Non-Life Gross Premium hits GH¢515m 1st quarter 2020

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In spite of the COVID-19 and subsequent lockdown of activities non-life insurers performance during the period in relation to income, generation was encouraging for this period under review.

The 29 non-life companies generated total gross premium income of GH¢515,741,117 in the first quarter of 2020 as against GH¢397,461,040 the same period in 2019. This is due to the unwavering stands of the regulator to drive insurance growth and to ensure strict compliance with relevant laws affecting insurance business.

The introduction of Motor Insurance Database (MID) by the regulator and the resilience by the companies to build on innovations not only on the product but also technology and people went a long way to improve the selling of the most popular insurance product – vehicle insurance in the country whereby insurers and their clients will sit at the comfort of their homes to buy insurance.

All the non-life companies grew their first-quarter gross premium income marginally against what they did in the same period in 2019.

First quarter 2019 verses 2020 Non-Life Insurance Companies

CompanyGross Premium 2020Gross Premium 2019
1.      Activa international23,676,79122,142,072
2.      Allianz Insurance21,723,0579,891,462
3.      Bedrock Insurance952,879
4.      Best Assurance6,921,1055,367,408
5.      Donewell Insurance15,159,94235,447,796
6.      Enterprise Insurance81,608,53656,638,981
7.      Equity Assurance12,119,001
8.      Ghana Union Assurance18,901,59416,092,159
9.      Glico General56,203,13738,013,917
10.  Heritage Insurance
11.  Hollard Insurance39,318,80329,229,700
12.  Imperial  General4,674,0892,843,509
13.  Loyalty Insurance2,665,4142,576,626
14.  Millennium Insurance10,030,0167,356,577
15.  Multi Insurance692,882
16.  NSIA Ghana Insurance6,337,2974,413,772
17.  Phoenix Insurance26,254,73217,614,471
18.  Prime Insurance16,225,24111,624,053
19.  Priority Insurance8,198,6695,402,177
20.  Provident Insurance15,217,62510,271,506
21.  Quality Insurance13,002,28810,011,370
22.  RegencyNem Insurance11,376,2979,080,877
23.  Saham Insurance7,746,9125,751,587
24.  Serene Insurance4,600,3261,471,402
25.  SIC Insurance50,416,405
26.  Star Assurance46,642,02436,728,963
27.  Unique Insurance5,124,3193,811,195
28.  Vanguard Assurance37,319,241
29.  Wapic Insurance5,902,4415,548,336
Total515,741,117397,461,040

 

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