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Ghana Insurance Market

High Range of Exploring Protection

The gross written premium (GWP) of the Ghana insurance market was GHS8.1 billion ($731.7 million) in 2023.

The market will achieve a CAGR of more than 17% during 2024-2028. The Ghana insurance market research report provides in-depth market analysis, information, and insights into the Ghana insurance industry.

NIC, 2023 Report

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General & Life Insurance

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Insurance Products

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Life Insurance

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary an agreed sum of money upon the occurrence of the insured person's or persons death in return for the payment of a premium.

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Prudential Group Life Insurance

Group Life Insurance assures employees that in the unlikely event of death, disability or critical illness, a multiple of their annual salary will be provided to their beneficiaries as a replacement income.

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Travel Insurance

This policy provides financial relief to International travelers for medical expenses and hospitalization abroad, delayed departure, location and forwarding of baggage and personal effects,

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Contractor's All Risk Insurance

This policy promises to indemnify the insured in respect of loss, damage or destruction of any of the contract works both temporary and permanent while in the cause of construction or whilst on the contract site etc

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Bankers Indemnity Insurance

The policy indemnifies the insured for all losses sustained and discovered in the manner described here below within the period of insurance.

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Directors & Officers Liability Insurance

Bad business decisions by directors and mangers are likely to attract the increased attention of shareholders and other third parties who are looking to recover losses.

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Group Funeral

The objective of this plan is to insure the obligations of the employer in the unlikely event of an employee's death.

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Enterprise Living Plus Plan

The Enterprise Living Plus Plan is a “one-stop life insurance solution product” specifically designed to meet both the death and survival needs of the middle-class market.

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Some Important FAQ's

Common Frequently Asked Questions

A: Broadly there are two kinds of insurance:Life Insurance which pays an insurance benefit when the person who is insured dies;Non-Life (General) insurance, which comes in many forms, including property, liability, disability, health and travel.
  • Property Insurance provides protection against property damage and the insured is indemnified (compensated) if such damage occurs.
  • Liability Insurance provides you with insurance protection if you are found to be liable for causing damage to someone’s health or property.
  • Disability Insurance provides protection should you lose your ability to work and earn income, and pays you income if you are unable to work.
  • Health Insurance covers certain medical expenses and prescription medications.
  • Travel Insurance provides protection against certain adverse occurence during travel such as illness or even missed flights.

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A: Protecting your life and property should be an important part of your financial plan. Insurance protects you from financial problems resulting from damage or loss either to yourself or to your property. It is therefore important that you insure your life and property against any unanticipated accidents, damages or loss. You can take insurance to cover any of the following listed below:
  • Death
  • Accident
  • Theft
  • Fire
  • Loss
  • Damage
  • Disability Health.

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A: There are many insurance companies that offer Life insurance and many others that offer Non-life (General) Insurance in Ghana.You can go to any of these insurance companies and take out insurance.Once you contact them, their staff will advise you on what they offer and what is best suited to your insurance need.Click to see the list of GIA accredited Life Insurance Companies and Non-Life (General) Insurance Companies.Insurance – Some Basic Steps
  • Contact an insurance company, an insurance broker or an insurance agent
  • Discuss your insurance needs with them.
  • Think     about the options carefully and then choose the product(s) that meet(s) your needs
  • Supply truthful information for the completion of the insurance contract documents
  • Sign the insurance contractPay your premium
  • Receive an insurance cover for the risk(s) you have insured.
When should you take Insurance?
Once you have life with its possible unwanted outcomes, it is advisable to take an insurance against such possible unwanted outcomes. Also, as soon as you acquire a property it is advisable to choose an insurance to cover the risk of damage or loss to the property. Again anytime you have liability to another person for any damage you may cause the person, it is advisable to insure the liability. For liability insurance in the form of third party motor vehicle, commercial building under construction and commercial buildings you are required by law to take out insurance as an owner.

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A: This is what you are paid in the case of an accident or loss for which you have insured. Once you have entered into an insurance contract and paid your premium, you are entitled to compensation from the insurance company for any damage or loss suffered. The extent of compensation depends on the type of insurance.
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A: Under all insurance contracts, damages or losses incurred must be reported to the insurance company for the purpose of making a claim. In most cases a report must also be made to the police. Under a motor insurance for example, you must report any accident to the police as soon as it occurs to enable you to begin the processes for making insurance claims.Failure to report an accident can subject you to personal liability if the persons involved later find themselves to be injured and your insurance company denies the claims due to your failure to report the accident promptly.
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A: insureGhana.com is a website built to serve as a platform for information broking in the insurance industry in Ghana.

It is set up by a group of IT Specialists working with Marketellos Consult with several years of experience in providing software solutions and deals with all kinds of IT business solutions in the insurance industry.

This site was born out of frustration and difficulty that the founder went through when gathering information in the insurance industry during his MBA thesis programme.

The Main objectives of the site are;

to serve as an educational platform for consumers
to enhance consumer trust in the insurance industry
to enter into partnership with experts in the industry and
provide analysis of insurance industry performance and indicators
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From News

News And Updates

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President of Ghana Insurers Association, Seth Aklasi appointed Ag. MD of Ghana Reinsurance Company
News
February 18, 2025
46 views
President of Ghana Insurers Association, Seth Aklasi appointed Ag. MD of Ghana Reinsurance Company

President John Mahama has appointed the President of Ghana Insurers Association, Seth Aklasi as the new acting Managing Director of Ghana Reinsurance Company PLC.

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Dr. Abiba Zakariah appointed as new Commissioner of NIC
News
February 18, 2025
95 views
Dr. Abiba Zakariah appointed as new Commissioner of NIC

President John Mahama has named Dr. Abiba Zakariah as the acting Commissioner of the National Insurance Commission (NIC). The seasoned insurer will oversee Ghana’s insurance regulatory framework.

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New CIMG president targets membership increases as part of Agenda 5/5 initiative
News
February 17, 2025
49 views
New CIMG president targets membership increases as part of Agenda 5/5 initiative

The newly elected President of the Chartered Institute of Marketing Ghana (CIMG), Michael Abbiw, has outlined an ambitious vision for the institute, with a strong focus on increasing membership and engagement as part of his Agenda 5/5 Initiative.

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Empowering Your Business with M-Broker Software
News
February 17, 2025
45 views
Empowering Your Business with M-Broker Software

M-Broker Software is an innovative Insurance Broking Management System that was specifically designed for the independent insurance broker or agent.

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EMWA donates medical equipment to Children’s Hospital
News
November 13, 2024
50 views
EMWA donates medical equipment to Children’s Hospital

An insurance broker, Edward Mensah, Wood & Associates Ltd, has donated medical equipment valued at GH¢150,000 to the Princess Marie Louise Children’s Hospital in Accra.

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Edward Mensah Wood & Associates, Leading Insurance Broker in Ghana and Sub Regions
News
February 15, 2025
51 views
Edward Mensah Wood & Associates, Leading Insurance Broker in Ghana and Sub Regions

EMWA has been extensively involved in International insurance and reinsurance business for a considerable number of years.

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