Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Ghana Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Ghana includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
The Republic of Ghana was founded in 1957 and is situated a few degrees north of the equator. Ghana's economy is relatively diversified compared to regional peers, although gold, oil, cocoa and timber still account for over 75% of exports. The exploitation of offshore oil and gas, discovered in 2007, has driven increased foreign investment and industrial growth.
Ghana is one of the larger insurance markets in West Africa and follows similar trends as nearby Nigeria. It is supervised by the National Insurance Commission (NIC), which has been one of Africa's more proactive and involved regulators and has ambitious goals for the industry and continues to introduce measures aiming to shape and control market behaviour. In 2019 there were 29 P&C and 20 life companies licensed to operate in the market and 14 healthcare (private medical insurance companies).
The majority of non-life business in Ghana continues to be handled by intermediaries, but distribution channels are becoming more diversified.