“The Insurance Industry in Ghana, Key Trends and Opportunities to 2018 “

Date: 2015-09

The Ghanaian insurance industry is one of the fastest-growing insurance industries in Africa, in terms of gross written premium. The industry grew at a compound annual growth rate (CAGR) of 30.4% during the review period (2009โˆ’2013), as compared to other African countries, such as Chad with 2.3%, Cote d’Ivoire with 3.9%, Cameroon with 9.4% and Uganda with 18.8%. In terms of gross written premium, the industry grew at a review-period CAGR of 30.4% in 2013. This was supported by growth in the life and non-life insurance segments, with the former having posted a CAGR of 37.1% and the latter having registered a CAGR of 27.7%. The industry is expected to grow at a forecast-period CAGR of 23.0% in 2018. The growth will be supported by an increase in oil and gas production, the implementation of compulsory fire insurance for commercial buildings, and an increase in gold production.

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