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2017& FINANCIAL STATEMENTSANNUAL REPORT

National Insurance Commission2017 | Annual Report

National Insurance Commission

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Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website:

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Foreword 6

Chairman’s Report 8

The National Insurance CommissionCorporate Information 12

Operations 18

Ghana Insurance Market ReportEconomic Review 27

Ghana Insurance Market Report (2013 – 2017) 30

Financial & Ratio Analysis 56

Appendices2017 Financial Reports 91

Fire Maintenance Fund 104

List of Registered Insurance Companies 112

List of Registered Reinsurance Companies 121

List of Registered Broking Companies 122

There are two common measures that are usually used to assess the relevance of insurance in a country. They are insurance penetration and insurance coverage. Insurance penetration is the ratio of premium to the Gross Domestic Product of the Country, whilst Insurance Coverage is the proportion of lives with insurance cover.

These two measures paint a different picture of the relevance of insurance in Ghana. Whilst the insurance penetration rate is 1.2% as at the end of 2017, insurance coverage was 30%. This apparent disparity is due to the fact that many Ghanaians are covered by micro-insurance products, whose premiums are not significant enough to affect the insurance penetration rate.

It is evident from the information under the Ghana Insurance market report that the insurance industry in Ghana has enjoyed steady growth in recent years. One of the key objectives of the Commission is to work with key stakeholders to ensure an even greater level of growth. In order to do this, there is the need to assess the factors that affect the growth of insurance in the country. It is instructive to note that some of these factors are beyond the control of the insurance industry. However, there is the need for concerted effort by all stakeholders, to address these factors that can be influenced by the stakeholders, such that they inure to the benefit of the insurance industry.

Factors affecting the prospects of the insurance industry

The Commission is very bullish about the prospects of the insurance industry in Ghana. Of course some of these factors are positive whiles others if not addressed, will hinder

the growth of the insurance industry. These factors are discussed in turns below:

Improving Economic Conditions

It is well known that there is a strong correlation between the growth of the insurance industry and economic conditions. According to World Bank estimates, the GDP per capita of Ghana has increased from USD1,312 in 2010 to USD1,707 in 2016.This points to an increasing middle class population in Ghana. The implication of this is that there are greater number of households that now understand the need for insurance and are able to afford insurance.

Growing Population

In general, there is a positive relationship between a growing population and the uptake of insurance. Ghana has a relatively healthy population growth rate of 2.2%. The 2.2% growth in population and the youthful structure of Ghana’s population is good for the uptake of insurance. More than 50% of Ghana’s population are under 25 years. This means that there are a crop of tech-savvy individuals that insurance can be sold to using non-traditional distribution channels.

In Ghana, all vehicles must be insured and over the years, the usage of vehicles increases as the population grows. The motor class of

FOREWORD

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insurance is the leading contributor of insurance premiums in the non-life industry in Ghana contributing 40% of the premiums for the sector. There is the need for all stakeholders to work to identify the best distribution channel to meet the different segments of Ghana’s young and increasing population.

Another issue remotely related to increasing population is financial provision for the aged or pensioners. The breakdown in the external family system as well as the introduction of the Tiered Pension schemes in Ghana offers an avenue for the insurance industry to offer annuities as a vehicle to cater for the financial well-being of the retirees. This is an important avenue that needs to be carefully harnessed by the insurance industry.

Urbanization

Urbanization makes it easier to reach a large part of the population who are located in the urban areas. This explain the reason for a positive relationship that exists between urbanization and insurance. Urban areas are largely characterized by increased economic activities which provides greater avenue for the uptake of insurance. Urbanization in Ghana is usually characterised by increased number of Medium and Small Scale enterprises. There is the need for the insurance industry to focus on the insurance needs of these enterprises.

High Mobile Phone Penetration

Mobile phone penetration rate in Ghana is over 100%. The growth experienced in microinsurance in Ghana has been primarily driven

by the use of mobile phones as a distribution channel. The combination of a young, tech-savvy population offers a fertile market to sell insurance. Online and Mobile phone offers a useful avenue to distribute products. The use of mobile phones and cyber technology also introduces new risks and there is a growing market in cyber insurance in other insurance jurisdictions. There is the need for all stakeholders to work on making this product available in Ghana.

Poor Public Perception

Whilst public perception of insurance is improving, the image of the insurance industry to the ordinary Ghanaian is not very favourable. This reputation has not help in the efforts to increase the patronage of insurance. Some reasons attributed to this are, but not limited to; delayed and inadequate claims payment, insurance agents’ inability to explain policy terms and conditions to the satisfaction of a potential policyholder, the use of insurance jargons in policies statements etc. The Commission has therefore begun working actively with the industry to improve claims payment.

Competitive Market

There are currently over fifty direct insurers operating in Ghana resulting in a very competitive insurance market. One of the unfortunate features of the market is underpricing. This phenomenon has resulted in some insurers selling products at inadequate premiums and eventually when it is time for claims payments, they are unable to fulfil their obligation. This, if not addressed, will further worsen the image of insurance

in Ghana. To help address this the Commission will continue to sanction firms who are engaged in such unethical and bad market practices.

Not customer focused

The insurance market in Ghana is largely not research-driven. This implies that, during the formulation and development of an insurance product, insurers may ignore the very target market they intend to sell to. The balance sheet of most insurance companies do not have a component for research and development. Thus there may be insurance needs of the public as well as companies that are not being catered for by the insurance industry.

The Impact of Technology

Technology has already made significant impact on the Ghanaian insurance industry. The advent of mobile phone as a distribution channel has helped greatly in the uptake of microinsurance. However, there are a number of other emerging technologies that will further change the manner by which insurance is transacted in Ghana.

Some of these emerging technologies are Artificial Intelligence, Big Data, Internet of Things, Cloud Computing and Block Chain. The research and development activities of industry should consider how it can use these emerging technologies to reduce cost and provide better coverage and services to policyholders.




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2017 Annual Report National Insurance Commission

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GETTING STARTED

The current Board of the National Insurance Commission was sworn into office on 18th August, 2017. The Board swung into action immediately to work on the challenges inhibiting the effectiveness of the Commission and the growth of the insurance sector. Working with a vision to ensure that the Commission excels in its mandate as stated in the Insurance Act, 2006 (Act 724), the Board begun to chart a path to improve the efficiency of the industry and set the stage for the transformation and growth of the industry.

Prevailing challenges

As at December 2017, there were 139 regulated entities made up of 24 life insurance companies, 28 non-life insurance companies, 3 reinsurance companies, 81 broking companies, and 3 insurance loss adjusters. It is obvious that there are too many players compared to the size of the market and indeed the entire economy. Besides, there are so many small inefficient loss making players which don’t seem to have the requisite capacity to pay claims promptly and adequately. This further worsens the already low trust the insuring public has in insurance.

In addition to the above, the recent challenges in the Micro Finance and Banking sectors affected the insurance sector. A number of insurance companies lost considerable investments held with poorly managed Micro Finance Institutions and with UT Bank and Capital Bank.

Performance of the insurance sector in 2017

The above notwithstanding, the industry had some growth in 2017. The industry’s total assets grew from GHS 4.31 billion in 2016 to

GHS 5.4 billion in 2017. Total Gross Premiums for the year under review was GHS 2.4 billion up by 26% from about GHS 2 billion in 2016. The figures also indicated that the industry employed about 12,500 people and also paid corporate taxes of about GHS 50 million to the government in 2017.

12,500

Number of people employed in the Insurance Industry is about 12,500. This is made up of insurance agents, brokers, insurance and reinsurance staff.

Insurance Penetration

It must however be pointed out that the contribution of insurance to GDP is still around 1.2%. Raising or increasing the penetration rate will therefore be the main focus of the activities of the Board going forward. It will also be the overarching objective throughout our tenure, and the single most important

CHAIRMAN’S REPORTMr. Emmanuel Ray Ankrah

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yardstick. The growth of the insurance penetration will also be the major objective of the four-year strategic plan of the Commission which is nearing completion. This growth is expected to be achieved by addressing constraints on both the demand and supply side of the insurance service delivery.

GHS 245m

Total Profit after tax of the entire insurance industry

On the supply side, the main measures will be to ensure that:

• the new Insurance Bill is passed into an Act to tighten some of the loop holes in the current Act and introduce new provisions that will promote the growth of the sector

• projects funded by Donor and Development Partners are locally insured

• the compulsory fire insurance is extended to cover all properties and public places

• there is effective implementation of the exhaustion of local insurance capacity and

• agricultural insurance is revamped.

On the demand side, we plan to significantly improve claims management and payment practices to boost confidence in the sector and embark on effective and methodical consumer education.

This is an estimate of the proportion of Ghanaians with Insurance cover

30%

Anti-Money Laundering and Combating the Financing of Terrorism

In 2016, Ghana underwent another round of mutual evaluation by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) against the Financial Action Task Force (FATF) recommendations on Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT). In the Financial sector, the insurance and the securities

industries were found to be the weakest links. Urgent action therefore needed to be taken to improve the situation in order to forestall a possible blacklisting by the international financial system. Specifically, the following steps were taken by the NIC to address the situation:

• An AML/CFT Unit has been created at the NIC and the number of staff working on AML supervision increased from one to four. The capacity of the AML supervision staff was also developed with a Technical Assistance from the IMF to enable the staff carry out effective off-site and on-site Risk Based AML Supervision

• A strict sanctions regime to ensure compliance with AML/CFT requirements has been developed and will be implemented after due consultations with the relevant stakeholders

• The NIC AML/CFT Guidelines have also been revised to adequately reflect revisions to the FATF recommendations and the AML Act. Again, these will be implemented after appropriate consultations with the relevant stakeholders.

Mobile Insurance Market Conduct Rules

The Commission in 2017 issued the Mobile Insurance Market Conduct Rules to regulate the sale and distribution of insurance through the mobile phone. Currently, the mobile phone is the biggest distribution channel for microinsurance products. This was the first ever regulation of such nature in the entire world. The project, which was implemented with Technical Assistance from the German Development Cooperation (GIZ), began in 2014. After several rounds of consultations with stakeholders, the Rules were finally issued for implementation in 2017.

Risk Based Supervision

In furtherance of the implementation of its Risk Based Supervisory Framework, the NIC in 2017 undertook Risk Based

GHS50m

Total corporate tax paid by the insurance industry, this does not include VAT and income tax.




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On-site inspections of a number of companies to enable it determine their Risk Ratings in order to prudently allocate supervisory resources. To this end, the Commission is working earnestly to determine the risk ratings of at least 10 insurance companies and communicate the same to the respective companies before the end of 2018.

1.2%

Insurance penetration. This is ratio of gross insurance premium to GDP

The Commission also provided feedback on the Financial Condition Reports (FCR) required to be submitted annually by all insurance companies. The Commission subsequently issued a directive that set out the minimum set of stress and scenario testing that companies are required to undertake as part of the FCR reports. The NIC also held two major workshops; one on Data Management and another on Financial Reporting to build the capacity of insurance companies to improve the quality and reliability of regulatory and other statutory reports.

GHS 266m

Total amount of motor claims incurred in 2017 is GHS 266m. This is about average motor claim of GHS 0.7m per day

Outlook for 2018

Insurance Bill

The Commission has resumed work on the new Insurance Bill with technical assistance from the GIZ. Our target is to get the bill passed into an Act by next year (2019), to help us improve our regulatory environment and improve compliance with IAIS Core Insurance Principles. The bill will also contain appropriate provisions to promote the growth of the insurance penetration rate. To this end, the bill will address such issues as agricultural and index-linked insurances, micro and compulsory insurances.

A major observation on the Ghanaian insurance market is the emergence of insurance companies belonging

to groups of companies. Even though belonging to a group of companies is not wrong per se, such companies are usually exposed to significant related party and contagion risks which if not well managed, can cause serious problems. The new Insurance Bill will therefore contain comprehensive Group-Wide Supervision provisions to facilitate the mitigation of such risks.

GHS 5.4bn

Total Assets of the Insurance industry in 2017 is GHS 5.4bn, made up of 2.9bn in the life sector, 1.9bn in the non-life sector and 0.6bn in the reinsurance sector

Claims Culture

As part of efforts to improve trust and confidence of the public in insurance, the Commission will take steps in 2018 and beyond to improve the claims culture. This will mainly involve improving the promptness with which claims are paid, the adequacy of the claims paid as well as stepping up the monitoring of compliance with the NIC Claims Guidelines.

The NIC is also planning to introduce a “Treating Customers Fairly” framework and significantly improve the customer complaint system.

GHS 2.4bn

Total premium for 2017 was GHS 2.4bn made up of GHS 1.2bn for non-life, GHS1.1bn for life and GOGIP premium of GHS 168m

Motor Insurance Database

The Commission has also noted with concern the alarming proliferation of fraudulent motor insurance stickers especially with commercial vehicles. This is very dangerous because it exposes innocent passengers to high risk of not being eligible for any compensation should they be involved in any




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accidents whilst travelling on such vehicles. The Commission has come to the conclusion that the most effective solution to this is an electronic motor insurance database. Preparatory work has therefore already started and the Commission looks forward to implementing this database in 2019.

GHS 1.6m

An average of GHS 1.6m is paid by the life sector as benefit/claims each day to Ghanaians

Minimum Capital Requirements

A major feature of the industry is the rather high number of small inefficient companies. These companies tend to be inadequately capitalised. Also, their business volumes are usually too low to be able to cover the rather high fixed overheads. This results in weak controls and poor risk management, liquidity challenges and hence the inability to pay claims. This is often the reason for the very high expense ratios and the low profitability of the industry.

Inadequate capitalization also restricts the retention capacity of insurance companies. Low retention of risks by insurance companies leads to premium flights which weakens the cedi and the economy. Adequate capital is therefore very necessary for the improvement of the retention capacity of the insurance companies. The Commission therefore plans to announce new minimum capital requirements in 2018. Appropriate consultations on the modalities and transitional arrangements will be held with relevant stakeholders in due course.

Conclusion

The insurance industry currently faces significant challenges which tend to inhibit its effectiveness, profitability and growth. These challenges have been identified and appropriate strategies as enumerated above have been designed to address these.

These solutions are expected to culminate in the significant growth in the insurance penetration within the next four years.

As at close of 2017, Bancasurance collaborations had increased from 36 in 2016 to 41. Bancasurance partnerships continue to facilitate financial inclusion with great growth potential as a distribution channel. This channel contributed 13% of life premiums in 2017 up from 8% the previous year




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CORPORATE INFORMATION

The National Insurance Commission (NIC) was established under Insurance Law 1989 (PNDC Law 227) , but now operates under

Insurance Act, 2006 (Act 724). The object of the Commission, as detailed in Act 724 is to ensure effective administration,

supervision, regulation, monitoring and control of the business of insurance in Ghana.

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Board of Directors:

Mr. Ray Ankrah Chairman (Appointed 18/08/17)

Mr. Justice OforiCommissioner of Insurance (Appointed 12/07/17)

Mr. Kwame-Gazo Agbenyadzie Member (Appointed 18/08/17)

Mr. Sampson Akligoh Member (Appointed 18/08/17)

Mr. Emmanuel Amofa Member (Appointed 18/08/17)

Mrs. Geta Striggner-Quartey Member (Appointed 18/08/17)

Prof. Bill Buenar Puplampu Member (Appointed 18/08/17)

Mr. Lionel Molbila Chairman (Retired 06/01/17)

Miss Lydia Lariba Bawa Commissioner of Insurance (Retired 25/08/17)

Mr. Samuel Amankwah Member (Retired 06/01/17)

Mr. Justin Amenuvor Member (Retired 06/01/17)

Dr. Albert Gemegah Member (Retired 06/01/17)

Ms. Sarah Fafa Kpodo Member (Retired 06/01/17)

Mr. Emmanuel Baba Mahama Member (Retired 06/01/17)

Mrs. Emma Ocran Secretary

Management Team:

Mr. Justice OforiCommissioner of Insurance (Appointed 12/07/17)

Miss Lydia Lariba BawaCommissioner of Insurance (Retired 25/08/17)

Mr. Michael Kofi AndohDep. Commissioner of Insurance (Appointed15/09/17)

Mr. Simon N. K. DavorDep. Commissioner of Insurance (Retired 15/09/17)

Mrs. Emma Ocran Director, Legal Services

Mr. Seth Eshun Head, Supervision

Mr. Moses Ackah-Jayne Ag. Head, Finance & Administration

Mrs. Esther Armah Head, Reinsurance & AML/CFT

Mr. Joseph Bentor Head, Marketing & External Relations

Mr. Martin Dornor Abayateye Head, Internal Audit




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Auditors:

Boateng, Offei & Co

Correspondent firm; Grant Thornton International

Chartered Accountants

P.O. Box CT 718

Cantonments, Accra

Tel: 0302-779065 / 0573233718/9

[email protected]

Bankers:

Societé Generale Ghana

Universal Merchant Bank (Ghana) Limited

Cal Bank Limited

GCB Bank Limited

HFC Bank (Ghana) Limited

Zenith Bank (Ghana) Limited

The Royal Bank Ghana Limited

Stanbic Bank (Ghana) Limited

Registered office: National Insurance Commission

No. 67 Independence Avenue

Appiah- Ampofo House

North Ridge

P. O. Box CT 3456

Cantonments, Accra

Digital Address GA-016-9180

Website: www.nicgh.org

Email Address: [email protected]

Telephone Nos. 030 2 238300 / 030 2 238301

Branches :

Tamale Area Office 0372023394

Kumasi Area Office 0322081808

Takoradi Area Office:

0278717974

Ho Area Office 0362026650




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mailto:[email protected]

Mr. Emmanuel Ray Ankrah Chairman

Mr. Justice Yaw Ofori Member, Commissioner of Insurance

BOARD OF DIRECTORS

Prof. Bill Buenar Puplampu Member

Mr. Kwame-Gazo Agbenyadzie Member

Mrs. Geta Striggner-Quartey Member

Mrs. Emma Ocran Secretary

Mr. Sampson Akligoh Member

Mr. Emmanuel Amofa Member




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1

5

2

6

3 4

7 8

SENIOR MANAGEMENT

1. Mr. Justice Yaw Ofori Commissioner of Insurance

2. Mr. Michael Andoh Deputy Commissioner of Insurance

3. Mrs Emma Ocran Director, Legal Services

4. Mr. Seth Eshun Head of Supervision

5. Mr. Joseph Bentor Head, Marketing & External Relations

6. Mr. Martin Dornor Abayateye Head, Internal Audit

7. Mr. Moses Ackah-Jayne Ag. Head, Finance & Administration

8. Mrs. Esther Armah Head, Reinsurance & AML/CFT




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OPERATIONS

Licensing

In 2017, a total of six new companies were licenced by the Commission to operate in the insurance market in Ghana. These

were two Life companies, one Non-Life company, one Loss Adjuster, one Insurance Broker and one Reinsurance Broker.

