Lewes, DE -- (ReleaseWire) -- 07/30/2014 -- 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.
- 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.
Spanning over 139 pages, 81 Tables and 101 Figures “The Insurance Industry in Ghana, Key Trends and Opportunities to 2018” report covering Executive Summary, Introduction, Ghanaian Insurance Industry Overview, Industry Segmentation, Governance, Risk and Compliance, Competitive Landscape, Macroeconomic Indicators, Appendix. This report Covered 5 Companies - SIC Insurance Company Ltd, Enterprise Life Assurance Company Ltd (ELAC), Enterprise Insurance Company Ltd, StarLife Assurance Company Ltd, Star Assurance Company Ltd.
Know more about this report at : http://www.marketresearchreports.com/timetric/insurance-industry-ghana-key-trends-and-opportunities-2018
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