of the Ghanaian insurance industry
Challenges facing the Ghanaian insurance industry
The detailed regulatory framework of the Ghanaian insurance industry

Summary
The Ghanaian insurance industry is one of the fastest-growing insurance industries in Africa, in terms of gross written premium. The industry grew at a compound annual growth rate (CAGR) of 30.4% during the review period (2009?2013), as compared to other African countries, such as Chad with 2.3%, Cote d'Ivoire with 3.9%, Cameroon with 9.4% and Uganda with 18.8%. In terms of gross written premium, the industry grew at a review-period CAGR of 30.4% in 2013. This was supported by growth in the life and non-life insurance segments, with the former having posted a CAGR of 37.1% and the latter having registered a CAGR of 27.7%. The industry is expected to grow at a forecast-period CAGR of 23.0% in 2018. The growth will be supported by an increase in oil and gas production, the implementation of compulsory fire insurance for commercial buildings, and an increase in gold production.
Scope
This report provides a comprehensive analysis of the insurance industry in Ghana:
It provides historical values for the Ghanaian insurance industry for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Ghanaian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Ghana, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Ghanaian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Ghanaian insurance industry.
Assess the competitive dynamics in the Ghanaian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Ghanaian insurance industry and its impact on companies and the industry's future.
Key Highlights
The Ghanaian insurance industry comprises 18 life and 23 non-life insurance companies.
The industry is dominated by the non-life segment, which constituted 48.8% of the total gross written premium in 2013; this was followed by life insurance with a share of 43.6%, and personal accident and health insurance with a share of 7.6%.
Ghana allows 60% foreign direct investment (FDI) in the insurance industry.
The petroleum sector is expected to be a key growth driver of the Ghanaian economy over the forecast period.
High inflation rates in Ghana negatively affected the purchasing power of individuals during the review period.
One of the major challenges facing the Ghanaian insurance industry is the increasing loss and combined ratios across the insurance industry segments in 2013.
Growth in the marine segment is expected to support the growth of the insurance industry over the forecast period.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Ghaian Insurance Industry Overview
3.1 Ghaian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Regulations by Type of Insurance
5.2.1 Life insurance regulations
5.2.2 Property insurance regulations
5.2.3 Motor insurance regulations
5.2.4 Marine, aviation and transit insurance regulations
5.2.5 Persol accident and health insurance regulations
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Insurance for commercial properties
5.3.3 Workmen's compensation insurance
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors (IAIS)
5.4.2 tiol Insurance Commissions (NIC)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding tax on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 SIC Insurance Company Ltd - Company Overview
6.2.2 Enterprise Life Assurance Company Ltd (ELAC) - Company Overview
6.2.3 Enterprise Insurance Company Ltd - Company Overview
6.2.4 StarLife Assurance Company Ltd - Company Overview
6.2.5 Star Assurance Company Ltd - Company Overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation (Percentage)
7.5 Life Expectancy
7.6 Labor Force
7.7 Total Number of Households
7.8 Total Number of Internet Users
7.9 Urban and Rural Populations
7.1 Total Populations
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Ghaian Insurance Overall Written Premium by Segment (GHS Million), 2009-2013
Table 3: Ghaian Insurance Overall Written Premium by Segment (US$ Million), 2009-2013
Table 4: Ghaian Insurance Overall Written Premium by Segment (GHS Million), 2013-2018
Table 5: Ghaian Insurance Overall Written Premium by Segment (US$ Million), 2013-2018
Table 6: Ghaian Insurance Segmentation (Percentage Share), 2009-2018
Table 7: Ghaian Life Insurance - Written Premium (GHS Billion), 2009-2013
Table 8: Ghaian Life Insurance - Written Premium (GHS Billion), 2013-2018
Table 9: Ghaian Life Insurance - Paid Claims (GHS Million), 2009-2013
Table 10: Ghaian Life Insurance - Paid Claims (GHS Million), 2013-2018
Table 11: Ghaian Life Insurance - Incurred Loss (GHS Million), 2009-2013
Table 12: Ghaian Life Insurance - Incurred Loss (GHS Million), 2013-2018
Table 13: Ghaian Life Insurance - Loss Ratio (%), 2009-2013
Table 14: Ghaian Life Insurance - Loss Ratio (%), 2013-2018
Table 15: Ghaian Life Insurance - Combined Ratio (%), 2009-2013
Table 16: Ghaian Life Insurance - Combined Ratio (%), 2013-2018