Two life companies lincenses were also revoked in the year.The chart below sets out the number and categories of

regulated entities for 2016 and 2017. The total number of regulated entities increased from 133 in 2016 to

139 in 2017.

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Figure 1: Analysis of Regulated Entities

The companies that were licenced in 2017 are:

• GN Insurance Company Limited (non-life insurance company)

• Hollard Life Insurance Company (life insurance company)

• Allianz Life Insurance (life insurance company)

• Afro Asia Reinsurance Company (reinsurance broker)

• A P and L Consult i(nsurance broker)

• RCH Loss Adjuster Limited (loss adjuster)

RCH Loss Adjuster became the third licenced Insurance Loss Adjusting Company in Ghana, whilst Afro Asia Reinsurance Broker becomes the second reinsurance broking firm in Ghana.

The companies whose licenses were revoked are Adamas Life and Millenium Life.

Partnerships, Mergers, Acquisitions and Takeovers

Enterprise Group, which is made up of Enterprise Life Assurance Company Limited, Enterprise Insurance Company and other subsidiaries, entered into an arrangement with Black Star Holdings Limited (a

wholly owned subsidiary of Leapfrog Strategic African Investments). This arrangement led to Black Star Holdings Limited replacing Sanlam Emerging Markets as part owner of the Enterprise Group. It is worth pointing out that Black Star Holdings has Prudential Financial Inc., USA as a primary investor.

Swiss Re Direct Investments Company Limited (part of the Swiss Re group) acquired an interest in Nsia Participation, the parent company of NSIA Insurance Ghana Limited.

Cross Height Capital Limited also acquired an interest in Capital Express (now Avance Life) in 2017. It is expected that these acquisitions and partnerships will bring about new synergies to further propel the growth of the insurance industry in Ghana.

Circulars and Guidelines Issued

The NIC as part of its quest to ensure continuous financial soundness of regulated entities, issued a number of circulars and guidelines to regulated entities. Fundamentally, these guidelines and circulars are targeted at improving ethical and fair market conduct to deepen and broaden the coverage of insurance in Ghana.




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Some of the circulars that were issued to improve ethical market conduct and insurance penetration are set out below:

Final Mobile Insurance Conduct Rules

Insurance has evolved, and financial inclusion is one of the buzz words across the globe. Financial inclusion refers to making financial services available to those traditional under served by the financial industry, mainly the poorer segment of a country. To meet these segment of the market, insurance companies no longer rely solely on traditional mediums such as direct sale, agents and brokers to reach the customers. New alternative channels have been devised to drive growth and attract today’s digitally savvy consumer, who now expect the same intuitive experience from their insurance providers as they do from their mobile applications. Aside this, data security and privacy are of concern as the mobile telephony providers share data with insurers. The NIC therefore issued this market conduct guideline to sanitise and create the enabling environment for mobile insurance to thrive.

Prohibitions on Shareholders, Directors, Officers, and Employees of Licenced Insurers to be Associated with Insurance Intermediaries

One of the unethical market conduct that is at the heart of governance is the dual role that some practitioners of the market wants to play. Even though sections 117 and 134 of the Insurance Act prohibits persons who are shareholders, Directors and Principal Officers of insurers to participate as shareholders, Directors and Principal officers of insurance intermediaries, we have experienced this unethical market conduct in the last decade. The NIC’s circular was therefore to serve warning to persons with such unethical conduct to desist or face sanctions.

Invitation to a Stakeholders’ workshop on the development of Annuity Market in Ghana

A stakeholders workshop was held to help improve insurance penetration and to use annuity products as an effective savings vehicle to improve economic growth in the country.

Encumbered Assets and Policyholder Liabilities

One of the axioms of insurance is that in the case of winding up of an insurer, policyholder liabilities will be the highest ranking liabilities. Unfortunately some managers of insurers have collateralised the assets backing policyholder liabilities to the detriment of their respective companies. This circular was therefore issued to set out 30th March, 2018 as the deadline for firms to desist from this unethical market conduct.

Industry wide Feedback on Year end 2016- Financial Condition Report

As a way to strengthen the market the NIC in 2015 required all companies to submit their Financial Condition Report (FCR). The FCR report assesses the solvency condition of an insurer by taking into account both the current financial status, as reflected in the balance sheet, and an assessment of the ability of the company to survive future risk scenario. The NIC circular was intended to improve on the quality of the submitted FCRs in both 2015 and 2016 in order that future reports will be of best quality. Thus the insurers were implored to improve on data quality, ensure mandatory stress and scenario testing to be part of the FCRs. Going forward, companies were also tasked to take full ownership of the FCRs and to ensure that it reflects their current operational conditions.

Other circulars issued in the course of 2017 are as follows:

• Letter of Introduction - Actuarial capacity demand assessment

• Review of SDRs by Insurance Intermediaries

• Submission of 2017 Annual and 4th Quarter Returns – Reminder

• Submission of Draft Reinsurance Treaty Programmes for 2018

• Submission of Fire Returns and Payment of Fire Maintenance

• PUBLIC NOTICE – International Insurance (Ghana) Company (IIC)

• Re- Revocation of UT Bank Limited and Capital Bank Limited Licences

• New Reinsurance Guidelines




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https://en.wikipedia.org/wiki/Solvency

https://en.wikipedia.org/wiki/Insurance_company

https://en.wikipedia.org/wiki/Balance_sheet

Compulsory Fire Insurance Enforcement

The National Taskforce made up of officers from the National Insurance Commission, the Ghana Police Service and the Ghana National Fire Service set up to enforce the Compulsory Fire Insurance continued to work in 2017. The team undertook several enforcement exercises in Accra, Kumasi, Tamale and Ho during the period under consideration. They inspected a total of 408 Commercial Buildings to derive evidence of compulsory fire insurance.

Out of the 408 buildings inspected, the owners of 105 buildings had procured compulsory fire insurance policies while the remaining 303 had not procured as required under the Law.

Penalties and Fines

The Commission levied penalties against 10 non-life insurance companies, 3 life companies, and 23 brokers for various infractions as part of efforts to ensure compliance with the provisions of the Insurance Act 2006, (Act 724) and NIC Directives.

Area Offices

The intention of the Area Offices is to bring the activities of the NIC closer to the public and to encourage public patronage of insurance business. There are four Area Offices.

The Kumasi office caters for Ashanti and Brong-Ahafo Regions; Tamale, the Northern and Upper Regions; Ho, the Volta and Eastern parts of the country; whereas Takoradi office serves the Western and Central Regions of the country. The offices carried out their core activities of receiving complaints from the public and resolving them. Where the complaints were beyond their capacity they referred them to the Head Office in Accra.

Court Cases

REPUBLIC VS. DRIVER & VEHICLE LICENSING AUTHORITY AND OTHERS

An out of court settlement was reached in 2017 and the terms of settlement was duly adopted by the court.

The NIC was in 2015 joined in the above named case at the Human Rights High Court. A private individual sued the Driver and Vehicle Licensing Authority (DVLA) for licensing VIP Yutong buses with one exit point. In the course of the hearing following an understanding between the plaintiff and the defendants an application was filed before the court for an out of court settlement.

GARNISHEE ORDER AGAINST ECOBANK, GCB BANK & NATIONAL INSURANCE COMMISSION

This case was between E&E Platinum investments as plaintiff against SIC Insurance Company as defendant. The plaintiff having obtained judgement in its favour filed an application for a garnishee order against Ecobank, GCB Bank and NIC, custodians of SIC’s accounts.

At the hearing of the case, the High court Commercial Division granted the order against ECOBANK, GCB Bank and NIC.

Complaints

One hundred and ninety six complaints were resolved out of the total of 256 complaints received in the year 2017.

Out of the total number, 188 were brought against non-life insurance companies and the remaining 68 were against life companies. For non-life, majority of the complaints were related to motor claims. These were in the areas of repudiation of claims, delay in settlement of claims, dispute over quantum, and delay in payments of settled claims.

Unauthorised premium deductions, payment of low surrender values, delay in processing matured policies for payment and delay in returning refund of wrongful deductions were among the complaints filed by life insurance policy holders. Other areas of complaints included insurance company’s failure to cease deductions after insurance policy is surrendered and also benefits promised by insurers differ from benefits contained in policy documents.




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COMPLAINTS

Companies 2013 2014 2015 2016 2017

Non-life insurance companies 199 193 217 258 188

Life insurance companies 113 327 222 94 68

Total 312 520 439 352 256

Others (uninsured vehicles) 68 35 47 2 35

The tables below show the distribution of complaints by companies.

COMPLAINTS AGAINST NON-LIFE INSURANCE COMPANIES

CompaniesYear

2013 2014 2015 2016 2017

1. Activa International Insurance Co. Ltd 1 1 1 - 11

2. Allianz Insurance Co. Ltd - 1 1 - 2

3. Best Assurance Co. Ltd - - - - 0

4. Donewell Insurance Co. Ltd 21 19 15 16 8

5. Ecowas Brown Card 3 0

6. Enterprise Insurance Co. Ltd 2 3 8 6 4

7. Equity Assurance Co. Ltd 6 10 11 20 17

8. Ghana Union Assurance Co. Ltd 2 - - 1 2

9. Glico General Insurance Co. Ltd 1 - 1 5 8

10 Hollard Insurance Co. Ltd (formerly MET) 4 3 4 7 6

11. Heritage Energy Insurance Co. Ltd (formerly IEI) - 3 4 3 1

12. IGI (Ghana) Insurance Co. Ltd* - - - - 1

13. Millennium Insurance Co. Ltd - - 1 2 1

14. NEM Insurance (Ghana) Co. Ltd 1 8 15 - NA

15. NSIA Insurance (Ghana) Co. Ltd 2 5 3 2 1

16. Phoenix Insurance Co. Ltd 3 7 4 7 2

17. Provident Insurance Co. Ltd 12 2 13 8 8

18. Prime Insurance Co. Ltd 2 - 3 1 2

19. Priority Insurance Co. Ltd - - - - 4

20. Quality Insurance Co. Ltd 9 10 11 16 12

21. Regency Alliance Insurance Co. Ltd 2 2 1 NA NA

22. RegencyNem Insurance Co. Ltd** 17 20

23. Saham Insurance Ghana Ltd 2 8 6 2 5

24. SIC Insurance Co. Ltd 70 45 60 59 20

25. Star Insurance Co. Ltd 24 28 25 46 24

26. Unique Insurance Co. Ltd 16 20 15 11 13




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27. Vanguard Assurance Co. Ltd 14 16 14 14 10

28 Wapic Insurance Co. Ltd 5 2 1 12 6

TOTALS 199 193 217 258 188

* Under liquidation

** merger Regency Insurance and NEM Insurance

COMPLAINTS AGAINST LIFE INSURANCE COMPANIES

CompaniesYear

2013 2014 2015 2016 2017

1 Adamas Life Insurance Co. Ltd - - - 1 0

2 A-Plus Assurance Co. Ltd - - - 1 1

3Avance Life (formerly Capital Express Insurance Co. Ltd)

2 8 4 5 5

4Beige Life (formerly Unique Life Insurance Co. Ltd)

2 10 13 5 4

5 Donewell Life Insurance Co. Ltd 1 5 3 0 3

6 Esich Life Insurance Co. Ltd - - 3 8 12

7 Enterprise Life Assurance Co. Ltd 25 31 18 20 9

8 Ghana Life Insurance Co. Ltd 10 3 4 2 4

9 Glico Life Insurance Co. Ltd 18 29 10 2 3

10 IGI Life Insurance Co. Ltd - - - 0 0

11 Metropolitan Life Insurance Co. Ltd 17 45 19 5 3

12 Old Mutual Life Insurance Co. Ltd* 2 9 3 13 2

13 Phoenix Life Insurance Co. Ltd 2 11 - 3 1

14 Prudential Life Insurance Co Ltd 7 84 65 5 1

15 Quality Life Insurance Co. Ltd 2 8 4 3 1

16 Saham Life Insurance Co. Ltd - 9 4 6 0

17 SIC Life Insurance Co. Ltd 18 42 52 6 9

18 Star Life Insurance Co. Ltd 5 16 12 3 1

19 UT Life Insurance Co. Ltd 2 4 3 4 1

20 Vanguard Life Insurance Co. Ltd - 13 5 2 8

TOTAL 113 327 222 94 68

*previously Provident Life




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Motor Compensation Fund

The Motor Compensation Fund (MCF) Committee intensified its operations in the year 2017. The Committee also continued to pursue as one of its objectives, Publicity and Public Education on Motor Insurance in particular.

The operations of the MCF was overseen by a Committee made up of officers from the Commission and insurance companies which underwrite motor insurance business. The Committee received

applications from persons or relations of persons who were injured or died in motor accidents involving Hit and Run and Uninsured Vehicles. Other applications received stemmed from Breach of Policy Conditions, such as Change of Ownership, inappropriate drivers licence and driving without license which results in the repudiation of claims by insurers.

The Awards Sub-Committee held nine sittings during which it interviewed 78 applicants. All 78 applicants received approval from the Committee and were awarded a total of GHS 1,276,772.31

2013 2014 2015 2016 2017

No. of awards 115 107 128 105 78

Total amount (GHS) 282,816 551,900 682,764 606,241 1,276,772.31

Avg. claim per award (GHS) 2,459 5,158 5,334 5,774 16,369

Client Rescue Fund

The objective of the Fund as prescribed by the Law is to compensate clients of insurance companies that become bankrupt. The Committee did not meet in 2017.

Fire Maintenance Fund

As required under section 185 of the Insurance Act of 2006, (Act 724) the NIC established the Fire Fund under the Compulsory Insurance for Private Commercial Buildings and those Under Construction.

The NIC continued to create public awareness of the Compulsory Fire Insurance through its public education activities.

The Fund generated an income of GHS 345,456 and incurred an expenditure of GHS 29,649 for the year 2017. The accumulated fund as at the end of 2017 was GHS 2,166,430.00.

Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

The operations of the AML/CFT Unit are anchored on the Anti-Money Laundering (Amendment) Act, 2014 (Act 874), Anti-Money Laundering Regulations, 2011 (L.I 1987) and Insurance Act, 2006 (Act 724). The focus of the unit is to ensure that all insurance institutions are in compliance with AML/CFT Laws.

• REVIEW OF THE 2015 NATIONAL RISK ASSESSMENT REPORT

A National Risk Assessment (NRA) report on the insurance sector was prepared in 2015 towards the Mutual Evaluation (ME) of the country. Ghana was evaluated by the regional regulatory body on AML/CFT - Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), which is based in Senegal. GIABA made recommendations after Ghana was taken through its second Mutual Evaluation exercise in 2016.

NIC in collaboration with the Financial Intelligence Centre (FIC) and representatives of the Industry were tasked to review the report after which a final report was forwarded to the FIC for onward submission to GIABA.

• ISSUES RAISED DURING THE MUTUAL EVALU-ATION (ME) OF GHANA ON THE INSURANCE SECTOR

In 2016, Ghana became the first West African country to be evaluated by the Inter-Governmental Action Group Against Anti-Money Laundering in West Africa (GIABA) with its head office in Senegal. The evaluation was aimed at identifying technical deficiencies as well as Ghana’s progress in implementing the Financial Action Task Force’s (FATF) recommendations. Evaluated countries are expected to address all identified technical compliance deficiencies




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within three years. A follow-up assessment is done annually to analyse progress made and may result in re-ratings of outcomes.

The table below shows some of the identified deficiencies and progress made.

Deficiency Progress Made

The absence of specific provisions in Law or Regulations on Money Laundering/Financing of Terrorism (ML/FT) issues.

A new Insurance Bill is being discussed and will address legal concerns to a large extent.

No provision in Law that requires companies within a group to implement a group-wide programme against ML/FT.

Issues have been addressed in the new Draft Insurance Bill.

NIC has not done enough to identify the ML/FT risks inherent in the insurance sector.

A review of the National Risk Assessment (NRA) showed that ML/TF risks largely come from the products and services provided by Life Insurance Companies.

With the technical assistance of the IMF, the NIC has identified Structural and Business risks as the two main indicators.

The approach adopted for determining the frequency and intensity of supervision by NIC do not appear robust enough.

A Risk assessment matrix has been deployed. Data templates have been developed for Life Insurance Companies. Data from these templates (quarterly) and Self-assessment control questionnaires (bi-annually) is analysed in order to build an institutional profile to guide inspections.

ML/CT guidelines to include sanctions to ensure compliance.

An administrative sanctions document has been developed.

Lack of cooperation among Regulators to enhance the sharing of supervisory information.

A regulators forum has been set up and two meetings have been held.

• REVIEW OF ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM (AML/CFT) GUIDELINES

Following the review of Financial Action Task Force (FATF) 40 recommendations in 2012 and the subsequent amendment of the Anti-Terrorism and Anti-Money Laundering (AML) Acts in 2012 and 2014 respectively, it became necessary that the insurance industry revised its guidelines which were issued in 2012 to reflect the changes and additions in these laws. FATF is a global regulatory body on AML/CFT which is based in France.

Consequently, the NIC constituted a team made up of members from the Financial Intelligence Centre (FIC), the NIC and representatives

from the insurance industry to review that guidelines. A Revised Guidelines document was drafted for discussion.

The NIC will engage its stakeholders extensively before the document is finalised and implemented.

• ADMINISTRATIVE SANCTION

It was observed during the GIABA Mutual Evaluation held in 2016 that, the absence of AML/CFT Administrative Sanctions for the insurance sector had impeded the effective enforcement of the sector’s AML/CFT regime. GIABA therefore recommended the introduction of Administrative Sanctions to enforce compliance in the sector.




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A committee was set up by the NIC and an Administrative Sanctions document was drafted for discussion. The provisions are punitive enough to check compliance. Again, the NIC will engage its stakeholders extensively before the document is finalised and implemented.

