Contrary to the latest publication by Business and Financial Times (B&FT) latest general insurance performance, Allianz General did not make the top-10 premium income earners; rather, SUNU Assurance Company Limited took the 10th position by raking in premium income of GH¢59,291,583 while Allianz bagged GH¢55,874,979.
According to B&FT’s general insurance survey for 2020, General insurance practitioners in the insurance companies experienced a slight growth in the volume of businesses underwriting that year despite the global COVID-19 pandemic.
Twenty-seven companies transacted General insurance that year against twenty-nine in 2019. The twenty-seven companies earned GH¢1,934,738,366 in 2020 against GH¢1,558,891,892 in 2019, representing 24.11% growth.
However, the top-10 companies contributed about GH¢1,430,527,623 representing 26.5% of the total premium income generated in the year under review.
The companies are: Enterprise Insurance Company – GH¢259,686,405; SIC Insurance Company – GH¢242,688,816; Hollard Insurance Company – GH¢172,264,551; Glico General Insurance – GH¢147,957,819; Star Assurance Company – GH¢146,980,180; Vanguard Assurance Company – GH¢138,800,995; Ghana Union Assurance – GH¢113,813,228; Activa International Insurance – 80,142,571; Phoenix Insurance Company – GH¢68,901,475; and SUNU Assurance Company – GH¢59,291,583.
Indeed, the regulator’s unwavering stance in driving insurance growth and ensuring strict compliance with the relevant laws affecting insurance business has increased investors’ confidence in Ghana’s general insurance industry.
Some of the policies recently enforced by the regulator included enforcement of the ‘No Premium, No Cover’ directive and a drive for retail growth of insurance products through micro-insurance resulted in the industry’s improved performance.
All the 27 General Insurance Underwriting Companies made gross premium income gain except one – Donewell Insurance Company, which dropped from GH¢58,438,827 in 2019 to GH¢47,584,161 in 2020.
HOW INSURANCE COMPANIES STOOD IN 2020 – GENERAL BUSINESS
| No | Company | 2019 Gross Premium | 2020 Gross Premium | Growth | Growth Rate | Market Share |
| 1 | Enterprise Insurance Company | 207,058,830.00 | 259,686,405.00 | 52,627,575.00 | 25.42% | 13.42% |
| 2 | SIC Insurance Company | 211,514,138.00 | 242,688,816.00 | 31,174,678.00 | 14.74% | 12.54% |
| 3 | Hollard Insurance Company | 123,559,788.00 | 172,264,551.00 | 48,701,763.00 | 39.42% | 8.90% |
| 4 | Glico General Insurance | 113,605,282.00 | 147,957,819.00 | 34,152,536.00 | 30.01% | 7.65% |
| 5 | Star Assurance Company | 121,652,887.00 | 146,980,180.00 | 25,327,293.00 | 20.62% | 7.60% |
| 6 | Vanguard Assurance Company | 104,730,320.00 | 138,800,995.00 | 34,070,675.00 | 32.53% | 7.17% |
| 7 | Ghana Union Assurance | 92,417,516.00 | 113,813,228.00 | 21,395,712.00 | 23.15% | 5.88% |
| 8 | Activa International Insurance | 73,733,590.00 | 80,142,571.00 | 6,408,981.00 | 8.69% | 4.14% |
| 9 | Phoenix Insurance Company | 52,694,248.00 | 68,901,475.00 | 16,207,227.00 | 30.76% | 3.56% |
| 10 | Sunu Assurance Company | 47,527,827.00 | 59,291,583.00 | 11,763,756.00 | 24.75% | 3.08% |
| 11 | Allianz Insurance Company | 28,774,613.00 | 55,874,979.00 | 27,100,366.00 | 94.18% | 2.89% |
| 12 | Prime Insurance Company | 34,112,580.00 | 51,417,133.00 | 17,304,553.00 | 50.73% | 2.65% |
| 13 | Donewell Insurance Company | 58,438,827.00 | 47,584,161.00 | -10,854,666.00 | -18.57% | 2.46% |
| 14 | Quality Insurance Company | 44,630,021.00 | 46,142,160.00 | 1,512,139.00 | 3.69% | 2.38% |
| 15 | Provident Insurance Company | 27,611,951.00 | 40,648,695.00 | 13,036,744.00 | 47.21% | 2.10% |
| 16 | RegencyNem Insurance Ghana | 30,161,193.00 | 40,041,715.00 | 9,880,522.00 | 32.76% | 2.07% |
| 17 | Saham Insurance Ghana Limited | 34,092,328.00 | 37,820,740.00 | 3,728,412.00 | 10.94% | 1.95% |
| 18 | Priority Insurance Company | 17,391,558.00 | 27,966,171.00 | 10,574,613.00 | 60.80% | 1.45% |
| 19 | Millennium Insurance Company | 17,677,059.00 | 26,860,234.00 | 9,183,175.00 | 51.95% | 1.39% |
| 20 | Best Assurance Company | 13,153,258.00 | 22,321,255.00 | 9,167,997.00 | 69.70% | 1.15% |
| 21 | Serene Insurance Company | 6,046,588.0 | 21,220,374.00 | 15,173,786.00 | 250.95% | 1.10% |
| 22 | Coronation Insurance Ghana | 23,289,911.00 | 20,262,581.00 | -3,027,330.00 | -13.00% | 1.05% |
| 23 | Unique Insurance Company | 13,555,346.00 | 17,779,911.00 | 4,224,565.00 | 31.17% | 0.92% |
| 24 | NSIA Ghana Insurance | 13,815,973.00 | 17,724,207.00 | 3,908,234.00 | 28.29% | 0.92% |
| 25 | Imperial General Assurance | 10,685,790.00 | 16,005,213.00 | 5,319,423.00 | 49.78% | 0.83% |
| 26 | Loyalty Insurance Company | 8,234,290.00 | 10,792,141.00 | 2,557,851.00 | 31.06% | 0.56% |
| 27 | Bedrock Insurance Company | 2,313,344.00 | 3,752,074.00 | 1,438,730.00 | 62.19% | 0.19% |
| 28 | Multi Insurance Company | 2,073,180.00 | -100.00% | 0.00% | ||
| 29 | Heritage Insurance Company | 24,139,656.00 | -100.00% | 0.00% | ||
| Total | 1,558,891,892.00 | 1,934,738,366.00 | 402,059,310.00 | 24.11% |
