Insurance

While the insurance penetration rate in Ghana stands at just 2-3%, authorities are currently in the process of putting into place the institutions necessary to increase awareness of insurance policies and capitalise the market. The sector is made up of 41 insurers, 23 non-life and 18 life. The non-life segment is driven primarily by motor insurance, which is the main source of profit for the government and corporations. The life segment has been expanding in recent years and life premiums are expected to exceed non-life premiums in the next five years, with premium income in the segment having jumped by 52% year-on-year in 2010. This section contains an interview with Richard Kwame Asante, Chairman, National Pensions Regulatory Authority.