Albany, NY -- (ReleaseWire) -- 07/24/2014 -- The report provides in-depth industry analysis, information and insights into the insurance industry in Ghana, including:
The Ghanaian insurance industry’s growth prospects by insurance segment and category
The competitive landscape in the Ghanaian insurance industry
The current trends and drivers of the Ghanaian insurance industry
Challenges facing the Ghanaian insurance industry
The detailed regulatory framework of the Ghanaian insurance industry
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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 (2009?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.
This report provides a comprehensive analysis of the insurance industry in Ghana:
It provides historical values for the Ghanaian insurance industry for the report’s 2009–2013 review period and forecast figures for the 2013–2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Ghanaian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Ghana, and outlines the key regulations affecting them.
Reasons to buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Ghanaian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Ghanaian insurance industry.
Assess the competitive dynamics in the Ghanaian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Ghanaian insurance industry and its impact on companies and the industry's future.
The Ghanaian insurance industry comprises 18 life and 23 non-life insurance companies.
The industry is dominated by the non-life segment, which constituted 48.8% of the total gross written premium in 2013; this was followed by life insurance with a share of 43.6%, and personal accident and health insurance with a share of 7.6%.
Ghana allows 60% foreign direct investment (FDI) in the insurance industry.
The petroleum sector is expected to be a key growth driver of the Ghanaian economy over the forecast period.
High inflation rates in Ghana negatively affected the purchasing power of individuals during the review period.
One of the major challenges facing the Ghanaian insurance industry is the increasing loss and combined ratios across the insurance industry segments in 2013.
Growth in the marine segment is expected to support the growth of the insurance industry over the forecast period.
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