• TECHNICAL ASSISTANCE

The NIC AML/CFT unit received technical assistance from the International Monetary Fund (IMF) during the period under consideration. The IMF team trained staff of the unit on a risk based methodology in identifying and assessing risks inherent in the sector and also assisted the unit to develop a risk based methodology in assessing the risk levels.

The unit with the help of the IMF developed various tools for collecting and analysing data from insurance institutions.

Currently, the NIC uses the Risk Based Supervision approach in assessing AML/CFT risks of all regulated entities. For now, the methodology applies to only Life Insurance Companies due to their perceived exposure to AML/CFT risks.

• AML/CFT STATUTORY REPORTS

Insurance institutions are required by the AML/CFT Guidelines to submit reports periodically to the NIC and the FIC. These reports assist the NIC to determine the level of compliance of each insurance institution.

During the year under consideration, insurance institutions were required to submit the under listed reports for review:

a. Board Approved Internal Guidelines

b. AML/CFT Compliance Programmes

c. AML/CFT Operational Compliance Reports

d. AML/CFT Independent Audit Reports

e. Politically Exposed Persons (PEPs) Lists

f. Employee Conduct Monitoring Reports

g. Quarterly Returns for Life Insurance Companies

h. Completed Bi-Annual Self-Assessment Control Questionnaire

• REGULATORS FORUM

In furtherance of cooperation and facilitation of the efforts at combating the menace of money laundering and terrorist financing in the sector, the four regulators in the financial sector made up of Bank of Ghana (BoG), NIC, Securities and Exchange Commission (SEC) and National Pensions Regulatory Authority (NPRA) constituted a forum to serve as a platform for collaboration and sharing of information.

The forum held two meetings in the year under review. The forum has been very useful as a result of the high level of interaction, collaboration and information sharing.

• AML/CFT INPUTS FOR THE NEW INSURANCE BILL

Part of GIABA’s recommendations during the Mutual Evaluation exercise was that the Insurance Act, 2006 (Act 724) did not make any explicit provisions on AML/CFT matters as part of the NIC’s core functions. For instance, the NIC was not specifically empowered to carry out inspection on insurance institutions regarding Money Laundering (ML) and Terrorist Financing (TF). The NIC was therefore requested to take steps to amend its laws to include provisions on AML/CFT.

In view of that the unit in collaboration with the FIC and IMF have made some proposals for consideration in the new Insurance Bill.




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GHANA INSURANCE MARKET REPORT

Global growth reached 3.0 percent in 2017, a notable recovery from a post-crisis lacklustre growth of 2.4 percent in 2016, with the projected growth

targeted at 3.1 percent in 2018. The great improvement reflected in an investment-led pickup in advanced economies and growth acceleration

in Emerging Markets and Developing Economies (EMDEs), where there was a rebound in commodity export. Generally, half of the world’s

economies experienced growth in 2017, highlighting the broad-based nature of the recovery.

Economic Review

27

Global trade growth strengthened significantly in 2017, benefiting from a cyclical upturn in global capital spending. While global financing conditions remained benign throughout 2017, these are more likely to tighten up in 2018, as monetary policies gradually normalizes in major advanced countries.

The USA economy by the close of the fourth quarter of 2017 had growth of 2.9 percent, while China had a growth of 6.9 percent. The Euro Zone economy expanded at a faster rate in 2017 in a decade with an overall growth of 2.5 percent since a 3.0 percent rise in 2007.

This came from the backdrop of loose monetary policy and tightening labour markets finally pushing consumption growth upwards (Reuters Business News, 2018). South Asia overall regional economy grew by 6.8 percent compared to a growth of 6.7 percent in 2016; while East Asia and the Pacific had a growth of 6.4 percent in 2017, which is 0.2 percent higher than the projected figure for the year, compared to 6.3 percent in 2016 (The World Bank, 2018). Sub-Saharan Africa economy rebounded to 2.8 percent growth in 2017, after slowing sharply to 1.3 percent in 2016. It is projected that Sub-Saharan Africa will see a modest growth of 3.4 percent in 2018 from the 2.8 percent in 2017.

The high rise in the growth reflects a modest recovery in Angola, Nigeria and South Africa – the region’s largest economies supported by an improvement in commodity prices, favourable global financing conditions and slowing inflation. Fiscal deficits narrowed slightly in 2017, while government debt continued to rise across the region compared to 2016 (Global Economic Prospects: Sub-Saharan Africa, Jan. 9, 2018).

The Ghanaian economy grew by 8.5 percent in 2017 being the fastest growth rate achieved by the country in five years as against 3.7 percent recorded in 2016. The high recovery growth of the economy came about mainly from rising industrial and increased oil and gas production (discovery of new hydrocarbon wells in the Tweneboa, Enyenra, Ntomme and Sankofa oil and gas fields) in the country with the net-of-oil growth coming up to 4.9 percent; and also along with the steady declines in inflation and debt levels.

Apart from oil and gas, other sectors also contributed greatly with industry recording 16.7 percent and agriculture recording 8.4 percent growths.

On the international trade market, the country recorded a trade surplus of $1.07billion with total exports coming up to $13.75 billion whilst imports stood at $12.68 billion. In terms of the exports, gold, cocoa and oil contributed $5.79 billion, $2.71 billion and $3.02 billion respectively. Oil imports during the year 2017 was $2.03billion representing 16 percent of the total import bill.

The public debt has been on ascendency right from the year 2015 with the total debt as at December 2017 standing at GHS138.8 billion (68.7 percent of GDP). The total public debt split into external and domestic debts, has the external debt being GHS 74.7 billion (37 percent of GDP), whilst the domestic was GHS 64.2 billion (SediTalk, 2018).

Fiscal reforms implemented through an International Monetary Fund (IMF) programme in 2015 to improve fiscal management by containing expenditure and making structural reforms to strengthen public finances reduced the debt level and spending in 2017. The IMF predicted debt-to-GDP of 70.5 percent by the close of 2017, however, the actual achieved at the end of 2017 was 68.7 percent, indicating efficiency and effectiveness of the IMF fiscal reforms programme.

Weak economic growth squeezed by tight monetary policy and lower oil production in 2016 led to a decline in government revenues resulting in a budget deficit of 8.9 percent. However, the budget deficit dropped to 4.7 percent in 2017 due to increased oil production and tight expenditure control.

Import cover at December 2016 was 3.5 months, but went up to 3.7 months in January, 2017 and got to the peak in April 2017 at 4.8 months. However, there was a marginal decline from June closing at 4.3 months in December, 2017 (BoG Monetary Policy Summary, 2018).

Inflation

Inflation dropped from December 2016, with headline inflation going down from 15.40 percent in December 2016 to 13.30 percent in January 2017 and, closing the year at 11.8 percent after going down to 11.6 percent in October, the lowest since August 2013 (BoG Monetary Policy Summary, January 2018). Headline lower consumer inflation was supported by a relatively steady rise in the producer price index, with wholesale prices up 8.2 percent year-on-year




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in October. The steady fall in inflation, coupled with increased oil production and growth in industry and agricultural sectors spurred up the economy in 2017 (Ghana: Year in Review, 2017).

Interest Rates

The Bank of Ghana’s Monetary Policy Committee reduced the Monetary Policy Rate by 50 basis points in November, 2017 bringing the rate to 25.5 percent from 26.0 percent. In line with the decline in inflation, the policy rate closed the year at 20.0 percent in December after being reviewed downwards in November. The average lending rate which began the year at 31.8 percent in January, experienced marginal reductions to close the year at 29.3 percent in December. The short-term securities market experienced reductions in interest rates with the 91-Day and 182-Day Treasury bill rates which commenced the year at 16.2 percent and 17.4 percent closed the year at 13.3 percent and 13.8 percent respectively in December, 2017. Both the 1-Year Treasury and 2-Year Treasury notes had seen some major reductions by the close of the year. The 1-Year note closed the year at 15.0 percent from 19.50 percent in January, while the 2-Year note went down to 17.18 percent in December after commencing the year at 21.0 percent.

Exchange Rates

At the foreign exchange front, the Ghanaian cedi showed resilience against the US Dollar in 2017 as compared to the year 2016. The Cedi depreciated by 4.9 percent by the end of December 2017 compared to 9.66 percent in December 2016. The exchange rate

for the US Dollar at the close of December 2017 was GHS4.4/USD. The Ghanaian Cedi depreciated against both the British Pound Sterling and the Euro ending the year at GHS5.96/Pound Sterling and GHS5.25/Euro respectively.

Developments on the Ghana Stock Market

The Ghana Stock Exchange ended its trading session on 29th December, 2017 with the GSE Composite Index which measures the entire performance of the market increasing by 3.33 points to close at 2,579.72, as against a negative 15.33 points in 2016. As a result, the GSE return for 2017 closed at 52.73 percent. Likewise, the GSE Financial Stocks Index went up by 4.66 points to close at 2,310.58, indicating a final return of 49.51 percent for the year. Market capitalization went up by 11.48 percent to close at GHS 58,803.96 million as against GHS 52,690.99 million in 2016. Domestic capitalization also went up to GHS 16,244.34 million in 2017 coming from GHS 10,877.03 million in 2016. The significant increase in domestic capitalization indicates a strong performance of Ghanaian companies listed on the local bourse. There was an upsurge in fixed income bond, both corporate, and GoG Notes and Bonds in 2017 with the combined value closing at GHS 28,716.69 million from GHS 12,510.74 million in 2016.

The two insurance companies (Enterprise Insurance Co. Ltd and SIC Insurance Co. Ltd) listed on the Stock Exchange had a combined trade volume of 10.54 million shares with a total value of GHS 14.66 million and a market capitalization of GHS 512.03 million (GSE Market Report, 2017).




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Ghana Insurance Market Report (2013 – 2017)

Assets and Liabilities

In this section, we set out the assets and liabilities of the life, non-life and reinsurers. We first provide an overview of the assets of the industry and then compare them with the liabilities.

The aggregate assets of the insurance industry at the end of 2017 stood at GHS 5.45bn compared to GHS 4.31bn in 2016. This represents a 26% growth in the assets of the insurance industry. The Life sector recorded a growth in assets of 28% (from GHS 2.24bn in 2016 to GHS 2.89bn in 2017), the Non-Life sector grew by 24% from a 2016 figure of GHS1.5bn to GHS 1.86bn in 2017. The reinsurance sector grew by 17% from a GHS 694million in 2017 compared to GHS 591million in 2016.

Figure 2(a): Analysis of Industry Total Assets

2,889,988,334

1,863,667,705

694,366,079

2,241,395,275

1,480,454,667

591,726,586

- 1,000,000,000 2,000,000,000 3,000,000,000 4,000,000,000

Life Insurers

Non Life Insurers

Reinsurers

I ndustr y Tota l Assets

2016 2017

The growth in the assets of the insurance industry in 2017 is part of a trend of increasing amount of assets in the insurance industry. The next graph

illustrates this by showing the assets of Life and Non-Life insurers from 2014 to 2017 and the assets for Reinsurers from 2016 to 2017.

Figure 2(b): Analysis of yearly aggregate Life and Non-Life contribution to Total Assets

2,889,988,333

2,241,041,446

1,744,171,943

1,383,427,958

1,863,667,705

1,505,676,463

1,320,370,212

886,659,346

2017 2016 2015 2014

Total Assets: Yearly Aggregate Life and Non Life Contribution

Life Non Life




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The assets of the Life and Non-Life insurers are made up of Cash, Investments, Property, Plant and Equipment (PPE), Receivables, Intangibles and Other Assets. The next chart shows the amount of each

asset category that makes up the total assets of insurers. This is done separately for life and non-life insurers.

Figure 2(c): Analysis of Assets by class for Non-Life Industry

189.4

1,097.9

392.3

167.6

2.4

14.1

110.3

871.5

344.3

141.0

0.7

12.7

- 200.0 400.0 600.0 800.0 1,000.0 1,200.0

Cash

Investments

Recievables

PPE

Intangibles

Other Assets

Assets by Class for Non-life Industry (GHS'm)

2016 2017

Figure 2(d): Analysis of Assets by class for Life Industry

168.6

2,480.0

135.0

103.3

2.7

0.4

130.2

1,909.3

97.4

103.4

0.5

0.6

- 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0

Cash

Investments

Recievables

PPE

Intangibles

Other Assets

Asset by Class for Life Industry (GHS'm)

2016 2017

It can be seen from the two charts above that receivables are a more significant asset class for non-life insurers than for life insurers. Most of the receivables of the life insurers are policy loans. However, most of the receivables in the non-life industry is due to reinsurance. About GHS 294m of the GHS 392m receivables of the non-life insurers are amount due from reinsurers and reinsurers’ share of technical provisions.

Most of the PPE in the insurance industry is land and buildings occupied by the insurers. About 50% of the PPE of both the life and non-life insurers are owner occupied property.

The next sets of graphs focus on the investments of the insurance industry. Again, this is presented separately for the life and non-life sectors. The graphs show that the main asset classes of the life sector are Term Deposits at licenced banks (33%), Investment Property (23%), and Government Securities (21%). Given the trend of falling returns on Government Securities, it is expected that the proportion of investments in Government Securities may reduce over time.




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Figure 3(a): Analysis of investment mix of Life Industry for 2017

21%

33%10%

7%2%

23%

3% 1%

Investment mix of life industry as at end of 2017

Government Securities

Deposits at a licensed bank

Other Deposits

Equities (listed & unlisted)

Mutual funds

Property investments (not PPE)

Related party investments

Other Investments

The next graph compares the investment mix of the life insurers at year end 2016 with that of 2017. It shows that the asset class that has seen the most

growth from 2016 to 2017 is property. This is partly the results of new property investments as well as increase in the value of property.

Figure 3(b): Analysis of Life Industry Investments Split by class

525

819

264

169

43

573

70

17

390

794

170

93

32

364

52

15

- 100 200 300 400 500 600 700 800 900



Other Deposits

Equit ies (listed & unlisted)

Mutual funds



Other Investments

Investments split by class for life Industry (GHS'm)

2016 2017

The next sets of graphs are on Investments of the non-life insurance industry. They show that the main asset classes of the non-life industry are Term

Deposits at licenced banks (42%), Government securities (21%) and Equities (14%).




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Figure 3(c): Analysis of Investment mix of the Non-Life Industry for 2017

21%

42%

11%

14%

0% 8%3%

1%

Investment mix of the non-life industry as at end of 2017



Other Deposits

Equities (listed & unlisted)

Mutual funds



Other Investments

The next graph compares the investment mix of the non-life insurers at year end 2016 with that of 2017.

It shows the asset class that has seen the most growth is Term Deposits.

Figure 3(d): Analysis of Non-Life Industry Investments Split by class

225

460

119

14

87

66

2

87

184

348

119

-

49

65

0

76

- 50 100 150 200 250 300 350 400 450 500

Government of Ghana Securities

Term depos its held at a licensed bank

Other term deposits

Corporate debt

Listed Equities

Other Equities

Mutual funds


Investments by class for non-life Industry (GHS'm)

2016 2017

It can be seen from the two graphs that the insurance industry has significant exposure to the banking sector, through the term deposits that are held at licenced banks.

We now compare the assets and liabilities of the insurers. We do this pictorially in the next chart, which shows the investments as well as the Technical Provisions of the insurers.

Figure 4(a): 2017 Assets & Liabilities in GHS’m

2,890

1,864

2,480

1,098

2,004

890

1,775

643

- 500 1,000 1,500 2,000 2,500 3,000 3,500

Life

Non-life

2017 Assets & Liabilities (GHS'm)

Technical provisions Total Liabilities Investments Total Assets




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It can be seen from the chart that the industry has sufficient investments and for that matter assets to cover the liabilities. It is also worth pointing out that the above graphs do not include cash which is over GHS 350m. It is however, worth noting that this analysis does not consider the quality of the assets and appropriateness of assets, which are part of the on-going discussions between the Commission and individual firms.

The liabilities of the insurance industry is made up of the Technical Provisions (liabilities due to policyholders) and other liabilities (short term liabilities and long term liabilities). The next set of graphs shows how the liabilities are split across life and non-life insurers.

Figure 4(b): 2017 Life Industry Liabilities

1,775

177

52

1,416

140

1

- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

Technical Provisions

Short term liabilities

Total Long Term Liabilities

Liabilities : Life (GHS'm)

2016 2017

Figure 4(c): 2017 Non-Life Liabilities

643

246

1

540

235

14

- 100 200 300 400 500 600 700


Short term liabilities

Long Term Liabilities

Liabilities : Non-Life (GHS'm)

2016 2017

Reinsurance Sector

The aggregate assets for the reinsurance industry for 2017 was at GHS 649m which compares with GHS 527m as at 2016. This represents a growth of 23% in 2017 compared to the growth rate of 9% in 2016.

The aggregate technical provisions for the reinsurance sector rose by 54% in 2017 to GHS 154m from a 2016 figure of GHS 99m. The Total Equity of the reinsurance industry increased to GHS 466 in 2017 from a 2016 figure of GHS 367m, representing a growth rate of 27%.




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Figure 5: Analysis of State of the Reinsurance Sector

649

154

466

527

99

367

0 100 200 300 400 500 600 700

Assets


Equity

State of Reinsurance sector (GHS'm)

2016 2017

Gross Premium

In 2017, the gross premium for Life and Non-Life Insurers amounted to GHS 2.439bn, this figure includes the premium paid to Ghana Oil and Gas Pool which is discussed later. This represents 26% growth in premium income from a 2016 figure of GHS 1.93bn. It is however, worth pointing out that the rate of growth has risen by a 2% point as the 2016 growth in premiums was 24%.

Total premium for life insurance stood at GHS 1,082m whilst non-life premium amounted to GHS 1,357m (GOGIP inclusive). Thus, the Life sector declined on its 45% contribution to the total gross premium in 2016 to 44%, while the Non-Life sector improved from 55% to 56% largely because of oil and gas sector premiums. As the economy continues to grow, we expect the Life industry premiums to be greater than that of the Non-Life sector.

