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|
|Ghana Union Assurance||77,881,002||102,956,756|
|Glico General Insurance||99,815,427||126,295,575|
|Hollard Insurance Ghana||100,454,231||147,639,144|
|Imperial General Assurance||8,519,937||12,053,151|
|NSIA Ghana Insurance||10,449,378||14,062,128|
|Regency Nem Insurance||23,593,142||29,579,604|
|Wapic Insurance Ghana||20,417,159||17,216,101|