Contrary to earlier objections by general insurance business operators in the early days of introducing the motor insurance database by the regulator, National Insurance Commission (NIC), the project has turned out to be a game-changer in the motor insurance industry.
General Insurance underwriting companies have commended the project for the numerous benefit it has brought into the motor portfolio. Practitioners say it has reduced undercutting and the issuance of fake motor stickers.
According to statistics gathered by Business and Financial Times from the motor insurance database since commencement of its implementation in 2020, sales have improved.
Most of the new generation companies that are less than 10 years old have eventually improved their sales: for instance, Priority Insurance Company and SUNU Assurances Ghana Limited have improved their motor sales and are presently in the top-10 bracket of motor insurance premium income earners since beginning of the MID’s implementation.
According to some practitioners, the statistics shown for the companies are a reflection of the extensive nature of their retail outlets. They also reflect portfolios which have been built for a longer time.
Priority Insurance Company and SUNU Assurances Ghana Limited are the only two companies in the top-10 that have operated for less than 15 years on the general insurance market. More importantly, the practitioners say technology can be a game-changer as it will enable companies at the bottom to leapfrog and disrupt the pattern. Others factors at play could be brand reputation and claims payment ability.
|Ref||Insurer||No. of Stickers|
|1||SIC Insurance Company||180,661|
|2||Vanguard Assurance Company Limited||161,527|
|3||Star Assurance Company Limited||160,799|
|4||Enterprise Insurance Company Limited||159,074|
|5||Priority Insurance Company Limited||141,346|
|6||Donewell Insurance Company Limited||110,839|
|7||Sunu Assurances Ghana Limited||101,399|
|8||Hollard Insurance Ghana Limited||91,556|
|9||Prime Insurance Company Limited||89,312|
|10||Provident Insurance Company Limited||84,431|
|11||Quality Insurance Company Limited||73,564|
|12||Serene Insurance Company Limited||68,296|
|13||Ghana Union Assurance Limited||61,444|
|14||Phoenix Insurance Company Limited||58,695|
|15||Glico General Insurance Company Limited||52,234|
|16||Loyalty Insurance Company Limited||51,781|
|17||NSIA Insurance Company Limited||41,966|
|18||Unique insurance Company Limited||36,721|
|19||Millennium Insurance Company Limited||34,093|
|20||Saham Insurance Ghana Limited||30,219|
|21||Allianz Insurance Company Ghana Limited||29,766|
|22||RegencyNem Insurance Ghana Limited||26,735|
|23||Best Assurance Company Limited||24,027|
|24||Activa International Insurance Company Ghana Limited||20,487|
|25||Coronation Insurance Ghana Limited||15,556|
|26||Imperial General Assurance Company Limited||10,655|
|27||Bedrock Insurance Company Limited||9,014|