Insurance
From The Report: Ghana 2019
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The insurance industry in Ghana has plenty of reasons for optimism. A favourable economic backdrop and an emerging middle class have helped to boost the sector’s assets, while the World Bank has forecast the continuation of strong economic growth in 2019. Moreover, the country’s insurance penetration rate stands at less than 2%, according to the latest annual report from the National Insurance Commission, which has expressed its determination to capitalise on this latent market potential, targeting a penetration rate of 10% by 2021. The growth of new business lines such as bancassurance, micro-insurance and mobile insurance should help bring this target into reach. This chapter contains an interview with Keli Gadzekpo, CEO, Enterprise Group.

Articles from this Chapter

Overview

Premium growth: The sector is well positioned to grow on the back of continued economic expansion
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The insurance industry in Ghana has plenty of reasons for optimism. A favourable economic backdrop alongside an emerging middle class have helped to boost the sector’s assets, while the World Bank has forecast the continuation of strong economic growth in 2019. Moreover, the country’s insurance penetration rate stands at less than 2%, according to the latest annual report from the National Insurance Commission (NIC), which has expressed its determination to capitalise on this latent market potential,…

Analysis

Adequate measures: Raising minimum capital requirements to boost capacity
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A potential rise in minimum capital requirements has dominated insurance industry discussion throughout 2018, leading some insurers to voice concerns over their ability to meet more stringent regulatory requirements. However, increasing the industry’s capital base has been an ambition of sector regulator the National Insurance Commission (NIC) for some years, and will likely ensure domestic insurance industries are more stable, and capable of promoting broader economic growth. Ghana’s insurers…

Analysis

Safety net: Tracking the performance of Ghana’s pensions system
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A formal pension framework has existed in Ghana since the colonial period, when a number of provident funds were established as a means to provide retirement benefits for the nation’s working class. Since then, the pensions universe has rapidly evolved with the transition to a basic social security scheme in 1965 and the creation in 1972 of segment administrators the Social Security and National Insurance Trust (SSNIT). While together these steps represented a significant advance in coverage, by…

Analysis

Regional alliance: West African integration could help domestic players compete on a global scale
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Established global insurers hold a number of advantages over their domestic counterparts. Most multinationals offer a wider array of products, can offer more complex insurance offerings, employ a larger workforce and hold a wider geographic presence granting them a broader skills base. For smaller players looking to compete on a regional or global scale, however, coming up with a sufficient capital base usually presents the single most limiting factor. Therefore, stakeholders are looking at building…

Interview

First frontiers: Keli Gadzekpo, CEO, Enterprise Group, on industry preparations to expand into high-premium segments
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Interview :Keli Gadzekpo What role do you expect technology to play in Ghana’s insurance sector going forward? KELI GADZEKPO: The more retail-oriented the business, the more essential technology becomes to its success. In Ghana it is fair to say that insurance, as with business more generally, is retail-driven. Taken together with what is happening in field of mobile money, it is very clear that technology is central to even the sector’s near-term growth. The underlying products are fairly…