Table 17: Ghaian Life Insurance - Total Assets (GHS Billion), 2009-2013
Table 18: Ghaian Life Insurance - Total Assets (GHS Billion), 2013-2018
Table 19: Ghaian Life Insurance - Total Investment Income (GHS Million), 2009-2013
Table 20: Ghaian Life Insurance - Total Investment Income (GHS Million), 2013-2018
Table 21: Ghaian Life Insurance - Retentions (GHS Billion), 2009-2013
Table 22: Ghaian Life Insurance - Retentions (GHS Billion), 2013-2018
Table 23: Ghaian Non-Life Insurance - Written Premium by Category (GHS Million), 2009-2013
Table 24: Ghaian Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 25: Ghaian Non-Life Insurance - Written Premium by Category (GHS Million), 2013-2018
Table 26: Ghaian Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 27: Ghaian Non-Life Insurance - Paid Claims (GHS Million), 2009-2013
Table 28: Ghaian Non-Life Insurance - Paid Claims (GHS Million), 2013-2018
Table 29: Ghaian Non-Life Insurance - Incurred Loss (GHS Million), 2009-2013
Table 30: Ghaian Non-Life Insurance - Incurred Loss (GHS Million), 2013-2018
Table 31: Ghaian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 32: Ghaian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 33: Ghaian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 34: Ghaian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 35: Ghaian Non-Life Insurance - Total Assets (GHS Billion), 2009-2013
Table 36: Ghaian Non-Life Insurance - Total Assets (GHS Billion), 2013-2018
Table 37: Ghaian Non-Life Insurance - Total Investment Income (GHS Million), 2009-2013
Table 38: Ghaian Non-Life Insurance - Total Investment Income (GHS Million), 2013-2018
Table 39: Ghaian Non-Life Insurance - Retentions (GHS Billion), 2009-2013
Table 40: Ghaian Non-Life Insurance - Retentions (GHS Billion), 2013-2018
Table 41: Ghaian Property Insurance - Written Premium (GHS Million), 2009-2013
Table 42: Ghaian Property Insurance - Written Premium (GHS Million), 2013-2018
Table 43: Ghaian Motor Insurance - Written Premium (GHS Million), 2009-2013
Table 44: Ghaian Motor Insurance - Written Premium (GHS Million), 2013-2018
Table 45: Ghaian Liability Insurance - Written Premium (GHS Million), 2009-2013
Table 46: Ghaian Liability Insurance - Written Premium (GHS Million), 2013-2018
Table 47: Ghaian Marine, Aviation and Transit Insurance - Written Premium (GHS Million), 2009-2013
Table 48: Ghaian Marine, Aviation and Transit Insurance - Written Premium (GHS Million), 2013-2018
Table 49: Ghaian Persol Accident and Health Insurance - Written Premium (GHS Million), 2009-2013
Table 50: Ghaian Persol Accident and Health Insurance - Written Premium (GHS Million), 2013-2018
Table 51: Ghaian Persol Accident and Health Insurance - Paid Claim (GHS Million), 2009-2013
Table 52: Ghaian Persol Accident and Health Insurance - Paid Claim (GHS Million), 2013-2018
Table 53: Ghaian Persol Accident and Health Insurance - Incurred Loss (GHS Million), 2009-2013
Table 54: Ghaian Persol Accident and Health Insurance - Incurred Loss (GHS Million), 2013-2018
Table 55: Ghaian Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 56: Ghaian Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 57: Ghaian Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 58: Ghaian Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 59: Ghaian Persol Accident and Health Insurance - Total Assets (GHS Million), 2009-2013
Table 60: Ghaian Persol Accident and Health Insurance - Total Assets (GHS Million), 2013-2018
Table 61: Ghaian Persol Accident and Health Insurance - Total Investment Income (GHS Million), 2009-2013
Table 62: Ghaian Persol Accident and Health Insurance - Total Investment Income (GHS Million), 2013-2018
Table 63: Ghaian Persol Accident and Health Insurance - Retentions (GHS Million), 2009-2013
Table 64: Ghaian Persol Accident and Health Insurance - Retentions (GHS Million), 2013-2018
Table 65: Ghaian Reinsurance Ceded by Insurance Industry (GHS Million), 2009-2013
Table 66: Ghaian Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 67: Ghaian Reinsurance Ceded by Insurance Industry (GHS Million), 2013-2018
Table 68: Ghaian Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 69: Ghaian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 70: Ghaian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 71: Ghaian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 72: Ghaian Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 73: Ghaian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 74: Ghaian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 75: Gha - Life Insurance Regulatory Framework
Table 76: Gha - Property Insurance Regulatory Framework
Table 77: Gha - Motor Insurance Regulatory Framework
Table 78: Gha - Limits of Investments on Various Types of Assets
Table 79: Gha - Corporate Tax Rates for the Fincial Year 2013
Table 80: Ghaian Life Insurance Segment - Market Share 2010 and 2011
Table 81: Ghaian Non-Life Insurance Segment - Market Share 2010 and 2011