Despite the devastating effects of the global COVID-19 pandemic on economic activities, Ghana’s Insurance Companies improved on their earnings by the close of 2020.
A Supervision Department Report (SDR) from the National Insurance Commission released recently showed Gross Premium Income earnings for both General and Life as positive.
The latest report showed that 28 General Insurers in 2020 earned GH¢1,934,738,366. The top-ten companies contributed GH¢1,305,604,622 of the total premium income earned by the close of 2020.
The companies are: Enterprise Insurance Company – GH¢ 259,686,405; SIC Insurance Company – GH¢242,688,816; Hollard Insurance Ghana – GH¢172,261,551; Glico General Insurance Company – GH¢147,957,818; Star Assurance Company – GH¢146,980,180; Vanguard Assurance Company – GH¢138,800,995; Ghana Union Assurance Company – GH¢113,813,228; Activa International Insurance Company – GH¢80,142,571; Phoenix Insurance Company – GH¢68,901,475; and Sunu Assurance Company – GH¢59,291,583.
The ten companies made a significant impact on their 2019 earnings of about GH¢1,148,694,426; an increase of 14%.
Gross premium performance 2019 against 2020
| Company | Gross Premium | Gross Premium |
| Activa International Insurance Company Limited | 73,733,590 | 80,142,571 |
| Allianz Insurance Company Limited | 28,774,613 | 55,874,979 |
| Bedrock Insurance Company Limited | 2,313,344 | 3,752,074 |
| Best Assurance Company Limited | 13,153,258 | 22,321,255 |
| Donewell Insurance Company Limited | 58,438,827 | 47,584,161 |
| Enterprise Insurance Company Limited | 207,058,830 | 259,686,405 |
| Ghana Union Assurance Company Limited | 92,417,516 | 113,813,228 |
| Glico General Insurance Company Limited | 113,805,282 | 147,957,818 |
| Heritage Insurance Company Limited | 24,139,656 | N/A |
| Hollard Insurance Ghana Limited | 123,559,788 | 172,261,551 |
| Imperial General Assurance Co. Ltd. | 10,685,790 | 16,005,213 |
| Loyalty Insurance Company Limited | 8,234,290 | 10,792,141 |
| Millennium Insurance Company Limited | 17,677,059 | 26,860,234 |
| Multi Insurance Company Limited | 2,073,180 | 0 |
| NSIA Ghana Insurance Company Limited | 13,815,973 | 17,724,207 |
| Phoenix Insurance Company Limited | 52,694,248 | 68,901,475 |
| Prime Insurance Company Limited | 34,112,580 | 51,417,133 |
| Priority Insurance Company | 17,391,558 | 27,966,171 |
| Provident Insurance Company Limited | 27,611,951 | 40,648,695 |
| Quality Insurance Company Limited | 44,630,021 | 46,142,160 |
| RegencyNem Insurance Ghana Limited | 30,161,193 | 40,041,715 |
| Saham Insurance Ghana Limited | 34,092,328 | 37,820,740 |
| Serene Insurance Company Limited | 6,046,588 | 21,220,374 |
| SIC Insurance Company Limited | 211,514,138 | 242,688,816 |
| Star Assurance Company Limited | 121,652,887 | 146,980,180 |
| Sunu Assurance Company Limited | 47,527,827 | 59,291,583 |
| Unique Insurance Company Limited | 13,555,346 | 17,779,911 |
| Vanguard Assurance Company Limited | 104,730,320 | 138,800,995 |
| Wapic Insurance Ghana Limited | 23,289,911 | 20,262,581 |
| Total | 1,558,891,893 | 1,934,738,366 |
