Insurance

The insurance sector is growing rapidly as a result of reforms, improved regulation and a better understanding of the relevant products on the part of Ghana’s consumers. Business has not only expanded along with the economy, but has outperformed it. The sector saw total premiums growth reach 23% y-o-y in 2013. However, the sector also faces challenges common to many of Africa’s frontier markets. Penetration rates and awareness remain low, and the sector is fragmented at a time when the regulatory framework is robust, but compliance and risk management are still being refined. There is certainly plenty of scope for further growth, even with the high levels of competition in the existing market. For those insurers that are able to expand the client base outside of the corporate, upper and middle-income segments, the likelihood for strong returns is significant.

This chapter contains an interview with Lydia Lariba Bawa, Commissioner, National Insurance Commission.