Kworld Trend / Best 6 reliable insurance companies of ghana 2023, It can sometimes be difficult to attach a definition of what an insurance company is. However, in a general term, the word insurance is a guarantee to compensate for a possible loss that an individual or a group may face in the future, and it can be replaced by a fixed or regular payment.
We are going to discuss, in this article, the top 10 insurance companies in Ghana.
Best 6 reliable insurance companies of ghana 2023
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Non-life insurance companies in Ghana
In thousands
| Companies | 2022 turnover | 2021 turnover | 2021-2022 evolution (1) | 2022 shares | ||
|---|---|---|---|---|---|---|
| GHS | USD | GHS | USD | |||
| Enterprise Insurance | 432 382 | 41 928 | 335 170 | 54 234 | 29.00% | 7.08% |
| SIC Insurance | 370 524 | 35 930 | 276 224 | 44 696 | 34.14% | 6.07% |
| Hollard Insurance Ghana | 272 537 | 26 428 | 212 492 | 34 383 | 28.26% | 4.47% |
| Glico General Insurance | 252 145 | 24 450 | 172 911 | 27 979 | 45.82% | 4.13% |
| Star Assurance | 231 232 | 22 423 | 192 372 | 31 128 | 20.20% | 3.79% |
| Vanguard Assurance | 213 351 | 20 689 | 162 610 | 26 312 | 31.20% | 3.50% |
| Ghana Union Assurance | 192 430 | 18 660 | 140 910 | 22 801 | 36.56% | 3.15% |
| Activa International Insurance | 164 575 | 15 959 | 116 065 | 18 781 | 41.80% | 2.70% |
| Phoenix Insurance | 99 030 | 9 603 | 86 498 | 13 996 | 14.49% | 1.62% |
| Sanlam Insurance Ghana | 87 592 | 8 494 | 49 184 | 7 958 | 78.09% | 1.43% |
| Prime Insurance | 86 684 | 8 406 | 65 023 | 10 521 | 33.31% | 1.42% |
| Quality Insurance | 85 503 | 8 291 | 63 259 | 10 236 | 35.16% | 1.40% |
| They are Assurance | 83 740 | 8 120 | 66 620 | 10 780 | 25.70% | 1.37% |
| Provident Insurance | 70 113 | 6 799 | 53 110 | 8 594 | 32.01% | 1.15% |
| Allianz Insurance | 66 575 | 6 456 | 47 964 | 7 761 | 38.80% | 1.09% |
| Donewell Insurance | 63 176 | 6 126 | 52 909 | 8 561 | 19.41% | 1.03% |
| Serene Insurance | 60 426 | 5 859 | 43 364 | 7 017 | 39.35% | 0.99% |
| Priority Insurance | 48 201 | 4 674 | 40 906 | 6 619 | 17.83% | 0.79% |
| Imperial General Assurance | 38 787 | 3 761 | 25 079 | 4 058 | 54.66% | 0.64% |
| Millennium Insurance | 38 649 | 3 748 | 41 779 | 6 760 | -7.49% | 0.63% |
| Coronation Insurance Ghana | 32 199 | 3 122 | 24 597 | 3 980 | 30.91% | 0.53% |
| Unique Insurance | 32 007 | 3 104 | 24 148 | 3 907 | 32.55% | 0.52% |
| Loyalty Insurance | 30 356 | 2 943 | 20 457 | 3 310 | 48.39% | 0.50% |
| NSIA Ghana Insurance | 29 057 | 2 818 | 23 333 | 3 776 | 24.53% | 0.48% |
| Bedrock Insurance | 1 994 | 193 | 3 939 | 637 | -49.38% | 0.03% |
| Best Assurance | ND | ND | 20 853 | 3 374 | – | – |
| Total non-life | 3 083 265 | 298 984 | 2 361 776 | 382 159 | 30.55% | 50.51% |
Non-life insurance companies in Ghana
In thousands
| Companies | 2022 turnover | 2021 turnover | 2021-2022 evolution (1) | 2022 shares | ||
|---|---|---|---|---|---|---|
| GHS | USD | GHS | USD | |||
| Enterprise Life Assurance | 722 243 | 70 036 | 608 800 | 98 510 | 18.63% | 11.83% |
| SIC Life Insurance | 541 333 | 52 493 | 476 033 | 77 027 | 13.72% | 8.87% |
| StarLife Assurance | 537 900 | 52 160 | 411 798 | 66 633 | 30.62% | 8.81% |
| Prudential Life Insurance Ghana | 300 437 | 29 133 | 223 408 | 36 150 | 34.48% | 4.92% |
| Glico Life Insurance | 207 661 | 20 137 | 179 510 | 29 046 | 15.68% | 3.40% |
| MiLife Insurance | 203 207 | 19 705 | 134 301 | 21 731 | 51.31% | 3.33% |
| Old Mutual Assurance Ghana | 123 762 | 12 001 | 103 769 | 16 791 | 19.27% | 2.03% |
| Metropolitan Life Insurance Ghana | 110 498 | 10 715 | 117 140 | 18 954 | -5.67% | 1.81% |
| Allianz Life Insurance | 71 249 | 6 909 | 49 687 | 8 040 | 43.40% | 1.17% |
| Ghana Union Assurance Life (2) | 61 504 | 5 964 | 14 003 | 2 266 | 339.22% | 1.01% |
| Sanlam Life Insurance Ghana | 61 396 | 5 954 | 33 463 | 5 415 | 83.47% | 1.01% |
| Hollard Life Assurance | 38 180 | 3 702 | 20 875 | 3 378 | 82.90% | 0.62% |
| Donewell Life Insurance | 26 223 | 2 543 | 24 037 | 3 889 | 9.09% | 0.43% |
| Vanguard Life Assurance | 9 187 | 891 | 17 211 | 2 785 | -46.62% | 0.15% |
| First Insurance | 4 629 | 449 | 5 950 | 963 | -22.20% | 0.07% |
| GN Life Assurance | 1 804 | 175 | 2 324 | 376 | -22.38% | 0.03% |
| Exceed Life Assurance | – | – | 6 036 | 977 | – | – |
| Ghana Life Insurance | – | – | 16 761 | 2 712 | – | – |
| Phoenix Life Assurance | – | – | 41 174 | 6 662 | – | – |
| Quality Life Assurance | – | – | 27 068 | 4 380 | – | – |
| Total life | 3 021 213 | 292 967 | 2 513 348 | 406 685 | 20.21% | 49.49% |
The purpose of insurance is to serve as protection for an individual or company, against losses that could pose a threat to their financial stability. With this in mind, it is then considered wise that you are able to secure for yourself the best firms that would give you an assurance of safety on your life and properties.