Figure 6(a): Analysis of yearly aggregate industry contribution to Gross Premium

1,082,083,312

858,781,522

705,853,360

580,531,821

1,357,106,120

1,070,057,051

854,825,825

651,704,719

-

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,000

1,400,000,000

1,600,000,000

2017 2016 2015 2014

Gross Premiums: Yearly aggregate industry contribution

Life Non-life




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Figure 6(b): Proportion of Premium by Life and Non-Life Sectors

56 55 55 53

44 45 45 47

0

20

40

60

80

100

120

2017 2016 2015 2014

Proportion of premium by life and non-life sectors

Non life Life

Insurance Penetration

Insurance penetration is one of the measures used to assess the strength of the insurance industry in a country. It is calculated as the ratio of insurance premiums to the Gross Domestic Product of the country. Insurance penetration in Ghana was 1.2% as at 2017. Whilst there is significant potential for growth in Ghana’s insurance sector, this figure sometimes gives a misleading picture about the uptake of insurance in Ghana. This is because:

• Given that, insurance penetration is expressed as a percentage, it may create a misleading impression that insurance penetration can be as high as 100%. This, in practice is not possible. The reason being that, since GDP is the value of goods and services produced in a country, an insurance penetration of 100% implies that all the goods and services produced within the country are due to the activities in insurance sector. This scenario is unlikely to arise in any country.

• Comparing the insurance penetration of different countries may be akin to comparing apples with pears. This is because the definition of insurance premium used in the calculation of insurance penetration is sometimes different. Some countries include health insurance premium in the calculation of insurance penetration, whilst Ghana’s insurance penetration does not. Insurance premiums of other countries include contributions to pension schemes, whilst Ghana’s calculation of insurance penetration

does not. We estimate that if contributions from pensions and health insurance are included in the calculation of insurance penetration, the figure will be about double what is currently being reported.

• Insurance penetration only considers premiums received by insurers domiciled in Ghana. The implication is that insurance premiums paid to cover risks originating from Ghana, but paid to insurers not domiciled in Ghana will not be considered. Thus premiums covering mega risks that are paid to insurance companies out of Ghana will not count towards insurance penetration.

• Micro insurance, by definition, involves relatively low premium amounts. Thus, even if a significant proportion of Ghanaians have micro insurance products, the impact of micro insurance premiums on insurance penetration will be practically negligible.

Whilst the reasons above show that there is a need to be cautious in the use of insurance penetration figures, Ghana’s insurance penetration of 1.2% shows that there is significant scope for growth in the insurance industry.




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Figure 7(a): Non-Life Market leaders – in terms of Total Assets

318

203

151

140

126

90

78

74

72

67

0 50 100 150 200 250 300 350

Star Assurance

SIC

Enterpr ise

Hollard

Ghana Union

Vanguard

Phoenix

Activa

Glico General

Provident

TOTAL ASSETS 2017

The above companies are the top 10 Market leaders in the Non-Life sector in terms of Total Assets in the year under review.

The chart below shows the top 10 Market leaders in

Life sector in terms of Total Assets. The value of total assets owned by these 10 firms equals GHS 2.5b compared to that of the top 10 firms in the Non-Life sector totalling GHS 1.3bn.

Figure 7(b): Life Market leaders – in terms of Total Assets

617

577

407

319

189

144

124

97

64

60

0 100 200 300 400 500 600 700

Enterpr ise Life

SIC Life

StarLife

Glico Life

Old Mutual

Metropolitan Life

Unique Life

Prudential Life

Donewell Life

UT Life

TOTAL ASSETS 2017

Beige Assure




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Figure 7(c): Reinsurers Market leaders – in terms of Total Assets

0 200,000,000 400,000,000 600,000,000

Ghana Reinsurance Company

GN Reinsurance

Mainstream Reinsurance

Total Assets 2017

The chart above shows the three reinsurance companies and their market share by total assets. Ghana Reinsurance dominated the market with total assets of GHS 487million, being 70% of the Reinsurers

assets. GN Reinsurance has GHS 147million in assets representing 21%. Mainstream contributed GHS 60million as share of the total assets for reinsurers.

Figure 8(a): Non-Life Market leaders – in terms of Gross Premium

162

161

130

99

90

69

54

47

39

36

0 20 40 60 80 100 120 140 160 180

SIC

Enterpr ise

Star

Vanguard

Hollard

Glico General

Activa

Phoenix

Ghana Union

Equity

TOTAL PREMIUMS: Non-Life (GHS'm)

SIC leads the market with a total premium of GHS162m closely followed by Enterprise with an amount of GHS161m and then Star Assurance with GHS130m. It is worth mentioning that contributions

from the Non-life market leaders amounted to GHS888m representing 75% of the Total premium (excluding GOGIP)




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Figure 8(b): Life Market leaders – in terms of Gross Premium

298

258

151

99

56

53

40

24

17

16

0 50 100 150 200 250 300 350

Enterprise Life

SIC Life*

Star life Ass.

Glico Life

Old Mutual

Prudential Life

Metropolitan Life

UT Life

Ghana Life

Vanguard Life

Total Premiums : Life (GHS'm)

Enterprise Life led the pack with a total premium of GHS 298m followed by SIC Life and Starlife with a premium total of GHS 258m and GHS 151m respectively. Glico Life also racked up GHS 99m in aggregate premiums. It is evident from the chart

above that, these four companies have a far greater portion of life insurance business in the Life Industry. Furthermore, the Life market leaders also contributed GHS 1bn representing 93% of the total premium received.

Figure 9: Life Market leaders – In terms of Policyholder Benefit Paid

176

123

61

60

56

27

17

14

10

9

0 20 40 60 80 100 120 140 160 180 200

SIC Life

Enterpr ise Life

Glico Life

StarLife

Old Mutual

Metropolitan

UT Life

Ghana Life

Prudential Life

Phoenix Life

BENEFITS PAID

The top 10 leaders in the Life sector in benefit payments paid a total of GHS 553m in 2017. SIC Life led the market with a total benefit payment of GHS 176m. Enterprise Life made a payment of GHS 123m followed by Glico Life with GHS 61m and StarLife with GHS 60m.

Underwriting Results

One of the fundamental concerns over the years is the consistent poor underwriting results by regulated entities. 2017 was no different, recording an aggregate underwriting loss for both life and non-life

insurers. Life business recorded negative underwriting result of (GHS 317m) in 2017 compared to (GHS 266m) in 2016, as shown in figure 10 below. Similar trends pertained in the Non-life sector. The Non-Life underwriting results were (GHS 56m) and (GHS 42m) in 2017 and 2016 respectively.

The industry therefore continues to rely heavily on investment income to offset these technical losses. Given the trend of falling investment income, especially from Government securities, firms may be tempted to invest in riskier assets classes to maintain the similar levels of investment income.




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Figure 10: Analysis of Aggregate Underwriting results for Life and Non-Life sectors

-56

-317

-42

-266

-350

-300

-250

-200

-150

-100

-50

0Non life Life

Underwriting results (GHS'm)

2017 2016

Profit after Tax (PAT)

In 2017, Profit after tax for the life industry rose from a 2016 figure of GHS98m to GHS144m, representing a 68% growth. In two years the profit after tax for life companies has more than quadrupled from a low of GHS 30.9m in 2015 to GHS144m in 2017. The Non-

life sector grew by 13% in 2017, making an absolute gain of GHS12m. Thus the company profit after tax increased from GHS 89m to settle at GHS101m in 2017. As discussed previously, most of these profits are from investments income. There is also a very small number of firms showing profits only because of revaluation of property investments.

Figure 11: Analysis of Profit after Tax: Yearly Aggregate Contribution

143,758,871

98,238,141

30,908,304

50,853,600

101,240,032

87,726,640

61,089,526

8,427,514

- 20,000,000 40,000,000 60,000,000 80,000,000

100,000,000 120,000,000 140,000,000 160,000,000

2017 2016 2015 2014

Profit after Tax: yearly aggregate contribution

Life Non-Life

Premium Contribution by Distribution Channel

Individual/Tied Agents are generally the leading channel for the distribution of Life insurance products in Ghana, contributing 67% of the annual premium income of the life sector. Direct business earned 6% of the premiums, whiles insurance brokers contributed 7%.

Bancassurance ended the year with 13%, up from 8% in 2016. The other distribution channels used in the life sector are the telecommunication companies and corporate agents.

With respect to Non-Life Business, Brokers continue to dominate the sector with a contribution to income of 40%, individual/tied agents and direct business contributed 36% and 18% respectively. Telecommunication companies (Telcos), Bancasssurance and other corporate agents made up the rest of the Non-life premium income.




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Table 1: Analysis of Premium Income by Distribution Channel

Distribution Channel2017 2016 2015

Life (%) Non-Life (%) Life (%) Non-Life

(%) Life (%) Non-Life (%)

1.Direct Business 6 18 17 28 14 30

2. Brokers 7 40 8 35 9 36

3. Individual/Tied Agents 67 36 62 32 63 30

4. Bancassurance 13 3 7 2 7 1

5. Other Corporate Agents 0 2 1 1 1 1

6. Telecom Companies 2 0 2 0 2 0

7. Others 4 1 4 1 4 1

Reinsurance Premium

The graph below provides a picture of the reinsurance premium received by reinsurance companies domiciled in Ghana in 2017 and 2016 split by the life and

the non-life sectors. It shows that whilst the total reinsurance premium increased from GHS 187m in 2016 to GHS 236m, that of the life sector declined marginally.

Figure 12(a): Analysis of Reinsurance Premium Income

0 50 100 150 200 250

2017

2016

Reinsurance Premium Income

Non Life Life

The next graph illustrates that there has been a trend of increasing reinsurance premium over the period.




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Figure 12(b): Growth of Reinsurance Premium Income over the years

Life

Non Life

2017 2016 2015 2014

12,320,988.00 14,053,709 11,418,416 846,151

223,612,047.00 173,223,471

140,800,625 107,462,304

PREMIUM INCOME FOR REINSURANCE (2014-2017)

Life Non Life

Overseas Reinsurance Premium Transfers

The general requirement of the Insurance Act, 2006 (Act 724) for reinsurance arrangements, among others, is for all insurers to fully utilize the local market capacity before recourse to any overseas reinsurance. In this regard, new guidelines were developed and came into effect on July 1, 2017. Insurers are required

to have such overseas arrangements approved by the Commission after having satisfied exhaustion of local capacity requirements.

The table below shows the amount of premiums that have been approved to be exported overseas over a three years period.

Table 2: Overseas Reinsurance Premium Transfers

OVERSEAS REINSURANCE PREMIUM TRANSFERS

Currency 2017 2016 2015

Dollars (USD) 14.07m 9.72m 4.45m

Pounds Sterling (GBP) 16,601 862 4,568

Euros (€) 267,419 36,052 427,337

Ghana Cedis (GHS) 13.5m 4.68m 18.1m

Market Capacity

In line with the new Reinsurance Guidelines, market capacity for the year under review was determined for the following classes of business:

Fire - GHS 950m

Engineering - GHS 320m

Marine Cargo - GHS 250m

Marine Hull - GHS 40m

Bonds - GHS 120m

Ghana Oil and Gas Insurance Pool (GOGIP)

GOGIP is a pool of 22 non-life insurance companies that has the sole mandate to provide insurance cover for activities related to the Oil and Gas business in Ghana. The graph below shows the gross premium and sum insured of GOGIP for 2017, 2016 and 2015. The Gross premium for 2017 is equivalent to about GHS 168m.




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Figure 13: Analysis of Gross Premium and Sum Insured

2226

38

10

26

34

0

10

20

30

40

2015 2016 2017

Gro

ss P

rem

ium

and

Sum

In

sure

d (in

USD

)

GROSS PREMIUM AND SUM INSURED

Gross Premium Gross Sum Insured

PREMIUM BY CLASS OF BUSINESS (NON-LIFE)

The motor class of business continued its dominance with a premium income of GHS 566m, contributing 42 % of the overall premium income for 2017. It improved in growth by 9% over the 2016 premium of GHS 518m. Fire, Theft and Property contributed 20% of the total premium for 2017 and grew by 23% to end the year at GHS 272m.

Oil & Gas came third with an overall contribution of 12%. It is projected that given the trend in the oil and gas sector, Oil & Gas will dominate the non-life class of business in the near future. Marine and Aviation came fourth with an overall contribution of 7% of the total premium of GHS 1.4bn. Personal Accident & Medical and Engineering came fourth with an overall contribution of 5% each. Liability, bonds

and other short-term products contributed a gross market premium of GHS 56, GHS 47m and GHS 12m respectively, representing a collective market share of approximately 9%.

There is a general expectation for Marine to grow significantly due to the on-going enforcement of section 37 of Insurance Act, 2006 (Act 724). Premiums generated from Marine & Aviation has increased from GHS 68m in 2016 to GHS 94m in 2017. This class of business has great potential because importers are obliged to insure their goods locally under section 37 of the Insurance Act. However, it is rather difficult to get the appropriate state agencies to enforce this requirement of the law. Refer to Figure 14 below for premiums per class of business.

Figure 14: Analysis of Non-Life Premiums by Class of Business

20%

42%5%

7%

4%4%

5%

12%1%

Analysis of Non-life Premiums by Class of Business

F,T&P

Motor

PA,H&M

M&A

Liability

Bond

Engineering

Oil and Gas

Other Approved Products




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PREMIUM BY CLASS OF BUSINESS (LIFE INSURERS)

Universal Life led the chart in 2017 contributing GHS 558 million, being 52% of the premium income of life insurers. This result lends credence to the fact that the market is generally dominated by savings or investment link products. Undoubtedly, the life insurance market in Ghana has seen this product proliferate over the years, largely because of the high

interest rates nature of our economic environment. Expectedly as the economy evolves, there will be a progressive shift from this product to more pure risk related products. Whole Life & Endowment came second with 26% while Group Life ended the year with premium income of GHS 89.9million, being 8% of the share of premium.

Refer to table 8 for premium by class of business.

Figure 15: Analysis of Life Insurers Premiums by Class of Business

52%

8%

5%

4%

26%

0%5%

Analysis of Life Premiums by Class

Universal Life & Investment

Group Life

Term

Credit Life

Whole Life & Endownment

Dread Disease

Other Approved Products

Insurance Broking Market

In 2017, Brokers Commission amounted to GHS 86m representing a growth rate of 18%. As shown in Table 3 below, 67% of the total commission income was contributed by the top ten brokers which stood at GHS 58m.

With a contribution of GHS 19m, GHS 9m and GHS 7m representing 23%, 10% and 8%, KEK Insurance, Edward Mensah, Wood & Associates Limited, and Willis

Towers maintained their respective positions as 1st, 2nd and 3rd in the sector. KEK Reinsurance and Safety maintained their 4th and 5th positions respectively. Horizon and Crown improved to 6th and 7th positions respectively. Corporate Trust and RMAS are the new entrants in 2017. However, Tri-Star, declined to 10th

in 2017 from 6th position in 2016.

Below is the list of top ten brokers based on their market share /Commission income:

Table 3: Top Ten Brokers on the basis of their market share / Commission income

NAME OF BROKER BROKERAGE INCOME

1 KEK Insurance Brokers Limited 19,421,932

2 Edward Mensah, Wood & Associates Limited 8,616,239

3 Willis Towers Watson Ghana Limited 6,575,163

4 KEK Reinsurance Brokers 5,260,810




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NAME OF BROKER BROKERAGE INCOME

5 Safety Insurance Brokers Limited 4,478,395

6 Horizon Insurance Brokers Limited 3,710,621

7 Crown Insurance Brokers Limited 2,833,688

8 Risk Management & Advisory Services 2,706,295

9 Corporate Trust Insurance Brokers Limited 2,224,926

10 Tri-Star Insurance Services Limited 2,135,184

Total 57,963,253

Figure 16 below shows a pictorial analysis for the top ten Brokers in 2017.

Figure 16: 2017 Brokerage Income

33%

15%11%

9%

8%

6%

5%5%

4% 4%

2017 BROKERAGE INCOME

KEK Insurance Brokers

Edward Mensah, Wood &Associates

Willis Towers Watson

KEK Reinsurance Brokers

Safety Insurance Brokers

Horizon Insurance Brokers

Crown Insurance Brokers

Risk Management & Advi. Serv

Corporate Trust

Tr i-Star Insurance




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Table 4: Products Approved in 2017

Company Product Name

African Life Asetena pa

Ghana Union Travel Insurance

Beige Assure Funeral Policy

Enterprise Life Akwantu Pa

Enterprise Life/Micro Ensure Fearless

Enterprise Life/Micro Ensure Boafo Pa

Enterprise Life/Micro Ensure Yedie

Metropolitan Life Funeral Policy

Metropolitan Life Ayo send with care

NSIA Insurance Local travel Insurance-Trip Guard

Prudential Life Vodafone Hospital Insurance Plan

Prudential Life Sound Hospital Cash Plan

Prudential Life Sound Prudent Life Plan

Prudential Life Enhanced Premium farewell

Prudential Life Enhanced Classic farewell plan

Prudential Life Enhanced Educational support plan

Prudential Life Enhanced Hospital Cash Plan

Prudential Life Savings Dream Guard

Prudential Life Tigo Hospital Support Plan

Prudential Life Tigo Family Care Plan

StarLife Esteem Home Call Policy

Unique Insurance Travel Insurance

UT Life MI Life Product

UT Life Fishers future plan

UT Life Heritage cash back plan

Vanguard Life Micro Insurance (AL-EMAAN PLAN)

Wapic Insurance Ghana Travel Insurance




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Table 5(a) Growth in Industry Gross Premium (2013 - 2017)

Year Premium Income (GHS) Growth Rate %

2013 1,052,090,981 24

2014 1,239,853,442 18

2015 1,560,679,185 26

2016 1,928,838,573 24

2017 2,271,368,033 18

2017 Inclusive of Ghana Oil and Gas Insurance Pool

2,439,189,432 26

Table 5(b) Growth in Gross premium for Non-Life Insurance (2013 -- 2017)


2013 582,456,306 18

2014 659,262,969 13

2015 854,825,825 30

2016 1,070,057,051 25

2017 1,189,284,721 11

2017 Inclusive of Ghana Oil and Gas Insurance Pool

1,357,106,120 27

Table 5(c) Growth in Gross Premium for Life Insurance (2013-2017)


2013 469,634,675 32

2014 580,590,473 23

2015 705,853,360 22

2016 858,781,522 22

2017 1,082,083,312 26




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Table 5 (d) GROSS PREMIUMS OF NON-LIFE COMPANIES (2013 - 2017)

