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Ghana Insurance Market

High Range of Exploring Protection

The gross written premium (GWP) of the Ghana insurance market was GHS8.1 billion ($731.7 million) in 2023.

The market will achieve a CAGR of more than 17% during 2024-2028. The Ghana insurance market research report provides in-depth market analysis, information, and insights into the Ghana insurance industry.

NIC, 2023 Report

Professionalism.

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General & Life Insurance

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Insurance Products

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Insurance Brokers

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Skilled Agents

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Money Insurance

This policy covers money which is expressed to include cash, bank and currency notes, cheques, postal and money orders, against accidental Loss, Damage or destruction from any cause including fire

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Goods In Transit

Having invested so much in your goods/equipment secure them against all road risks with Goods-In-Transit cover.

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Homeowners Comprehensive

This policy insures your company against loss or damage to property as a direct result of fire out break, lightning or explosion.

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Health Insurance

Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses.

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Life Insurance

Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary an agreed sum of money upon the occurrence of the insured person's or persons death in return for the payment of a premium.

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Prudential Group Life Insurance

Group Life Insurance assures employees that in the unlikely event of death, disability or critical illness, a multiple of their annual salary will be provided to their beneficiaries as a replacement income.

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Travel Insurance

This policy provides financial relief to International travelers for medical expenses and hospitalization abroad, delayed departure, location and forwarding of baggage and personal effects,

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Contractor's All Risk Insurance

This policy promises to indemnify the insured in respect of loss, damage or destruction of any of the contract works both temporary and permanent while in the cause of construction or whilst on the contract site etc

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Some Important FAQ's

Common Frequently Asked Questions

A: Broadly there are two kinds of insurance:Life Insurance which pays an insurance benefit when the person who is insured dies;Non-Life (General) insurance, which comes in many forms, including property, liability, disability, health and travel.
  • Property Insurance provides protection against property damage and the insured is indemnified (compensated) if such damage occurs.
  • Liability Insurance provides you with insurance protection if you are found to be liable for causing damage to someone’s health or property.
  • Disability Insurance provides protection should you lose your ability to work and earn income, and pays you income if you are unable to work.
  • Health Insurance covers certain medical expenses and prescription medications.
  • Travel Insurance provides protection against certain adverse occurence during travel such as illness or even missed flights.

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A: Protecting your life and property should be an important part of your financial plan. Insurance protects you from financial problems resulting from damage or loss either to yourself or to your property. It is therefore important that you insure your life and property against any unanticipated accidents, damages or loss. You can take insurance to cover any of the following listed below:
  • Death
  • Accident
  • Theft
  • Fire
  • Loss
  • Damage
  • Disability Health.

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A: There are many insurance companies that offer Life insurance and many others that offer Non-life (General) Insurance in Ghana.You can go to any of these insurance companies and take out insurance.Once you contact them, their staff will advise you on what they offer and what is best suited to your insurance need.Click to see the list of GIA accredited Life Insurance Companies and Non-Life (General) Insurance Companies.Insurance – Some Basic Steps
  • Contact an insurance company, an insurance broker or an insurance agent
  • Discuss your insurance needs with them.
  • Think     about the options carefully and then choose the product(s) that meet(s) your needs
  • Supply truthful information for the completion of the insurance contract documents
  • Sign the insurance contractPay your premium
  • Receive an insurance cover for the risk(s) you have insured.
When should you take Insurance?
Once you have life with its possible unwanted outcomes, it is advisable to take an insurance against such possible unwanted outcomes. Also, as soon as you acquire a property it is advisable to choose an insurance to cover the risk of damage or loss to the property. Again anytime you have liability to another person for any damage you may cause the person, it is advisable to insure the liability. For liability insurance in the form of third party motor vehicle, commercial building under construction and commercial buildings you are required by law to take out insurance as an owner.

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A: This is what you are paid in the case of an accident or loss for which you have insured. Once you have entered into an insurance contract and paid your premium, you are entitled to compensation from the insurance company for any damage or loss suffered. The extent of compensation depends on the type of insurance.
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A: Under all insurance contracts, damages or losses incurred must be reported to the insurance company for the purpose of making a claim. In most cases a report must also be made to the police. Under a motor insurance for example, you must report any accident to the police as soon as it occurs to enable you to begin the processes for making insurance claims.Failure to report an accident can subject you to personal liability if the persons involved later find themselves to be injured and your insurance company denies the claims due to your failure to report the accident promptly.
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A: insureGhana.com is a website built to serve as a platform for information broking in the insurance industry in Ghana.

It is set up by a group of IT Specialists working with Marketellos Consult with several years of experience in providing software solutions and deals with all kinds of IT business solutions in the insurance industry.

This site was born out of frustration and difficulty that the founder went through when gathering information in the insurance industry during his MBA thesis programme.

The Main objectives of the site are;

to serve as an educational platform for consumers
to enhance consumer trust in the insurance industry
to enter into partnership with experts in the industry and
provide analysis of insurance industry performance and indicators
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From News

News And Updates

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compulsory insurance policies in Ghana
News
April 17, 2025
465 views
compulsory insurance policies in Ghana

The Insurance Act, 2021 (Act 1061) has introduced Public Liability Insurance and Professional Indemnity Insurance as compulsory, along with existing requirements for fire insurance on commercial buildings

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Star Assurance kick-starts 40th anniversary with ’40 Reasons to Smile’ launch
News
April 16, 2025
378 views
Star Assurance kick-starts 40th anniversary with ’40 Reasons to Smile’ launch

Star Assurance has launched its '40 Reasons to Smile' promo to celebrate 40 years of providing insurance services since its establishment in 1985.

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Star Assurance Company introduces ‘Star Motor Third Party Xtra’
News
March 4, 2025
382 views
Star Assurance Company introduces ‘Star Motor Third Party Xtra’

Star Assurance Ltd, the renowned insurance company with multiple awards to its name, has unveiled an enhanced ‘Motor Third Party Xtra’, an innovative product that revolutionizes third-party motor insurance.

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Ghana hosts maiden Africa Sustainability Insurance Conference in Accra
News
April 8, 2025
283 views
Ghana hosts maiden Africa Sustainability Insurance Conference in Accra

Ghana has taken a bold step toward reshaping the future of the insurance industry in Africa by hosting the continent’s first Sustainability Insurance Conference Accra

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Enterprise Life launches Enhanced Educare policy to address educational needs
News
April 4, 2025
537 views
Enterprise Life launches Enhanced Educare policy to address educational needs

Enterprise Life, a subsidiary of Enterprise Group PLC, has relaunched its educational product – Enhanced Educare Solution – aimed at bridging the financial gap of families intending to pursue education for their children or themselves

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VAT implementation on non-life insurance in Ghana
News
March 31, 2025
1190 views
VAT implementation on non-life insurance in Ghana

The Ghana Revenue Authority (GRA) has announced that, effective 1st April 2025, all non-life insurance products will attract Value Added Tax (VAT)

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