Top Insurance Companies In Ghana in 2020-2021
Insurance companies are key actors of the Ghanaian economy, hedging risks and covering the costs of accidents. Present throughout the country Ghana insurance companies are involved in life and health insurance, property and casualty insurance, business and commercial insurance, and reinsurance.
The top Ghanaian insurance companies are key actors of the financial sector and they play a major role in the economy through the management of risks. Other financial companies, such as banks and financial services companies, also challenge them in their insurance and risk management activities in financial markets. In the article, we have listed 10 insurance companies that are on top of their game.
List of Top Insurance Companies In Ghana in 2020-2021
ALIANZ
Allianz’s operations in Ghana started in the non-life segment in 2009. We provide a wide range of products and services such as Motor, Home, Travel, Injury and Disability Insurance. Allianz Insurance also underwrites SME insurance, Public Liability Insurance, Asset, Construction, Transport & Cyber Crime Insurance. Allianz has bancassurance partnerships with Société Generale Ghana and Ecobank Ghana.
In December 2017, Allianz started its life insurance operations in Ghana with an official launch on 24th May 2018. We offer a wide range of products for retail, SME, and corporate customers, including Pure Life Insurance, Credit Life, Funeral, Education, Savings and Investments. We also offer micro-insurance products for that segment of the population.
GLICO GENERAL
GLICO GENERAL was established in 2006 by the expertise of its parent company, a successful and reputable insurer – GLICO Life Insurance Company Limited. GLICO GENERAL is a member of the GLICO GROUP which comprises the following companies:
- GLICO Life Insurance company limited
- GLICO Healthcare Ltd
- GLICO Financial Services Limited
- GLICO Properties Company Limited
- GLICO General Insurance company Limited
- GLICO Pensions Trustee Company Limited
GLICO GENERAL has thus capitalized on GLICO GROUP’s extensive branch network offices in all 10 Regions of Ghana to deliver excellent, affordable and speedy services to clients.
Since the commencement of its operations, GLICO GENERAL has been committed to providing measured and highly responsive insurance solutions.
GLICO GENERAL has built a strong financial base and continues to post remarkable financial results year after year. It is one of Ghana’s leading insurers of great repute and uniquely positioned with underwriting capacity to manage your Marine, Accident, Fire and Motor, Engineering, Energy as well as Bond/Guarantee risks.
GLICO GENERAL has experienced and highly skilled staff who are motivated to work hard and to achieve desired results with the direction of a Board of Directors composed of distinguished business executives.
UNIQUE INSURANCE
Unique Insurance (UIC) is a limited liability company, incorporated in October 1999 and licensed by the Ghana National Insurance Commission to underwrite General Insurance businesses. UIC is also a member of the Ghana Insurers Association.
OWNERSHIP
Unique Insurance Company Limited is owned by influential local workers’ unions, a Financial House and high net worth individuals. The Ghana Mine Workers Union, Jislah Financial Holdings, The TUC and other Workers’ Unions including the Ghana National Association of Teachers and other cooperative organisations and high net worth business men are the shareholders of the company
AFFILIATION
Unique Insurance Company Limited is affiliated to the International Co-operative and Mutual Insurance Federation (ICMIF) with the secretariat based in Manchester, United Kingdom. The ICMIF is represented in about 72 countries by 200 insurance companies and controls 30% of the global insurance market; Unique Insurance Company Limited is the only member from Ghana.
Enterprise Insurance Company Limited
Enterprise Insurance Company Limited is the oldest insurance company in Ghana having been in operation since 1924. It takes its roots from the Royal Exchange Assurance Corporation of the United Kingdom, which commenced business in the Gold Coast in 1924, then became Guardian Royal Exchange Assurance Ghana Limited, (GREG) and subsequently, Enterprise Insurance Company Limited.
Enterprise Insurance is a leading Insurer in Fire, Marine, Motor and General Accident..
Enterprise Insurance’s first offices were located at the current offices of the Institute of Chartered Accountants on what was then Horse Road (and now Asafoatse Nettey Road). In 1952, after 28 years as an agency, the Royal Exchange Assurance was registered as an insurance company in the Gold Coast to provide the full complement of life and non-life insurance business. .
Growth
In 1965, the Insurance Act of 1965 (Act 288) was enacted. Section 9 of the Act barred all non-domestic insurance companies from insuring Ghanaian lives.
The Royal Exchange Assurance consequently transferred its life business to the Crusader Insurance Company (Ghana) Limited, thus becoming a purely non-life insurance company for the first time.
In 1969, there was a merger between the Royal Exchange Assurance Corporation and Guardian Assurance Company (GAC) in the UK to form the Guardian Royal Exchange Assurance Group (GRE). Consequently, a new company, the
StarLife Assurance
StarLife Assurance Company Limited is a leading Life Assurance Company offering a wide range of need -based life assurance products designed to meet the financial security needs of the insuring public.
Incorporated as a limited liability company in compliance with the new Insurance Law 2006, Act 724 in October 2005, thus making it the first Life Assurance company to be separated as a composite Company.
StarLife Assurance has over the years delivered value added services to its valued clients making it one of the preferred Life Assurance companies in Ghana. It is no doubt that we are part of the top three life assurances companies in Ghana.
