General Insurers raked GH¢1.526billion Premium Income – Third Quarter


There are strong indications that the traditional tested and trusted non-life insurance brands have started bouncing back after close of the third quarter, the Supervision Division Report of the National Insurance Commission (NIC) has shown.

The referred tested and trusted brands include SIC Insurance Company (SIC); Enterprise Insurance Company; Hollard Insurance Company (formally Metropolitan Insurance Company); Ghana Union Assurance Company (GUA); Vanguard Assurance Company (VAC), and Star Assurance.

These companies had ruled the Ghana non-life market in the early 1980s to the 2000s. They dominated the market in terms of income and were the top-five performers.

Recent reports released have indicated that Enterprise Insurance was ruling the non-life market by close of third quarter 2020, with gross premium income of GH¢211,678,803 from GH¢155,363,178 in 2019.

Hollard improved its income from GH¢100,454,231 in 2019 to GH¢147,639,144 in 2020 – growth of 32%; while SIC Insurance Company awoke from its slumber in 2019 when it recorded GH¢138,986,327 to GH¢146,349,722 – a growth of 5% to reclaim third position on the gross income table.

SIC used to be the market leader but gave way to Enterprise Insurance in the latter part of the 2000’s. However, Enterprise is not shaking because it hopes to finish the year on a high. The gap between the company and others continues to widen.

Going by the financial results, companies were heavily affected by the global pandemic – COVID-19. Thus, it necessitated some sort of collaboration among them in the form of business sharing in the sector through co-insurance activities, which is normal in insurance transactions globally.

Detailed statistics from the regulator body have indicated that most of the companies benefitted from the arrangements and have improved their incomes. Ghana Union Assurance performed very well in the early days and has showcased as one of the top performing companies’ incomes-wise, but dipped in the early 2000s before coming up strongly in this third quarter – surging from an income of GH¢77,881,002 in 2019 to GH¢102,956,756 – up by 24.4% for the period under review.

Vanguard Assurance also put up a strong showing to improve its earnings from GH¢83,429,336 to GH¢109,836,220 – growing by 24.04% for the same period in 2020.

The top-five companies; Enterprise – GH¢211,678,803; Hollard – GH¢147,639,144; SIC – GH¢146,349,722; Glico General – GH¢126,295,575; and Star Assurance – GH¢111,180,806 contributed about 51.33% of the market’s total gross premium income generated.

Premium Income Table

Company          2019 (GH¢) 2020 (GH¢)
Activa International Insurance 61,230,188 67,687,882
Allianz Insurance 28,774,613 46,260,345
Bedrock Insurance 1,733,124 2,538,705
Best Assurance 11,163,626 19,320,739
Donewell Insurance 50,882,512 37,008,603
Enterprise Insurance 155,363,178 211,678,803
Ghana Union Assurance 77,881,002 102,956,756
Glico General Insurance 99,815,427 126,295,575
Heritage Insurance 8,218,940
Hollard Insurance Ghana 100,454,231 147,639,144
Imperial General Assurance 8,519,937 12,053,151
Loyalty Insurance 6,721,869 7,561,582
Millennium Insurance 14,847,711 22,118,041
Multi Insurance 1,772,663
NSIA Ghana Insurance 10,449,378 14,062,128
Phoenix Insurance 40,290,339 55,404,776
Prime Insurance 28,975,283 38,287,775
Priority Insurance 13,916,061 21,494,139
Provident Insurance 22,665,311 31,866,102
Quality Insurance 34,255,295 34,629,306
Regency Nem Insurance 23,593,142 29,579,604
Saham Insurance 31,462,059 34,069,098
Serene Assurance 3,940,056 18,981,995
SIC Insurance 138,986,327 146,349,722
Star Assurance 90,681,940 111,180,806
Sunu Assurance 36,097,607 48,119,141
Unique Insurance 9,928,143 12,582,205
Vanguard Assurance 83,429,336 109,836,220
Wapic Insurance Ghana 20,417,159 17,216,101
Total 1,216,466,457 1,526,778,544


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