Country Dashboards

Population
31 mn
2021
GDP (USD)
US$76 bn
2021
gdp/capita
US$2,441
2021
Inflation rate
10.0%
2021

Insurance Premiums

Total Premiums
Insurance market data
Life premium volume (USD) 131 mn
Non-life premium volume (USD) 190 mn
Total premium volume 320 mn
Total premium volume (GHS) 458 mn
Insurance penetration: Premiums in % of GDP 0.74%
Insurance density: Premium / capita USD 13
Local currency GHS
Market Composition
Domestic life insurers 20
Domestic non-life insurers 27
Domestic composite insurers 0
Foreign life insurers 0
Foreign non-life insurers 0
Foreign composite insurers 0
Domestic reinsurers 3
Foreign reinsurers 1
State-owned insurers 1
State-owned reinsurers 1
Insurance intermediaries 101
Reinsurance intermediaries 3
Insurance Regulatory Authority
Institution
National Insurance Commission, Appiah Ampofo House 67 Independence Ave Cantonments, Accra

Regulatory Provisions

Scope of insurance regulation and supervision
Overarching principle in insurance supervision Financial supervision
Requirement for minimum insurance rates No
Cross-border insurance allowed Yes
Licensing
Bancassurance is allowed Yes
Allowed ownership structures Stock Companies, Mutuals
Foreign ownership restrictions No
Minimum capital requirement Life & Non-Life: GHS 50m Reinsurers: GHS 125m Brokers: GHS 500,000
Minimum paid-up share capital Life & Non-Life: GHS 50m Reinsurers: GHS 125m Brokers: GHS 500,000
Requirement for independent audits Yes
Requirement to appoint actuaries Yes
Premium rate approval needed No
On-Going Supervision
Solvency referred to as the difference between assets and liabilities Yes
RBC (Risk-based capital) principles applied No
Ceded reinsurance is regarded as a permissible asset Yes
Compulsory insurance lines Motor TPL, Cargo, Group Life, Workmen's Compensation, Fire for Commercial building
Compulsory reinsurance cessions Yes
Insurance companies in difficulties
Established guarantee or policyholder protection fund Yes
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