Life Report

Product Insurance Market Reports Life Rev Ghana

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Ghana's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Ghana's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Ghana

The Ghana life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Ghana.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Ghana and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Ghana’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Ghana is available.

Axco’s report describes the regulatory framework that applies to Ghana's domestic life insurance sector, including whether non-admitted insurance is permitted in Ghana; as well as the legislation necessary to know regarding Ghana’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Ghana with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Ghanian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Ghana, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Ghanian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Ghana report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Ghana Life and Benefits Report Extract

Below are brief extracts of information from the Ghana Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Ghana is one of the larger insurance markets in West Africa, following similar trends as nearby Nigeria, supervised by NIC, which has been one of Africa's more pro-active and involved regulators with ambitious goals for the industry, continuing to introduce measures aiming to shape and control market behaviour.

The life insurance sector continued to grow with an increase of almost 21% in 2018 ....


Prior to the introduction of the three-tier pension system there were few occupational pension schemes in Ghana and only a small number of old provident funds, mainly due to the substantial contribution rates required by the Social Security and National Insurance Trust (SSNIT). The pension sector, however, has been undergoing a substantial transformation over the last few years.

National Pensions Act, 2008 (Act 766) was promulgated December 2008: the act ....


Until the present system was introduced in 2004, the Ghanaian health system was based on the "cash and carry" principle. Even now, more than a decade after its introduction, the majority of Ghanaians are not registered with the National Health Insurance Scheme (NHIS), therefore subsisting on "cash and carry" for their healthcare requirements. "Cash and carry" essentially required patients to pay for drugs and most medical consumables whereas the state bears all other costs.

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