Only two Ghanaian companies featured in this year’s ‘Top African Insurers Ranking’ published by the African Report and released a fortnight ago. The two companies are Enterprise Group and SIC Insurance Company.
The companies partook in this year’s Exclusive Ranking and Analysis of the continent’s largest insurance companies. The Ranking was based on revenue and profits generated in 2020.
The African Report complied its report on the top hundred insurance companies by sending out detailed questionnaires to insurance companies spread across the continent. Their replies were used to create a schematic of African’s Top Hundred Insurers.
All data was communicated to African Report by the insurers. These figures relate to the 2020 financial year. Word information was unavailable, so African Report used 2019 figures – as indicated in the rankings by italics.
The data was converted to US dollars using the exchange rates applicable by December 31, 2020. Out of Ghana’s 45 Insurance Companies, both life and general business, only the two companies mentioned earlier and one reinsurance company – that is Ghana Reinsurance Company – entered for this ranking.
According to the African Report, Enterprise Group placed 47th out of the 100 companies while SIC Insurance Company and Ghana Reinsurance Company placed 97th and 93 respectively.
According to the report, Enterprise earned revenue amounting to 134 million dollars while Ghana Reinsurance Company made US$44million and SIC Insurance Company US$41million.
Companies from South Africa dominated the ranking. They were followed by Insurers from North Africa. The rest were from East Africa and West Africa.
The South African companies dominated the top-10 contestants: they included Sanlam, Old Mutual Life Assurance Company, Indequity Group, Discovery Health, Liberty Holdings, Santam, Momentum Metropolitan Holdings and Rand Merchant Investment Holdings, Hollard Insurance and Metropolitan life.