COMPANY 2013 2014 2015 2016 2017

1 Activa Int. 21,720,151 26,900,589 38,268,180 40,818,428 54,662,270

2 Allianz Insurance 16,666,082 26,624,368 21,858,529 27,183,279 28,527,388

3 Best Assurance NA NA NA 4,918,453 9,459,606*

4Donewell Insurance

14,570,013 14,970,003 20,357,071 30,530,398 35,671,068

5Enterprise Insurance

61,330,000 70,398,623 100,996,493 135,446,537 161,424,631

6 Equity Assurance 12,608,637 15,696,407 21,294,662 31,468,150 36,230,501

7 Ghana Union 21,856,982 22,348,675 31,536, 467 33,526,207 39,239,616

8 Glico General 39,691,703 46,397,194 68,638,428 69,660,874 68,887,382

9 Imperial General 966,772 5,571,696 6,508,200 9,239,314 11,900,101

10 Heritage Energy 8,196,429 6,132,835 6,721,760 9,694,480

11 Hollard Insurance 53,899,625 63,307,559 77,273,501 84,094,685 89,561,886

12 Loyalty Insurance NA NA NA NA 1,530,893

13Millennium Insurance

7,259,603 6,637,176 8,161,485 12,930,952 15,321,562

14 Multi Insurance NA NA NA NA 592,699

15 NSIA Ghana 8,157,332 5,428,571 7,948,287 10,998,238 13,324,794

16 Phoenix Insurance 24,296,304 25,178,385 34,770,287 46,278,553 47,384,649

17 Prime Insurance 2,163,114 5,306,379 12,158,093 29,389,566 29,553,090

18 Priority Insurance 2,135,922 2,597,458 3,872,158 8,940,836 12,134,536

19Provident Insurance

9,793,754 10,462,289 14,952,407 20,364,746 21,419,866

20 Quality Insurance 17,170,940 19,356,125 23,090,012 30,946,446 34,424,205

21 Regency NEM 14,586,426 19,259,140 27,816,431 28,733,674 25,970,254

22 Saham Insurance 8,308,085 10,221,468 12,913,133 11,207,580 23,550,683*

23 SIC Insurance 111,897,149 113,069,892 138,984,920 160,111,229 161,928,878*

24 Star Assurance 57,005,894 71,228,815 91,584,258 119,710,991 129,593,555

25 Unique Insurance 5,726,279 5,983,230 7,856,036 11,167,973 11,064,722

26Vanguard Assurance

53,039,656 58,172,319 72,775,120 97,100,246 99,445,056*

27 Wapic 9,409,454 8,013,773 11,211,667 15,289,696 16,786,350

Totals 582,456,306 659,262,969 861,547,585 1,070,057,051 1,189,284,721

GOGIP) NA NA NA NA 167,821,399.00

Grand Total 582,456,306 659,262,969 861,547,585 1,070,057,051 1,357,106,120

Source: Data Submitted and signed by industry Players to the NI

Notes:GOGIP: Ghana Oil and Gas Insurance Pool




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Table 5(e) GROSS PREMIUM OF LIFE COMPANIES (2013 – 2017)

COMPANY 2013 2014 2015 2016 2017

1 African Life 1,655,483*

2 A-Plus NA NA NA 56,742 238,458

3 Avance Life 809,346 580,154 477,366 83,765*

4 Beige Assured 3,798,298 4,834,636 5,022,477 3,700,690 2,991,399

5 Donewell Life 8,118,905 8,241,894 7,705,518 7,134,666 8,234,241

6 Enterprise Life 123,846,285 156,244,014 200,438,627 235,311,893 297,598,693

7 Esich Life* NA 1,663,326 8,200,464 12,375,460 -

8 First Insurance NA NA NA 1,264,649

9Ghana Life Insurance

10,533,661 12,731,893 14,740,234 17,911,223 17,229,191

10 Ghana Union Life 4,724,564 5,014,211 7,395,373 7,636,506 9,485,565

11Glico Life Insurance

55,546,000 59,654,046 64,926,000 82,733,226 98,755,553

12 GN Life Assurance NA NA 1,179,090 7,270,045 15,491,927

13 Metropolitan Life 21,574,030 26,344,298 29,924,473 31,595,032 39,705,069

14Old Mutual Assurance

15,458,278 16,477,834 22,765,849 33,425,000 55,628,677

15Phoenix Life Inurance

7,121,098 7,627,824 8,029,873 10,224,115 13,053,784

16 Prudential Life 5,378,355 11,722,469 20,720,285 33,814,009 52,599,824

17Quality Life Assurance

7,021,932 8,480,291 8,972,136 9,424,765 10,942,633

18 Saham Life 906,352 2,550,358 4,563,663 5,999,595 7,911,156

19 SIC Life 127,244,626 158,323,730 181,272,376 212,960,892 258,291,035*

20 Starlife Assurance 53,428,493 68,191,153 82,520,271 105,620,200 151,208,606

21 UT Life 11,952,035 15,697,395 18,872,345 19,634,602 24,075,627

22 Vanguard Life 12,122,417 16,210,947 18,126,941 22,009,604 15,637,977

TOTALS 469,634,675 580,590,473 705,853,361 858,838,265 1,082,083,312

Source: Data Submitted and signed by industry Players to the NIC




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Table 6(a) Profit after Tax for Life Companies

COMPANY 2013 2014 2015 2016 2017

1 African Life (567,360)

2 A-Plus NA NA NA (1,269,475) (1,404,546)

3Avance Life (formerly Capital Express)

(502,708) (1,775,344) N/S (1,004,932)

4 Beige Assure (1,701,622) (837,374) (2,493,520) (3,393,346) 1,221,774

5 Donewell Life (1,904,686) 2,282,567 (69,383) 753,586 2,481,168

6 Enterprise Life 34,372,110 42,459,149 39,475,528 50,444,042 65,745,095

7 Esich Life * NA (2,455,077) (17,897,566) 9,697,271

8 First Insurance NA NA N/A N/A (4,193,395)

9 Ghana Life* 313,665 2,837,155 (103,179) (220,220)

10 GUA Life 1,014,484 446,060 2,215,310 1,504,820 2,751,866*

11 Glico Life 10,159,159 4,844,515 4,708,648 26,749,215 57,322,549

12 GN Life NA 1,574,831 1,027,207 5,534,381 5,765,985

13 Metropolitan Life 3,617,895 3,735,547 4,304,019 961,466 7,183,358

14 Old Mutual (15,789,349) (16,877,203) (6,305,000) 3,686,001 (10,155,158)

15 Phoenix Life 367,828 (2,810,091) (571,815) 489,378 904,591

16 Prudential (4,195,123) (5,706,222) (7,057,185) (3,122,725) (2,727,819)

17 Quality Life 1,426,916 1,102,537 517,732 548,741 2,217,857

18 Saham Life (200,524) 5,866 111,583 332,681 687,114

19 SIC Life 9,288,157 12,382,878 15,547,729 3,407,626 6,420,942

20 StarLife 4,739,658 8,050,762 6,054,695 10,922,050 14,014,015

21 UT Life 2,008,795 786,428 (3,980,163) (10,431,350) (7,377,161)

22 Vanguard Life 211,151 (466,020) (2,800,994) 373,524 4,472,928

Total 43,728,514 50,853,600 30,908,304 96,967,667 143,758,871

Source: Data Submitted by licensed Life companies




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Table 6(b) Profit after Tax for Non- Life Companies

COMPANY 2013 2014 2015 2016 2017

1 Activa 1,885,345 781,634 2,575,779 2,582,380 3,260,328

2 Allianz (469,397) (788,624) (2,512,678) (1,592,056) -9,295,478

3 Best Assurance NA NA N/A 439,553 2,610,535*

4 Donewell 1,561,159 3,235,787 3,454,261 5,071,865 3,274,983

5 Enterprise 13,522,000 8,314,907 9,238,477 17,023,497 11,606,686

6 Equity 1,425,393 1,263,176 2,177,456 4,177,606 5,114,960

7 GUA 1,024,264 1,221,690 3,388,629 913,913 777,326

8 Glico General 812,653 (3,489,527) (1,492,335) 3,813,043 5,239,155*

9 IEI / Heritage (5,390,403) (3,281,638) 249,233 N/S 2,497,072

10 Hollard 2,823,074 1,560,741 4,428,310 8,124,290 8,995,215

11 Imperial Gen. 220,543 228,339 122,011 (1,254,015) 709,316

12 Loyalty Insurance NA NA NA NA -1,509,356

13 Millennium 1,621,823 601,201 (155,221) 1,828,426 3,160,245

14 Multi Insurance NA NA NA NA -627,986

15 NEM 261,515 329,888 542,667 NA NA

16 NSIA (2,816,023) (3,623,029) 602,653 1,202,744 2,884,723

17 Phoenix (91,960) 2,011,860 1,701,742 5,752,775 7,438,861

18 Prime (1,204,301) (6,135,082) (889,655) 745,706 882,643

19 Priority 881,056 1,317,602 2,680,385 1,628,931 672,699

20 Provident 9,119,943 3,174,096 5,839,491 5,514,311 4,788,721

21 Quality 1,137,964 140,242 650,405 2,937,363 4,080,213

22 RegencyNem 784,781 2,135,023 529,167 2,725,976 1,265,804

23 Saham 173,203 123,209 414,546 (4,290,683) 764,872*

24 SIC 594,652 (8,303,403) 10,035,509 3,646,458 10,220,143*

25 Star Assurance 5,610,573 1,129,093 14,016,260 19,600,192 25,515,541

26 Unique (1,335,826) (209,695) 17,762 4,238,056 1,529,932

27 Vanguard 4,429,673 906,791 5,914,810 7,777,244 7,491,888 *

28 Wapic (660,618) 2,501,595 (2,190,904) (3,967,022) -2,109,009

Total 35,921,086 5,145,876 61,338,759 88,640,553 101,240,032

Source: Data Submitted licensed Non-Life companies*Note: The 2013- 2015 figures of RegencyNem belong to Regency Alliance Insurance Company Limited before the merger.




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Table 7: Premium Income for Reinsurance companies (2013-2017)

Year Life Non-life Total Growth Rate %

Market share Non-life

Market share Life

2012 4,649,741 74,975,650 79,625,391 34 94% 6%

2013 6,580,506 86,727,612 93,308,118 18 93% 7%

2014 8,446,151 107,462,304 115,908,455 24 93% 7%

2015 11,418,416 140,800,625 152,219,041 31 92% 8%

2016 12,749,034 161,292,156 174,041,190 14 93% 7%

Source: Data Submitted and signed by industry Players to the NICIncluded in 2016 is a draft Annual data for Ghana Reinsurance

Table 8 Premium Distribution by Class of Business (2015-2017)

Non Life2015 2016 2017

Premiums Cont. per class Premiums Cont. per

class Premiums Cont. per class

Fire, Theft and property 198,072,421 23.20% 221,506,349 20.7% 271,865,371 20.0%

Motor 355,227,506 41.60% 518,257,208 48.4% 566,460,876 41.7%

Personal Accident, Health and Medical

84,671,194 9.90% 68,659,141 6.4% 68,192,111 5.0%

Marine and Aviation 62,446,511 7.30% 68,497,311 6.4% 94,306,292 6.9%

Liability 28,707,779 3.40% 34,083,134 3.2% 56,570,082 4.2%

Bonds/Financial Guarantees 41,777,399 4.90% 54,654,670 5.1% 47,497,394 3.5%

Engineering 61,571,738 7.20% 90,035,148 8.4% 72,496,175 5.3%

Other Approved Products 22,351,277 2.60% 14,364,090 1.3% 11,896,420 0.9%

GOGIP 167,821,399 12.4%

Total Non-Life Premiums 854,825,825 100% 1,070,057,051 100.0% 1,357,106,120 100%

Life2015 2016 2017

Premiums Cont. per class Premiums Cont.

per class Premiums Cont. per class

Universal Life & Investment 558,067,629 51.6%

Group Life 89,909,629 8.3%

Term 53,078,239 4.9%

Credit Life 47,136,848 4.4%

Whole Life & Endowment 280,818,363 26.0%

Dread Disease 59,087 0.0%

Other Approved Products 53,013,517 4.9%

Total Life Premium 1,082,083,312 100.0%

Source: Data Submitted and signed by industry Players to the NIC*The Non-Life product lines have been realigned, thus separating Bonds/Financial Guarantees, Engineering and Liability from Personal Accident line of business.




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Table 9: Brokerage Commission for 2013 – 2017 expressed in Cedis

COMPANY 2013 2014 2015 2016 2017

1. Afro-Asian Reinsurance Brokers Ltd. 261,943

2. AG & Associates 146,423 220,709 326,800 N/S N/S

3. Akoto Risk 542,781 630,740 960,550 1,203,754 1,009,593

4. All Risks 689,827 721,166 763,677 879,618 919,670

5. AllStar - 415,953 538,093 N/S

6. Allied 52,343 134,279 75,579 110,051 N/S

7. Alpha 352,147 474,200 554,134 701,662 785,042

8. Apex 64,457 318,336 374,483 628,716 N/S

9. ARB 264,395 494,090 800,266 884,536

10. ARK 162,741 254,695 311,321 347,425 288,454

11. Arrowclass 774,653 999,791 1,324,991 1,367,152

12. Ascoma Ghana 679,537 1,225,130 1,134,591 1,401,987 1,423,377

13. Asterix 131,319 192,507 129,207 197,194 N/S

14. Baobab 9,682 36,185 103,687 188,203 172,598

15 .Boaitey & Associates - 264,810 542,177 567,581

16. Byllwych - 3,694 N/S N/S

17. Cardinal Brokers * - 193,340 363,280

273,582N/S

18. Ceris Int’l 325,020 801,849 577,793 N/S N/S

19. CLAIM Ltd. 242,468 511,109 483,781 340,547 N/S

20. Corporate Trust 542,789 249,279 982,734 N/S 2,224,926

21. Crown 1,165,184 1,611,389 1,874,542 2,089,394 2,833,688

22. Danniads 981,531 1,367,910 1,369,603 1,458,624 1,168,501

23. Dezag Insurance Brokers Limited 48,958 171,380 190,253 157,629

24. Double D & M 20,907 - 62,906 N/S N/S

25. Dynamic 270,994 402,873 461,250 444,832 N/S

26. Edward Mensah, Wood & Associates. 3,718,846 4,060,201 6,596,403 6,031,736 8,616,239

27. Eureka 84,015 - N/S N/S

28. Felin Brokers 147,350 427,251 592,832 905,780 1,320,831

29. First Anchor 638,421 1,195,548 1,478,209 1,424,594 1,654,219




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53

COMPANY 2013 2014 2015 2016 2017

30. Functions Risk 27,657 144,511 202,619 389,085

31. GBL Insurance Brokers Ltd. 3,694 23,270 29,680

32. Ghana Int’l Brokers 118,096 N/A N/A N/S N/S

33. Global Impact 91,763 125,550 113,395 129,673 N/S

34. Goldlink 40,140 46,708 95,300 182,672

35. Goodwill - 2,704 73,442 N/S

36. Willis Towers Watson 2,091,824 2,229,774 3,232,346 5,230,618 6,575,163

37. Horizon 1,544,717 2,143,062 2,721,601 2,749,823 3,710,621

38. Ideal Insurance Brokers Limited - - - - 221,284

39. Insurance Centre 124,892 189,745 280,919 376,241 52,012

40. Insurance Consult. 232,232 204,661 193,349 295,054 258,048

41. Insurance Management Services - - - - 102,101

42. Insurance Solutions 385,187 723,412 1,053,551 1,466,311 1,694,230

43. Irisk Management Limited - - - - 1,074,519

44. KAV 130,216 114,770 98,677 224,683 283,788

45. KEK Brokers 8,272,563 10,909,117 13,265,860 14,921,591 19,421,932

46. KEK Reinsurance Brokers 1,450,312 2,507,054 3,293,701 3,678,527 5,260,810

47. Khols & Hols 23,301 272,412 N/S

48. Liberty Brokers 171,056 191,365 277,784 229,930 140,257

49. Lordship 327,665 470,040 531,091 669,372 706,408

50. M & G Ins. Brokers 478,626 758,816 928,308 1,090,259 1,127,166

51. Maxpal Interm. 152,932 63,166 83,574 143,009 N/S

52. Metrix 90,330 218,222 328,624 383,537

53. Midas 1,034,889 1,474,030 1,802,416 2,054,216 2,008,625

54. Multinational 65,266 211,036 362,427 399,966

55. NDL Consult 69,400 206,702 230,157 232,442 271,294

56. Novelty - 144,950 152,198 N/S

57. OAK Brokers - 40,161 - 83,573

58. Pacific Ins. Brokers - - - - 75,152

59. Premier Brokers 31,697 129,152 137,180 230, 211 300,525

60. Progressive 881,760 924,358 1,126,622 1,418,800 1,741,174




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54

COMPANY 2013 2014 2015 2016 2017

61. Prudent Ins. Brokers 320,226 324,768 270,249 302,425 390,333

62. Riscovery Ltd. 181,171 682,218 722,401 840,990 1,108,115

63. Risk Mgt. & Adv. 930,215 1,519,347 2,287,277 2,013,409 2,706,295

64. Risk Partners Limited - - - - 81,020

65. Safeguard - 31,290 1,119,123 812,274

66. Safety 1,510,646 2,034,626 2,557,076 3,019,912 4,478,395

67. Saviour 68,121 10,561 194,240 119123 250,000

68. Shield 1,145,922 1,530,327 2,102,993 2,597,133 885,286

69. Strategic Ins. Consult - - - - 88,320

70. Supreme Trust Brokers - - - - 118,859

71. Trans-National 354,437 470,585 420,156 473,070 578,283

72. Trinity - 88,699 112,900 158,523 178,101

73. Tri-Star 1,604,359 2,095,376 2,612,467 2,766,881 2,135,184

74. UGroup Ltd. 23,501 36,115 43,652 62,325 N/S

75. Universal 130,016 - 101,896 93,446 96,417

76. VISAL 1,160,472 1,244,939 1,961,997

78. Worldwide Ins. Brokers - - - - 155,518

Total 34,827,223 48,497,491 64,749,967 73,485,830 88,173,998

Earnings of top 10 companies 23,539,265 30,640,273 40,544,266 45,138,831 57,963,253

Percentage of top 10 companies 68% 63% 63% 61% 66%

N/S – These companies had not submitted their reports as at the time of finalising this report.




