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

Company Gross Premium 2020 Gross Premium 2019
1.      Activa international 23,676,791 22,142,072
2.      Allianz Insurance 21,723,057 9,891,462
3.      Bedrock Insurance 952,879
4.      Best Assurance 6,921,105 5,367,408
5.      Donewell Insurance 15,159,942 35,447,796
6.      Enterprise Insurance 81,608,536 56,638,981
7.      Equity Assurance 12,119,001
8.      Ghana Union Assurance 18,901,594 16,092,159
9.      Glico General 56,203,137 38,013,917
10.  Heritage Insurance
11.  Hollard Insurance 39,318,803 29,229,700
12.  Imperial  General 4,674,089 2,843,509
13.  Loyalty Insurance 2,665,414 2,576,626
14.  Millennium Insurance 10,030,016 7,356,577
15.  Multi Insurance 692,882
16.  NSIA Ghana Insurance 6,337,297 4,413,772
17.  Phoenix Insurance 26,254,732 17,614,471
18.  Prime Insurance 16,225,241 11,624,053
19.  Priority Insurance 8,198,669 5,402,177
20.  Provident Insurance 15,217,625 10,271,506
21.  Quality Insurance 13,002,288 10,011,370
22.  RegencyNem Insurance 11,376,297 9,080,877
23.  Saham Insurance 7,746,912 5,751,587
24.  Serene Insurance 4,600,326 1,471,402
25.  SIC Insurance 50,416,405
26.  Star Assurance 46,642,024 36,728,963
27.  Unique Insurance 5,124,319 3,811,195
28.  Vanguard Assurance 37,319,241
29.  Wapic Insurance 5,902,441 5,548,336
Total 515,741,117 397,461,040

 

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