The Top 10 Insurance Companies in Ghana
1. State Insurance Company
SIC is a popular insurance company in Ghana with branches spread all across the country. With about 1400 shareholders on its platform, SIC is regarded as a major player in the provision of non-life insurance products.
The insurance company covers losses mostly in the marine sector, accident, oil and gas, and travels. They are well revered for their top notch customer service and their professionalism in the field.
2. Enterprise Insurance Company
The insurance company was founded in the year 1924 and they have served the country since then through the provision of mouth-watering insurance packages. Their services are poised to assist their clients in managing their physical and financial loss as well as helping them secure their future.
Their branches are spread across the country and they are located at vantage points, putting them on the spotlight. The company is dedicated to also providing life-changing results to customers.
3. Hollard Insurance
The company was established in the year 1993 and they started their journey as Madison Insurance, which was renamed 4 years later to Metropolitan Insurance Company.
The insurance company began all-around operations in the year 2015, after making moves to diversify into the provision of other commercial and personal products. The company now has offices in Kumasi, Tamale, Takoradi, and Tema.
Products rendered by the company are Indemnity, bonds, fidelity guarantee, engineering insurance, transit goods insurance, fire insurance, burglary insurance, travel insurance, executive insurance, personal accident cover and a host of others.
4. Priority Insurance Company
This is one of the most trusted insurance companies in Ghana and in the year 2014, they were rated as the 3rd fastest growing insurance company in the country.
The company is fortified with over 7 years of experience and they boast of a strong staff that is well motivated to cater to all your insurance needs.
Products offered by the company range from motor insurance, transit goods insurance, indemnity, 3rd party liability, advanced loss of profits, business interruption, bonds, fire insurance, theft, marine insurance to construction insurance.
5. Activa Insurance
The company is a member of the Pan-African Insurance group, and they are rated as the 7th biggest insurance firm in the country.
Activa is licensed to provide for their clients the best insurance services poised to protect their interest in all ways.
They offer the following products: accidental damage, personal accident, group accident, homeowners insurance, travel insurance, motor insurance 3rd party liability and so on
Their main office is in Accra and they have branches in Tamale, Takoradi, Tema and Kumasi
6. Metropolitan Insurance
Speaking of Metropolitan Insurance Company, it is a company that combines international exposure with an understanding of the local market to provide the best services to its clients. They provide risk and investment solutions that aim to meet the needs of their clients in whatever package they choose with them.
It is one of the best insurance companies in the country and the products offered are: Group Funeral Umbrella, Master Plan Plus, Permanent Disability, Credit Life Plan, School Finance, Retirement, Cash Plan, and many more.
The main office is in Accra and they have other branches in Takoradi, Tarkwa, Akosombo, Kumasi, Obuasi, Weja Tema and Bibiani. Best 6 reliable insurance companies of ghana 2023
7. Milife Insurance
The company was incorporated in 2005 and is ranked as the 17th best insurance company in the country. In August 2017, the company was ranked as the 8th highest performing insurance company in Ghana.
They have subsidiaries spread all over the country and with a capitalization of around GHS 57 million, the company is considered one of the most capitalized insurance companies in the country.
Their focus is on providing their customers with affordable and easy-to-access savings and improving their lives.
Products include Keyman life, Mortgage life, Credit life, Group life, miWay, miEducation, miKids, miLegacy, and miTribute.
The head office is located in Accra and they have branches in Kumasi, Takoradi, Koforidua, Tamale and other parts of the country.
8. Allianz Insurance Company
The company has a wide range of products that are created to benefit the lives of customers and they have been serving the country for several years now.
A subsidiary of the Alliance of Germany group, the company’s international experience has helped it secure the confidence of its clients in Ghana. It is considered one of the best insurance companies in the country and is licensed by the Insurance Commission of Ghana.
Products include auto, health, investments, savings, home and travel insurance.
They have their main office in Accra. Best 6 reliable insurance companies of ghana 2023
9. African Life Insurance
The company is involved in providing life guarantees to companies, groups and individuals in Ghana. They are licensed by the National Insurance Company of Ghana.
The products offered by the company include; Microinsurance, Keyman Care Plan, Care Mortgage, Care Credit, Care Group, Care Education, Funeral Care. With their main office in Accra, they have branches in Kumasi as well.
10. The old mutual affirmation
With origins in South Africa, Old Mutual is a premium financial services provider and is listed on the Johannesburg and London Stock Exchanges. Old Mutual is one of the most reliable insurance companies in the country, and they have a wide range of services that ensure they provide the best packages to their clients.
Products include group life insurance, credit life insurance, travel insurance, and an education plan. Best 6 reliable insurance companies of ghana 2023