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55

FINANCIAL & RATIO ANALYSIS

Introductory Remarks on ratio analysis

This ratio analysis have been prepared for a five year period from 2013 to 2017. The companies marked * are companies that

had not submitted their audited 2017 figures and we have therefore used their unaudited figures for 2017 to prepare

the ratios. Companies whose ratios have been marked ** are those that had not been licensed in the years in which

the reports have been prepared. Companies with *** are newly licensed.

56

Life Companies

CHANGE IN POLICYHOLDER INFLOWS

This ratio measures growth or contraction of an insurer’s total premium (both risk and savings components) inflows from policyholders. The Average Policyholder inflow for 2016 which is 21% is a point drop in the growth rate of Long Term Insurers Premium compared to the 2015 results. 2017 saw mixed results from regulated entities, however the results for A Plus and First Insurance are outside the acceptable range because they are startups. Beige Assure, Vanguard Life and Ghana Life were the only Life Companies that experienced negative growth rates.

TABLE 10: CHANGE IN POLICYHOLDER INFLOWS

Percentage (%)

Year: 2013 2014 2015 2016 2017

Industry Average: 38 35 22 21 27

Life Companies:

1 Africa Life Assurance Co. Limited**

2 A-Plus Life Assurance Co. Limited 1,079 319

3 Avance Life (formerly Capital Express Assurance Ghana Limited) *

-18

4 Donewell Life Insurance Co. Limited 14 1 -7 -8 15

5 Enterprise Life Assurance Co. Limited 40 26 25 16 25

6 Esich Life Assurance Co. Limited 511 51

7 First Insurance Co. Limited 409

8 Ghana Life Insurance Co. Limited 27 20 16 19 -3

9 Ghana Union Assurance Life Co. Limited 78 -5 45 27 21

10 Glico Life Insurance Co. Limited 49 10 8 27 20

11 GN Life Assurance Co. Limited 553 127

12 Metropolitan Life Insurance Ghana Limited 9 22 10 5 24

13 Old Mutual Assurance Ghana Limited -3 7 38 48 65

14 Phoenix Life Assurance Co. Limited 18 7 3 28 30

15 Prudential Life Insurance Ghana Limited 202 113 73 64 53

16 Quality Life Assurance Co. Limited 20 21 6 5 16

17 Saham Life Insurance Ghana Limited 584 186 78 29 33

18 SIC Life Insurance Co. Limited 27 24 15 18 21*

19 StarLife Assurance Co. Limited 34 28 21 28 43

20 Beige Assure Co. Limited 11 2 -27 -19

21 UT Life Insurance Co. Limited 80 31 20 3 26

22 Vanguard Life Assurance Co. Limited -10 36 10 23.09 -34




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57

POLICYHOLDER COVERAGE

This ratio compares the equity and actuarial liabilities of a company. It is an indicator of how much capital the company has after all technical provisioning have been considered. Generally, when the actuarial liabilities are more than 300% of the company’s equity, it is considered risky since the ability to absorb unexpected shocks may be impaired. The industry average of 139% shows an average improvement in the capacity of long term insurers to meet unforeseen shocks. This is however subject to the detail capital adequacy requirements.

TABLE 11: POLICYHOLDER COVERAGE

Percentage (%)

Year: 2013 2014 2015 2016 2017


Life Companies:

1 Africa Life Assurance Company Limited*** 7

2 A-Plus Life Assurance Co. Limited 2 64

3Avance Life (Formerly Capital Express Assurance Ghana Limited)

-814 20*

4 Donewell Life Insurance Company Limited -538 14532 -15011 180 161


6 Esich Life Assurance Company Limited -217 125

7 First Insurance Company Limited 1

8 Ghana Life Insurance Company 298 97 111 101 217

9 Ghana Union Assurance Life Company Limited 127 209 78 36 25

10 Glico Life Insurance Company Limited 115 125 147 126 84

11 GN Life Assurance Company Limited 5 8 27

12 Metropolitan Life Insurance Gh. Limited 556 392 336 376 329

13 Old Mutual Assurance Ghana Limited 1233 199 128 134 217

14 Phoenix Life Assurance Company Limited 310 96 59 70 68


16 Quality Life Assurance Company Limited 344 294 339 377 177


18 SIC Life Insurance Company Limited 535 539 570 702 667*

19 StarLife Assurance Company Limited 600 271 311 329 334

20 Beige Assure -3593 -566 141 16

21 UT Life Insurance Company Limited 81 91 157 81 106

22 Vanguard Life Assurance Company Limited 241 75 147 29 25




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58

PROPORTION OF INVESTMENT TO ASSETS

This is an asset quality ratio calculated as a ratio of total investments (including cash and cash equivalents) to total assets. It seeks to establish the percentage of the company’s assets that are in investments as opposed to operational assets. Investment assets are generally kept to meet known liabilities and so a high investment assets show a positive position than a low investment assets ratio. Life insurance sector recorded an average of 81%. The higher the ratio, the better the quality of the company’s asset base. The ratios for Vanguard Life, UT Life, Ghana Life, Ghana Union Life, First, Donewell Life and A Plus are worrying.

TABLE 12: PROPORTION OF INVESTMENT TO ASSETS

Percentage (%)

Year: 2013 2014 2015 2016 2017


Life Companies:

1 Africa Life Assurance Company Limited 90**


3Avance Life (Fomerly Capital Express Assurance Ghana Limited)

0 76 54*

4 Donewell Life Insurance Company Limited 79 91 95 88 85

5 Enterprise Life Assurance Company Limited 86 87 93 93 96

6 Esich Life Assurance Company Limited 89 91






12 Metropolitan Life Insurance Gh. Limited 96 93 98 98 98






18 SIC Life Insurance Company Limited* 78 80 86 92 93


20 Beige Assure 71 66 87 98






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59

POLICYHOLDER BENEFIT COVER

This is a measure of investment adequacy with respect to an insurers liabilities. It is calculated as a ratio of total investments to actuarial liabilities. It seeks to assess the adequacy of the company’s investments to cover the policyholder liabilities. The Life sector recorded an average of 289% in 2017. This is a significant improvement in the ratio compared to the previous years. The investment assets should, as a minimum, cover policyholder benefits. A ratio of less than 100% means that the company does not have enough investments to cover the policyholder liabilities. No company recorded a ratio below 100%.This ratio helps to analyse the adequacy of a company’s technical provisions and must be considered alongside policyholder benefit cover to ensure a company is not associated with the risk of under provisioning. African Life and First Insurance ratios are out of range because they are startups, and generally have low actuarial liabilities.

TABLE 13: POLICYHOLDER BENEFIT COVER

Percentage (%)

Year: 2013 2014 2015 2016 2017


Life Companies:

1 Africa Life Assurance Company Limited 1,456**

2 A-Plus Life Assurance Co. Limited 1,796 172


0 106 480*




7 First Insurance Company Limited 6,133










17 Saham Life Insurance Ghana Limited 702 393 1883 1,059 611



20 Beige Assure 72 59 155 1,231






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60

RETENTION RATIO

This ratio measures the proportion of the premiums that are not ceded to reinsurers. Retention among life insurers in Ghana is generally high. SIC Life had the highest retention ratio of 100%. Generally, this high retention rate can be attributed to the high savings oriented life policies, relative to risk businesses in the life insurance market. A-Plus is a startup.

TABLE 14: RETENTION RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Life Companies:



3Avance Life (Capital Express Assurance Ghana Limited)

100 100*

















20 Beige Assure 100 90 84 89






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61

INVESTMENT YIELD

This ratio calculates the return on a company’s investments. It seeks to measure the quality of a company’s investment portfolio. It is the ratio of investment income to total investment. The industry average reduced by 1% to end the year 2017 with an average ratio of 15%. Nine companies recorded investment performance below the industry average. Saham Life and UT Life recorded very low yields far below the average treasury bill rate of 16%. The ratio for Glico Life is out of range because the result is largely led by unrealized fair value gains on properties.

TABLE 15: INVESTMENT YIELD

Percentage (%)

Year: 2013 2014 2015 2016 2017


Life Companies:


2 A-Plus Life Assurance Company Limited 22 18

3Avance Life ( Formerly Capital Express Assurance Ghana Limited)

23 4*

















20 Beige Assure 16 30 12 5






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62

RETURN ON EQUITY

This ratio calculates the return on shareholders fund over a period, usually, one year. A negative ratio imply the company experienced a loss or has a negative equity base or both during the period. Five Companies recorded Loss after tax. A Plus result is out of range.

TABLE 16: RETURN ON EQUITY

Percentage (%)

Year: 2013 2014 2015 2016 2017


Life Companies:

1 Africa Life Assurance Company Limited -3**

2 A-Plus Life Assurance Company Limited -10 -73


0 -1,480 -37*

4 Donewell Life Insurance Company Limited -14 1076 -31 4 11



7 First Insurance Company Limited -24

8 Ghana Life Insurance Company 8 21 -1 -1 -57





13 Old Mutual Assurance Ghana Limited -487 -60 -75 6 -18

14 Phoenix Life Assurance Company Limited 15 -34 -4 3 5

15 Prudential Life Insurance Ghana Limited -118 -15 -23 -8 -5


17 Saham Life Insurance Ghana Limited -12 0 1 2 5



20 Beige Assure 812 -161 -48 2

21 UT Life Insurance Company Limited 18 5 -28 -31 -27

22 Vanguard Life Assurance Company Limited 4 -8 -95 2.4 24




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63

RETURN ON ASSET

This is a ratio of profit after tax to total assets. It seeks to measure the efficiency with which management utilize the assets of the company to generate returns for its various stakeholders. The market performance on this ratio has been experiencing a dip for the past three years. This can be attributed to the increasing volume of assets in the industry and the poor profit base of the companies.

TABLE 17: RETURN ON ASSET

Percentage (%)

Year: 2013 2014 2015 2016 2017

Industry Average: 7 6 -1 4 1

Life Companies:

1 Africa Life Assurance Company Limited 3

2 A-Plus Life Assurance Company Limited -9 -42

3Avance Life ( Formely Capital Express Assurance Ghana Limited)

0 -131 -21

4 Donewell Life Insurance Company Limited 3 7 -0.2 1 4



7 First Insurance Company Limited -23

8 Ghana Life Insurance Company 2 9 -0.3 -1 -15





13 Old Mutual Assurance Ghana Limited -35 (18) -31 2 -5

14 Phoenix Life Assurance Company Limited 3 (16) -2 2 3

15 Prudential Life Insurance Ghana Limited -39 (11) -13 -5 -3





20 Beige Assure -22 (9) -32 -19 1

21 UT Life Insurance Company Limited 8 2 -10 -16 -.12

22 Vanguard Life Assurance Company Limited 1 (4) -29 2 16




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64

EXPENSE RATIO

This ratio calculates actual management expenses incurred as a percentage of total net inflows received from policyholders. It serves as a check on efficiency. The international industry acceptable ratio should not exceed 40%. A high ratio indicates inefficiency on the part of the insurance company in handling its activities. It actually means much of the premium is going into expenses and not policyholders benefit reserves. Beige Assure, First Insurance, Avance Life, A Plus and African Life are outliers.

TABLE 18 EXPENSE RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Life Companies:


2 A-Plus Life Assurance Company Limited 4,358 3630

3Avance Life ( Formerly Capital Express Assurance Ghana Limited)

0 326 1529*

















20 Beige Assure 79 97 108 148






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65

CHANGE IN CAPITAL AND SURPLUS

This ratio measures the growth or decline in the equity of an insurer over the previous year. It is the general measure of improvements or deterioration of an insurer’s financial position. Some of the factors that can affect this ratio are profits or loss after tax, change in unrealized gains or losses, changes in actuarial liabilities and regulatory enforcements to inject capital. The ratio for Beige Life is out of range mainly because of the injection of investment properties. Avance Life ratio is also out of range because of the losses made over the years.

TABLE 19: CHANGE IN CAPITAL AND SURPLUS

Percentage (%)

Year: 2013 2014 2015 2016 2017


Life Companies:

1 Africa Life Assurance Company Limited (3)**

2 A-Plus Life Assurance Co. Limited 43 (27)

3 Avance Life ( Formerly Capital Express Assurance Ghana Limited)

-104 (758)*

4 Donewell Life Insurance Company Limited -28 -102 -207 -8595 19


6 Esich Life Assurance Company Limited -246 -279


8 Ghana Life Insurance Company 11 253 7 21 (28)

9 Ghana Union Assurance Life Company Limited 7 -21 167 463 14




13 Old Mutual Assurance Ghana Limited -47 749 102 7 (15)


15 Prudential Life Insurance Ghana Limited -53 959 -19 28 32



18 SIC Life Insurance Company Limited* 41 30 21 -3 14


20 Beige Assure -143 -269 -556 758

21 UT Life Insurance Company Limited 84 41 -8 137 (20)

22 Vanguard Life Assurance Company Limited 25 0.1 -49 426 31




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66

STATEMENT OF ASSETS - LIFE

2017 2016

GHS GHS

1 Cash 168,608,080 130,214,585

2. Investments:

Government of Ghana Securities 265,077,379 253,148,032

Bank of Ghana Securities 232,962,733 122,803,939

Statutory Deposits 26,573,381 13,771,149

Term deposits held at a licensed bank 818,554,536 793,911,939

Other term deposits 263,670,346 169,691,282

Corporate Debt 5,288,822 4,685,913

Securities listed on Ghana Stock Exchange 122,472,918 60,963,119

Other Securities 46,574,929 31,861,839

Equity backed mutual funds 91,593 78,314

Money market mutual funds 43,136,443 31,936,342

Land & building held as investment 573,491,907 364,092,608

Investments in, and subordinated loans to, connected persons 70,403,933 51,866,619

Other Investments 11,697,535 10,500,500

Total Investments 2,479,996,455 1,909,311,595

3. Receivables & Prepayments

Policy Loans 54,196,426 49,089,122

Premium Debtors 13,304,155 5,229,044

Staff Loans and Advances 2,252,833 2,324,935

Due from reinsurers less than 3 months old - 463,618

Due from reinsurers more than 3 months old - 1,390,853

Due from other Insurers 9,682 -

Due from Agents and Brokers 1,472,303 1,190,431

Due from Connected Persons 9,326,713 5,632,308

Reinsurance Share of Insurance liabilities 1,311,090 847,691

Deferred Tax Assets 9,614,942 2,423,995

Other Receivables 43,527,325 28,801,665

Total Receivables 135,015,469 97,393,662




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67

4 Property, Plant and Equipment

Land & Buildings occupied by Insurer for own use 50,397,351 46,647,473

Plant and Equipment 3,273,493 4,367,009

Computer Hardware and Software 11,829,804 8,596,031

Motor Vehicles 16,778,753 15,451,570

Furniture and Fittings 11,068,690 9,845,088

Other Assets 9,923,855 18,507,026

Total Property, Plant & Equipment 103,271,947 103,414,197

5 Intangible Assets

Goodwill, unless otherwise deducted

28,000 9,239

Other assets shown as intangible assets 2,622,399

488,868

Total intangible assets 2,650,399 498,107

6 Other Assets

Capitalised research and development costs - -

Deferred acquisition costs - -

Corporate stationery

445,983 563,130

Other assets not included above - -

Total Other Assets 445,983 563,130

TOTAL ASSETS 2,889,988,333 2,241,395,275




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68

STATEMENT OF EQUITY AND LIABILITIES FOR LIFE INSURERS2017 2016

GHS GHS

1 Technical Provisions

Actuarial Liabilities 1,764,214,748 1,410,965,496

Investment Contracts Liabilities 10,123,043 4,576,330

Other Provisions 214,074 172,844

Total Technical Provisions 1,774,551,865 1,415,714,670

2 Payables

Bank Overdrafts and Loans 7,013,312 5,771,436

Due to Reinsurers 3,574,120 3,806,279

Due to Agents and Brokers 2,805,480 1,500,728

Taxation 3,874,154 5,376,068

Deferred Taxation 50,343,021 37,242,477

Due to Related Parties 10,878,593 8,661,839

Other Accruals & Payables 98,295,082 77,436,525

Total Payables 176,783,762 139,795,352

3 Long Term Liabilities

Bank Loans 392,150 1,435,197

Debentures - -

Unsecured Subordinated Debts

Perpetual - -

More than 4 years to maturity 51,779,242 -

More than 3 but 4 years or less to maturity - -



1 year or less to maturity - -

Other Borrowings 70,849 -

Total Long Term Liabilities 52,242,241 1,435,197




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69

4 EQUITY

Paid Up Ordinary Shares 532,904,993 481,663,467

Ordinary Shares held as treasury shares - -

Paid up perpetual non-cumulative preference shares - -

Paid up perpetual non-cumulative preference shares held as treasury

- -

Paid up perpetual cumulative preference shares - -

Paid up perpetual cumulative preference shares held as treasury - -

Contingency Reserves 57,463,941 40,496,759

Revaluation Reserves (Owned Land & Building) 32,135,554 25,674,678

Revaluation Reserves (Investments excluding items to be deducted from core capital)

24,359,316 15,130,511

Revaluation Reserves (Others) 3,415,057 2,063,864

1,306,208 2,134,000

Retained Earnings, as at end of previous financial year 117,085,712 76,521,800

Current year net earnings/deficit 85,464,527 40,563,912

Others 32,275,159 201,065

Total Equity 886,410,466 684,450,055

TOTAL LIABILITIES AND EQUITY 2,889,988,334 2,241,395,275




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70

Non-life Companies

CHANGES IN GROSS WRITTEN PREMIUMS

This ratio measures growth or contraction in the company’s gross premium relative to the prior year. In 2017 the industry recorded 11% without GOGIP, a dip compared to 2016 growth rate of 28%. Nevertheless, the market continues to witness positive growth. With the exception of Activa, GUA ,Glico, the rest witnessed a dip in growth. Meanwhile RegencyNem and Unique experienced serious contraction in growth to settle at -10% and -1% respectively. Saham recorded growth far beyond the expected range.

TABLE 20: CHANGES IN GROSS WRITTEN PREMIUMS

Percentage (%)

Year: 2013 2014 2015 2016 2017


1. Activa International Insurance Co. Limited 36 24 42 7 34

2. Allianz Insurance Company Limited 17 60 -18 24 5

3. Best Assurance Company Limited* N/A N/A N/A 0 0

4. Donewell Insurance Company Limited 16 3 36 50 17

5. Enterprise Insurance Company Limited 42 15 43 34 19

6. Equity Assurance Company Limited 17 24 36 48 15

7. Ghana Union Assurance Company Limited* 51 2 41 6 17

8. Glico General Insurance Company Limited* 24 17 48 1 18

9. Heritage Insurance Company Limited 5 N/S N/S N/S 16

10. Hollard Insurance Company Limited 21 17 22 9 7

11. Imperial General Insurance Co. Limited 0 420 20 42 29

12. Loyalty Insurance Company Limited 0

13. Millennium Insurance Company Ltd 76 -9 23 58 15

14. Multi Insurance Company Limited 0

15. NSIA Ghana Insurance Company 13 -33 46 38 21

16. Phoenix Insurance Company 16 4 38 33 2

17. Prime Insurance Company Limited 448 148 147 142 1

18. Priority Insurance Company Limited 7586 22 49 118 36

19. Provident Insurance Company Limited 1 7 43 36 5

20. Quality Insurance Company Limited 11 13 19 34 11

21. RegencyNEM Insurance Ghana Ltd 33 49 43 61 -10

22. Saham Insurance Company Limited* 137 23 26 -13 110

23. SIC Insurance Company Limited* 2 1 20 15 1

24. Star Assurance Company Limited -6 25 29 31 8

25. Unique Insurance Company Ltd 14 5 32 42 -1

26 Vanguard Assurance Company Limited* 27 10 25 33 2

27 Wapic Insurance (Gh.) Limited -4 -15 19 36 10

Reinsurers:

1. Ghana Reinsurance Company Limited 10 21 34 13 20

2. Mainstream Reinsurance Company Limited 2 -4 20 35 31

3. GN Reinsurance N/A - 1024 132 37




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71

CHANGES IN NET WRITTEN PREMIUM

This measures growth or contraction in the company’s current net premiums over the previous year’s net premiums. A high growth/contraction rate that does not positively correlate to the gross premium growth rate indicates significant changes in the company’s reinsurances. Thus, any ratio greater or less than +or-33% reflects significant changes in reinsurance policy or volatility in premiums.

TABLE 21: CHANGES IN NET WRITTEN PREMIUM

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:


2. Allianz Insurance Company Limited 34 54 36 18 44

3. Best Assurance Company Limited* N/A N/A N/A 0




7. Ghana Union Assurance Company Limited 35 -7 46 36 25*

8. Glico General Insurance Company Limited 43 -25 114 -9 -13*


10. Hollard Insurance Company Limited 38 -2 68 22 -1



13. Millennium Insurance Company Ltd 71 -15 24 47 22

14. Multi Insurance Company Limited

15. NSIA Ghana Insurance Company 10 -34 27 32 14




19. Old Mutual Life Insurance -2 6 57 29 13


21. RegencyNEM Insurance Ghana Ltd 35 42 36 87 -7

22. Saham Insurance Company Limited 65 44 5 -22 93*

23. SIC Insurance Company Limited -9 -11 -8 40 4*

24. Star Assurance Company Limited 2 14 37 33 11

25. Unique Insurance Company Ltd 17 -5 62 32 -3

26 Vanguard Assurance Company Limited 41 9 14 22 4*

27 Wapic Insurance (Gh.) Limited -5 -11 17 28 7

Reinsurers:


2. Mainstream Reinsurance Company Limited 6 -14 30 19 61





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72

NET INSURANCE RISK RATIO

This ratio measures the ability or capacity of the insurer’s capital and surplus to absorb unforeseen shocks. It is calculated as a ratio of Net Written Premium to Equity. The higher the ratio, the less conservative the insurer, and hence, the greater the potential risk that, the insurer cannot absorb shock/losses. In 2017, the ratio declined to 81% showing improvement in companies potential capacity to absorb unforeseen losses. Enterprise, Prime and Vanguard appear quite aggressive with higher level of risks relative to their capital or equity base.

TABLE 22: NET INSURANCE RISK RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:



3. Best Assurance Company Limited N/A N/A N/A 24 47*




7. Ghana Union Assurance Company Limited 22 12 27 28 23*

8. Glico General Insurance Company Limited 145 111 205 102 67*

9. Heritage Insurance Company Limited -146 N/S N/S N/S 72




13. Millennium Insurance Company Ltd 79 63 79 56 61

14. Multi Insurance Company Limited

15. NSIA Ghana Insurance Company 131 68 81 33 30


17. Prime Insurance Company Limited 48 -117 68 173 169


19. Old Mutual Life Insurance 83 54 32 39 41


21. RegencyNEM Insurance Ghana Ltd 199 185 230 209 149

22. Saham Insurance Company Limited 202 125 45 49 72*

23. SIC Insurance Company Limited 108 95 83 119 99*


25. Unique Insurance Company Ltd 271 146 80 62 55


27 Wapic Insurance (Gh.) Limited 325 74 48 77 85

Reinsurers:


2. Mainstream Reinsurance Company Limited 86 63 38 32 47

3. GN Reinsurance N/A 1 12 15 24




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GROSS INSURANCE RISK RATIO

This ratio is similar to the Net Risk Ratio with Net Written Premium replaced with Gross Written Premium. The quite aggressive insurers appear to be the same as in the Net Insurance risk except for Activa, Allianz, Equity, Hollard, Glico, Prime, RegencyNem, Saham and SIC . However, their high risk appears to be managed through reinsurance as evidenced by relatively lower net retentions.

TABLE 23: GROSS INSURANCE RISK RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:

1.Activa International Insurance Company Limited

303 278 216 200 206










11. Imperial General Insurance Company Limited 0 45 64 104 75






17. Prime Insurance Company Limited 57 -184 88 215 203











Reinsurers:







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CHANGE IN CAPITAL AND SURPLUS

This ratio measures the growth or decline in the equity of the insurer over the previous year. It is the general measure of improvement or deterioration of an insurer’s financial position. Some of the factors that could affect this ratio are after tax profits or losses, changes in unrealized gains or losses on assets, or changes in the Technical Provision valuation policies and injection of capital. In 2017, the ratio declined from 45% to 32%. We expect this ratio to further reduce mainly because the industry averages of 2014, 2015 and 2016 have been largely influenced by capital injections due to regulatory requirements. The acceptable threshold for this ratio is between 0 to 33%. The nature, scale, complexity as well as the risk appetite level of the insurer’s business is a useful indicator of the level of capital required.

TABLE 24: CHANGE IN CAPITAL AND SURPLUS

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:

1. Activa International Insurance Company Limited 36 35 83 16 30

2. Allianz Insurance Company Limited -20 366 -30 127 29





7. Ghana Union Assurance Company Limited 103 67 -34 30 54*

8. Glico General Insurance Company Limited 5 -2 16 83 13*



11. Imperial General Insurance Company Limited 0 3 1 -12 78


13. Millennium Insurance Company Ltd 47 8 -2 106 30


15. NSIA Ghana Insurance Company -30 27 6 227 24

16. Phoenix Insurance Company -1 265 8 17 20

17. Prime Insurance Company Limited 36 -177 -615 6 6






23. SIC Insurance Company Limited 9 2 9 -2 23*


25. Unique Insurance Company Ltd -179 76 198 7 10

26 Vanguard Assurance Company Limited 25 4 64 17.76 13*

27 Wapic Insurance (Gh.) Limited -21 293 82 -21.28 -15

Reinsurers:



3. GN Reinsurance N/A - -12 18 12




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CLAIMS RESERVE RATIO

This ratio is calculated as the Provision for Outstanding Claims (including the IBNR) divided by the Net Earned Premiums. It compares the relationship of Provisions for Outstanding Claims to net earned premiums, to determine whether or not the company is adequately reserving for claims in process. It is therefore an indication of the adequacy of the Outstanding Claims Provision. The internationally acceptable range for this ratio is between 25% and 50%. In 2017 the average ratio increased to 40% from 32% in 2016. With the exception of GUA, Phoenix, and Vanguard, the rest improved their ratios. The ratios for Quality Insurance however, remained the same at 10%. Activa, Hollard and Saham have improved relative to the 2015 high ratios. Best, Heritage, Imperial, Phoenix, Prime, RegencyNem have their ratios being below the thresholds.

TABLE 25: CLAIMS RESERVE RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:


97 109 308 60 81



























Reinsurers:







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RETENTION RATIO

This is calculated as the Net Written Premium over the Gross Written Premium. It represents the portion of the risks that insurers have not passed on to reinsurers. Even though high retentions are usually considered riskier, the tolerance level actually vary between the various lines of business. High retention will require sufficient capital to support the insurer. The industry recorded an average retention ratio of 71% in 2017, representing a three-percentage point increase compared to 2016. Activa’s retention is worrying.

TABLE 26: RETENTION RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:


31 32 26 32 28



























Reinsurers:







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INVESTMENT YIELD

This ratio gives a reasonable indication of the return on the investment portfolio. It is calculated by dividing the investment income by the total investments. In 2017 the industry average settled at 13% commensurate to the current general market condition as interest rates continue to fall. The ratios for Activa, Best, Enterprise, Equity, Glico, Heritage, Imperial, Loyalty, Multi, RegencyNem, Saham, SIC, Vanguard are all below the industry average. Hollard, Millennium and Prime made significant yields .

TABLE 27: INVESTMENT YIELD

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:











11. Imperial General Insurance Company Limited 3.77 23 27 21 10

















Reinsurers:







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RETURN ON ASSET RATIO

This ratio is an indicator of general profitability of the insurer. It is calculated as after tax profits divided by total assets. It seeks to measure the efficiency with which management utilize the assets of the company to generate returns for the various stakeholders. The industry average has hovered between 3% and 6% in five years, with 2017 remaining same at 4% as in the prior year. With respect to 2017, Allianz, Loyalty and Multi recorded negative return on assets. As indicated, Equity attained the highest return on assets.

TABLE 28: RETURN ON ASSET RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:


2. Allianz Insurance Company Limited -5 -6 -12 -5 -31






8. Glico General Insurance Company Limited 2 -10 -3 6 7*




12. Loyalty Insurance Company Limited -10

13. Millennium Insurance Company Ltd 13 5 -1 6 8

14. Multi Insurance Company Limited -4

15. NSIA Ghana Insurance Company -15 -18 3 3 6


17. Prime Insurance Company Limited -17 -215 -4 2 2






23. SIC Insurance Company Limited 0 -5 5 2 5*


25. Unique Insurance Company Ltd -16 -3 0 19 6


27 Wapic Insurance (Gh.) Limited -4 13 -7 -12 6

Reinsurers:







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CLAIMS RATIO

This ratio is calculated as the net claims incurred divided by the Net Earned Premiums. It is a key ratio which indicates how well an insurance company pays claims and to some extent, of fair customer treatment. The ratio is an indication of how much policyholders get back in return for each cedi of premium paid to insurance companies. The industry ratio over the years have been low compared to the international acceptable standard, which ranges between 40% and 60%. Since the core obligation of an insurer is to pay claims, insurers must ensure that all incurred claims are paid quickly in order to win the confidence of the average Ghanaian. 2017 industry average showed a declining ratio of 37% from 39% in the prior year, and Best, Equity, GUA, Glico, Hollard, Phoenix, Unique and Wapic had their ratio reflective of the trend seen in the industry claim ratio.

TABLE 29: CLAIMS RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:

1. Activa International Insurance Company Limited 12 37 33.71 24 36

2. Allianz Insurance Company Limited 63 31 99.5 44 63

3. Best Assurance Company Limited N/A N/A N/A 13.38 11*

4. Donewell Insurance Company Limited 29 25 16.31 30 50

5. Enterprise Insurance Company Limited 48 62 63.44 53 61

6. Equity Assurance Company Limited 23 24 24.77 32 28

7. Ghana Union Assurance Company Limited 60 54 52.84 63 50*

8. Glico General Insurance Company Limited 52 51 62.1 58 36*


10. Hollard Insurance Company Limited 53 64 55.26 46 43

11. Imperial General Insurance Company Limited 0 32 29.58 20 22


13. Millennium Insurance Company Ltd 27 26 66.96 46 48


15. NSIA Ghana Insurance Company 61 70 24.24 32 39

16. Phoenix Insurance Company 38 34 54.1 44 35

17. Prime Insurance Company Limited 7 97 23.51 29 35

18. Priority Insurance Company Limited 38 14 17.82 12 27

19. Old Mutual Life Insurance 37 27 36.02 28 41

20. Quality Insurance Company Limited 27 21 33.7 30 30

21. RegencyNEM Insurance Ghana Ltd 19 -3 42.58 35 38

22. Saham Insurance Company Limited 37 16 52.03 63 26*

23. SIC Insurance Company Limited 32 71 57.97 25 35*

24. Star Assurance Company Limited 25 29 42.01 45 37

25. Unique Insurance Company Ltd 30 28 43.13 51 43

26 Vanguard Assurance Company Limited 35 42 57.5 40 41*

27 Wapic Insurance (Gh.) Limited 51 15 75.85 81 55

Reinsurers:







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TOTAL EXPENSE RATIO

The total expense ratio is another key indicator of profitability. It is calculated as Total Expense (Management Expense + Commission expense) as a percentage of the Net Earned Premium. The international acceptable ratio is <40%. The implication of a high ratio is that, the insurer is inefficient in discharging its insurance obligations and this is very likely to affect its ability to pay claims promptly. In 2017, the industry average improved from 89% in 2016 to 86%. Activa, Allianz, NSIA, Saham and WAPIC all recorded ratios above 100%. Multi, Loyalty and Best are startups.

TABLE 30: TOTAL EXPENSE RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:



3. Best Assurance Company Limited N/A N/A N/A N/A 81*






9. Heritage Insurance Company Limited 82 189 N/S N/S 63


11. Imperial General Insurance Company Limited 160 220 136 91

12. Loyalty Insurance Company Limited 70 67 112 118 515


14. Multi Insurance Company Limited 66 113 88 83 1719











25. Unique Insurance Company Limited 72 79 91 121 80

26 Vanguard Assurance Company Limited 70*


Reinsurers:







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COMBINED RATIO

The combined ratio is the summation of the Claims Ratio and the Total Expense Ratio. It is the single best measure of an insurer’s underwriting and operational efficiency. The ratio does not measure total profitability as investment income and other earnings are excluded. Generally, a ratio of less than 100% indicates underwriting profitability. While a ratio of more than 100% usually indicates a loss, this may not be the case for companies that make huge investment and other related earnings to boost their profitability. Best, Equity and Heritage reported a combined ratio of 92%, 97% and 84% respectively, all falling below 100%. Industry average declined by nine percentage points to 124% in 2017 from 133% in 2016. Industry players must strive to improve their underwriting efficiencies to be more profitable.

TABLE 31: COMBINED RATIO

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:




























Reinsurers:







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TECHNICAL RESERVE COVER

This is calculated by dividing the Technical Provisions by the liquid investments. It is an indicator of whether sufficient liquid assets are being held to cover the technical provisions, as claims should be paid as and when they fall due. Ratios above 100% mean that the companies do not have enough liquid investments backing their technical provisions. Glico, Hollard, Priority, Saham, Wapic and SIC reported ratios above 100%. GUA is too high because most of its investment are not considered as generally liquid. 2017 recorded a ratio of 70%, an increase from 64% in 2016. Industry should endeavour to improve on its liquidity and solvency position.

TABLE 32: TECHNICAL RESERVE COVER

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:













13. Millennium Insurance Company Limited 35 24 34.85 27 30












25. Unique Insurance Company Ltd 311 138 42.67 41 45



Reinsurers:







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PROPORTION OF INVESTMENT ASSETS

This ratio is calculated as total investments divided by total asset. It is a useful measure of the quality of assets on the insurer’s balance sheet. Investments are generally better assets in terms of liquidity and capital management than other assets such as Property Plant and Equipment, Receivables if any. In 2017, the industry average was maintained at 66% as in 2016.

TABLE 33: PROPORTION OF INVESTMENT ASSETS

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:













13. Millennium Insurance Company Limited 69 88 82.11 87 87








21. RegencyNEM Insurance Ghana Ltd 54 68 65.38 62 58




25. Unique Insurance Company Limited 58 83 92.61 96 85



Reinsurers:







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RETURN ON EQUITY

This ratio measures the return on the shareholders’ funds over a period. It indicates how effective management is at growing and funding the operations of an insurance company using equity financing. In practice, high ratios may not always be an indication of good performance, as such factors as capital adequacy can boost the ratio.

TABLE 34: RETURN ON EQUITY

Percentage (%)

Year: 2013 2014 2015 2016 2017


Non-life Companies:


2. Allianz Insurance Company Limited -26 -9 -43 -12 -54






8. Glico General Insurance Company Limited 5 -23 -8 12 14*

9. Heritage Insurance Company Limited 121 N/S N/S NS 23



12. Loyalty Insurance Company Limited -11

13. Millennium Insurance Company Limited 21 7 -2 11 16

14. Multi Insurance Company Limited -4

15. NSIA Ghana Insurance Company -53 -53 8 5 10

16. Phoenix Insurance Company -1 17 7 20 21

17. Prime Insurance Company Limited -35 230 -6 5 6




21. RegencyNEM Insurance Ghana Limited 22 39 9 22 8


23. SIC Insurance Company Limited 1 -11 12 5 10*


25. Unique Insurance Company Limited -78 -7 0 28 9


27 Wapic Insurance (Gh.) Limited -26 25 -12 -28 -18

Reinsurers:







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AGGREGATED STATEMENT OF ASSETS AS AT 31 DEC, 2017 – NON LIFE

2017 2016

GHS GHS

1 Cash 189,418,669 110,279,937

2. Investments:

Government of Ghana Securities 179,984,629 145,342,942

Bank of Ghana Securities 11,929,957 15,992,132

Statutory Deposits 33,463,385 22,900,782

Term deposits held at a licensed bank 459,808,102 347,539,619

Other term deposits 118,951,943 119,069,353

Corporate debt 13,801,053 -

Securities listed on Ghana Stock Exchange 87,039,424 49,051,781

Other securities 66,389,269 65,081,283

Equity backed mutual funds 522,145 168,142

Money market mutual funds 1,825,484 242,360

Land & buildings held as an investment 87,125,979 75,623,159

Investments in, and subordinated loans to, connected persons

37,029,196 29,978,228

Other Investments - 500,000

Total Investments 1,097,870,566 871,489,781

3. Receivables:

Staff Loans and Advances 12,251,219 8,362,367

Due from reinsurers less than 3 months old 33,847,432 28,347,044

Due from reinsurers more than 3 months old 50,156,756 57,948,025

Due from Other Insurers 12,490,112 10,261,985

Due from Agents and Brokers 406,752 132,676

Due from Connected Persons 16,847,909 9,445,024

Reinsurance Share of Insurance liabilities 197,221,050 177,310,921

Deferred Tax Asset 12,665,079 5,439,487

Other Receivables 56,370,875 47,047,527

Total Receivables 392,257,185 344,295,055




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2017 2016

GHS GHS

4 Property, Plant and Equipment

Land & buildings occupied by insurer for own use

94,772,556 85,934,345

Plant and Equipment 8,396,270 6,290,307

Computer Hardware and Software 14,606,312 11,622,570

Motor Vehicles 25,038,041 19,816,531

Furniture and Fittings 8,612,695 8,587,865

Other Assets 16,198,951 8,724,481

Total Property, Plant & Equipment 167,624,826 140,976,098

5 Intangible Assets

Goodwill, unless otherwise deducted - -

Other assets shown as intangible assets 2,374,377 669,290

Total Intangible Assets Total Intangible Assets 2,374,377 669,290

6 Other Assets 6 Other Assets

Capitalised research and development costs - -

Deferred acquisition costs 11,221,424 9,639,505

Corporate stationery 202,402 -

Other assets not included above 2,698,256 3,105,000

Total Other Assets 14,122,082 12,744,505

TOTAL ASSETS TOTAL ASSETS 1,863,667,705 1,480,454,667

AGGREGATED STATEMENT OF EQUITY AND LIABILITIES AS AT 31 DEC, 2017 – NON-LIFE

2017 2016

GHS GHS

1 Technical Provisions

Unearned Premiums 374,586,483 356,486,882

Unexpired Risk Provision 9,296 -

Outstanding Claims 208,962,219 149,624,624

IBNR Provision 56,750,620 34,201,531

Other Provisions 3,046,982 (172,043)

Total Technical Provisions 643,355,600 540,140,994




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2017 2016

GHS GHS

2 Payables

Bank Overdrafts and Loans 11,058,252 12,563,227

Due to Reinsurers 61,759,754 66,661,150

Due to Other Insurers 5,626,288 8,011,324

Due to Agents and Brokers 16,163,374 13,964,969

Taxation 24,483,365 21,491,450

Deferred Tax 21,699,348 16,057,987

Due to Related Parties 12,034,897 10,449,207

Other Accruals & Payables 93,171,105 86,145,141

Total Payables 245,996,383 235,344,455

3 Long Term Liabilities

Bank Loans - -

Debentures - 11,812,416.00

Unsecured Subordinated Debts

Perpetual - -

More than 4 years to maturity - -




1 year or less to maturity - -

Other Borrowings 1,000,000.00 2,500,000.00

Total Long Term Liabilities 1,000,000.00 14,312,416.00




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2017 2016

GHS GHS

4 EQUITY

Paid up ordinary shares 538,436,689 389,013,770

Ordinary shares held as treasury shares - -

Paid up perpetual non-cumulative preference shares

8,000,000 -

Paid up perpetual non-cumulative preference shares held as treasury shares

- -

Paid up perpetual cumulative preference shares

1,350,000 9,313,328

Paid up perpetual cumulative preference shares held as treasury shares

- -

Contingency Reserves 184,408,957 148,285,518

Revaluation reserve (owned land & buildings) 62,283,407 51,831,195

Revaluation reserve (investments - excluding items to be deducted from core

71,354,974 32,305,160

Revaluation reserve (other) 6,240,476 (1,249,346)

Other reserves (please specify) (428,290) (1,080,527)

Retained earnings, as at end of previous financial year

52,234,991 17,116,998

Current year net earnings/deficit 49,391,116 44,793,172

Others (please specify) 43,402 327,535

Total Equity 973,315,723 690,656,803

TOTAL LIABILITIES AND EQUITY 1,863,667,705 1,480,454,667




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APPENDICES

DIRECTORS REPORT

The Directors submit their report together with the audited Financial Statements of the National Insurance Commission (the

Commission) for the year ended 31st December, 2017.

90

Statement of Directors’ Responsibilities

The Directors are responsible for the preparation of the Financial Statements for each financial year which give a true and fair view of the state of affairs of the Commission and of the operating performance and Cash Flows for that period. In preparing these Financial Statements, the Directors have selected suitable accounting policies and then applied them consistently, made judgments and estimates that are reasonable and prudent and followed the Ghana National Accounting Standards.

The Directors are responsible for ensuring that the Commission keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Commission. The Directors are also responsible for safeguarding the assets of the Commission and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal Activities

The object of the Commission is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance to protect insurance policy holders and the insurance industry in Ghana other than health insurance under the National Health Insurance Act, 2003 (Act 650).

Directors

By virtue of the provisions of the Transitional Act all the Directors retired on 6th January 2017. New Directors were appointed on 18th August, 2017. The Commissioner was appointed on 12th July, 2017.

Financial Results (Highlights)

The financial results of the Commission are as 2017 2016

summarised below: GHS GHS

Excess of Income over Expenditure 2,889,404 5,745,343

Total Assets 40,285,164 34,544,357

Accumulated Funds 18,404,541 15,515,137




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Independent Auditors REPORT TO THE Honourable Minister of Finance

Opinion

We have audited the financial statements of National Insurance Commission which comprise the statement of financial positon as at 31 December, 2017 Income and Expenditure Accounts and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes as set out on pages 97 to 103.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Commission as at 31 December, 2017 and of its financial performance and its cash flows for the year then ended in accordance with Ghana National Accounting Standards and in the manner required by the Insurance Act 2006 (Act 724).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Commission in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors for the Financial Statements

The Board of Directors are responsible for the preparation of the financial statements in accordance with Ghana National Accounting Standards and in the manner required by the Insurance Act 2006 (Act 724) and for such internal control as the Board of Directors

determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Commission’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Commission or to cease operations, or has no realistic alternative but to do so. The Board of Directors are responsible for overseeing the Commission’s financial reporting process.

Auditors’ responsibility

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also;

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the




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override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Commission’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The engagement Partner on the audit resulting in this independent auditor’s report is

Emmanuel Offei – ICAG/P/1102

for: Boateng, Offei & Co. – [ICAG/F/2018/108]



9 Bissau Avenue, East Legon

Accra – Ghana

6 JUNE 2018




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STATEMENT OF

INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016

Notes GHS GHS

Income 2 26,010,543 22,070,775

Expenditure 3 (23,121,139) (16,325,432)


Accumulated Funds

Balance at 1st January 15,515,137 9,769,794

Excess of Income over Expenditure for the year 2,889,404 5,745,343

Balance as at 31st December 18,404,541 15,515,137

The accompanying notes form an integral part of these Financial Statements.




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STATEMENT OF

FINANCIAL POSITIONFOR THE YEAR ENDED 31ST DECEMBER 2017

Assets Notes 2017 2016

Non-Current Assets GHS GHS

Property, Plant & Equipment 4a 17,854,346 17,732,302

Equity Investments 5 40,000 40,000

17,894,346 17,772,302

Long Term Securities 6 1,969,300 1,727,605

Current Assets

Accounts Receivable 7 3,791,688 2,839,230

Short Term Investments 8 10,028,640 6,796,711

Cash & Cash Equivalents 9 6,601,190 5,408,509

20,421,518 15,044,450

Total Assets 40,285,164 34,544,357

Accumulated Fund and Deferred Grant

Accumulated Funds 18,404,541 15,515,137

Revaluation Reserve 4b 17,111,280 17,111,280

Deferred Grant 10b 224,014 249,449

35,739,835 32,875,866

Current Liabilities

Accounts Payable and Accruals 11 4,545,329 1,668,491

Total Liabilities, Accumulated Fund & Grant 40,285,164 34,544,357

The Financial Statements on pages 94 to 103 were approved by the Board of Directors on 10th May, 2018 and were signed on its behalf by:

……………………………………….

CHAIRMAN OF THE BOARD

……………………………………….

DIRECTOR





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STATEMENT OF

CASHFLOWSFOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016

GHS GHS

Operating Activities

Cash Generated from Operations 3,434,649 3,619,762

Interest Received 424,141 421,080

Net Cash Generated from Operating Activities 3,858,790 4,040,842

Cash flow from Investing Activities

Purchase of Property, Plant & Equipment (1,605,217) (401,820)

Proceeds from the Sale of Assets 281,941 2,771

Purchase of Investments (3,473,624) (2,925,726)

Investment Income Received 2,130,791 1,758,558

Net Cash used in Investing Activities (2,666,109) (1,566,217)

Net Increase/(Decrease) in Cash and Cash Equivalents 1,192,681 2,474,625

Movement in Cash and Cash Equivalents

Cash and Cash equivalents at beginning of the year 5,408,509 2,933,884

Increase/(Decrease) in Cash and Cash Equivalents 1,192,681 2,474,625

Cash and Cash equivalents at the end of the year 6,601,190 5,408,509




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NOTE FORMING PART OF THE

FINANCIAL STATEMENTSFOR THE YEAR ENDED 31ST DECEMBER 2017

1. Accounting Policies and Basis of Presentation

The following Accounting Policies have been used in the preparation of the Financial Statements.

(a) Basis of Accounting

Except for the revaluation of property, the Financial Statements have been prepared under the historical cost convention and accrual basis and comply with the Ghana National Accounting Standards.

(b) Property, Plant and Equipment Depreciation

All properties and equipment are recorded at cost less depreciation, Depreciation is calculated to write off the cost of each asset on a straight-line basis at the following annual rates.

Bungalow & Office Furniture & Fittings 20%

Motor Vehicles 20%

Office Equipment 20%

Office Building 3%

Computers & Accessories 33.33%

Disposals of properties and equipment are accounted for by comparing the net book value with the proceeds. The resulting profit or loss on disposal is credited or charged to the Income and Expenditure Account. Depreciation method, residual values and useful life are re-assessed at the end of each financial year. Any Equipment costing less than GHS 2,000 is written off in the year of purchase.

(c) Cash and Cash Equivalents

For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand and Bank Balances.

(d) Investments

Investment securities are in the form of Treasury Bills, Fixed Deposits, Non-Negotiable Certificates of Deposit and Euro-Bonds. Investments are quoted at cost.

(e) Accounts Receivable

Accounts receivable are stated net of bad and doubtful debts.

(f) Transactions in Foreign Currencies

Transactions in foreign currency during the year are translated into Ghana cedis at rates prevailing at the time of transaction. Monetary assets and liabilities denominated in foreign currency at the balance sheet date are translated into cedis at the exchange rate ruling on that date. Gains and losses resulting from the translation are dealt with in the Income and Expenditure Account in the year in which they arise.




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(g) Stocks

Stocks are ordered just for the year and are charged to the Income and Expenditure Account in the year of purchase. However, the quantities of unused Insurance stickers and PVC holders are reflected in the annual accounts as part of the notes.

2 Income Notes 2017 2016

This is made up as follows: GHS GHS

Levies on Life Insurers 3,411,275 2,685,025

Levies on Non-life Insurers 8,004,985 5,982,605

Levies on Reinsurers 1,351,800 1,044,700

Levies on Brokers 831,156 579,866

Licensing/Renewal Income 1,291,992 1,214,680

Investment Income 2,130,791 1,758,558

Interest Received 2a 424,141 421,080

Motor Contribution 5,064,002 5,045,639

Sale of Fire Certificates 13,500 16,350

Grant Income 10a 101,934 -

Deferred Grant Income 10b 25,435 25,435

Rent Income/Fees - IITC 127,243 78,670

Mega Risk Income 2,715,489 2,230,961

Penalties 98,339 594,623

Exchange Gains 244,117 199,581

Training Fees 63,400 75,813

Other Income 2b 110,944 117,189

26,010,543 22,070,775

2a Interest Received

Call Accounts 410,751 420,875

Current Accounts 13,390 205

424,141 421,080

2b Other Income

Year Book Sales 14,290 22,894

Interest on Loans 35,975 18,207

Gains on Sales of Assets 52,423 2,646

Insurance Claims - 1,473

Others 8,256 71,969

110,944 117,189




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3 Expenditure Notes 2017 2016

Expenditure is made up as follows: GHS GHS

Training/Workshops/Conferences/Seminars 1,155,665 748,453

Directors’ Remuneration 423,946 192,576

Electricity & Water 357,181 333,163

General Office Expenses 1,397,302 1,140,718

Medicals 168,189 94,316

Public Education 71,733 72,678

Repairs & Maintenance 295,039 241,509

Staff Cost 12,298,772 10,095,551

Staff Terminal Benefit Scheme Cost 15 4,279,138 1,046,020

Sticker & Adhesive Cost 256,379 229,848

Vehicle Running Cost 604,293 483,943

Rent Expenses 118,072 121,755

Telephone 94,236 75,036

Audit Fees 27,025 23,500

Depreciation 1,253,654 1,114,848

Insurance Premium 154,669 146,508

Internet Services/Subscription 71,599 71,353

Security Services 94,247 93,657

23,121,139 16,325,432

4a Fixed Assets Schedule

4a Property, Plant & Equipment

Office Bungalow

Office Furniture Motor Office Computers & Furniture

Building & Fittings Vehicle Equipment Accessories & Fittings Total

At 1st January 2017

17,632,000

534,622

1,530,957

556,302 433,149

381,573

21,068,603

Additions -

112,010

1,193,738

22,198 136,386

140,885

1,605,217

Disposals - -

(394,710)

(53,296) (19,411)

(272,773)

(740,190)

31st December, 2017 (A)

17,632,000

646,632

2,329,985

525,204 550,124

249,685

21,933,630




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Depreciation

At 1 January 2017

1,057,920

282,543

1,080,630

396,499 318,677

200,032

3,336,301

Charge for the year

528,960

107,154

361,856

84,235 123,554

47,896

1,253,655

Disposals - -

(272,433)

(52,748) (19,400)

(166,091)

(510,672)

31st December, 2017 1,586,880 389,697 1,170,053 427,986 422,831 81,837 4,079,284

Net Book Value

31st December, 2017 16,045,120 256,935 1,159,932 97,218 127,293 167,848 17,854,346

31st December, 2016

16,574,080

252,079

450,327

159,803 114,472

181,541

17,732,302

Cost Fully Depreciated (B) -

178,543

377,777

150,243 112,652

39,310

858,525

Depreciable Value (A-B) -

468,089

1,952,208

374,961 437,472

210,375

21,075,105

Disposal of Property & Equipment

Cost - -

394,710

53,296 19,411

272,773

740,190

Accum. Depreciation - -

(272,433)

(52,748) (19,400)

(166,091)

(510,672)

Net Book Value - -

122,277 548 11

106,682

229,518

Proceeds on Sale - -

109,947 60 -

171,934

281,941

Profit/(Loss) on Disposal - -

(12,330)

(488) (11)

65,252

52,423

4b Revaluation Reserve

This represent surplus arising on the revaluation of the Commission’s property plant and equipment.

5 Equity Investments - GHS 40,000

This represent 40% National Insurance Commission’s shareholding in the Ghana Insurance College (GIC). The book value of the investment on the GIC’s balance sheet is GHS 882,930 as at 31/12/2016.

6 Long -Term Securities

Long-Term Securities are Eurobonds held-to-maturity with a coupon of 8.5% maturing in 2017.




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2017 2016

7 Accounts Receivable and Prepayments GHS GHS

Levies due from Insurers and Brokers 1,696,800 1,078,837

West African Insurance Institute - 155,083

IITC Debtors 51,998 75,679

Staff Advances 610,991 506,906

Sundry Debtors 191,886 85,735

Accrued Investment Income 517,033 631,882

Prepaid Insurance Expenses 152,351 109,775

Penalties Receivable 201,029 185,290

Rent Prepaid 369,600 10,043

3,791,688 2,839,230

8 Short Term Investments

This is made up as follows:

Fixed Deposits 8,122,934 5,153,196

Treasury Bills 1,905,706 1,643,515

10,028,640 6,796,711

Balance as at 1st January 6,796,711 4,078,590

Additions 3,231,929 2,718,121

10,028,640 6,796,711

Balance as at 31st December 10,028,640 6,796,711

Net Movement in Investments 3,231,929 2,718,121

9 Cash and Cash Equivalents

2017 2016

GHS GHS

Cash 43,597 40,937

Bank 6,557,593 5,367,572

6,601,190 5,408,509

10 a. Grants

Grants include support from (Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, to support insurance market development in Ghana and from the insurance industry to sponsor various programmes and activities

2017 2016

GHS GHS

Grant Received 101,934 -




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b. Deferred Grants

Deferred Grants represent grants received from the World Bank and Government of Ghana through the Ministry of Finance for the construction and furnishing of the Insurance Industry Training Centre (IITC) building, which is being written-off over its depreciable life.

2017 2016

GHS GHS

Balance at 1st January 249,449 274,884

Transfer to Income and Expenditure Account (25,435) (25,435)

Balance at 31st December 224,014 249,449

2017 2016

11 Accounts Payable and Accruals Notes GHS GHS

Accrued Expenses 12 358,488 209,671

Compensation Fund 240,975 141,616

Fire Maintenance Fund Payable 543 58,076

Motor Contributions Payable 1,380,829 868,818

PAYE Payable 361,031 189,914

SSF Payable 111,056 55,826

Staff Terminal Benefit Payable 15 1,930,547 113,441

VAT Payable 350 1,050

Withholding Tax Payable 69,444 15,164

Sundry Creditors 92,066 14,915

4,545,329 1,668,491

12 Accrued Expenses

Audit Fees 27,025 23,500

Medicals 15,223 80

Repairs and Maintenance 4,850 23,513

Insurance Stickers 34,820 34,820

Telephone 21,647 13,771

Water & Electricity 76,964 40,639

Sundry 177,959 73,348

358,488 209,671




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13 Reconciliation of Excess of Income over Expenditure

to Cash flow from operating activities


Amortisation of Capital Grant (25,435) (25,435)

Depreciation 1,253,655 1,114,848

(Gain)/Loss on Disposal of Property & Equipment (52,423) (2,646)

Interest Income (424,141) (421,080)

Investment Income (2,130,791) (1,758,558)

(Increase)/Decrease in Accounts Receivable & Prepayments (952,458) (700,917)

Increase/(Decrease) in Accounts Payable & Accruals 2,876,838 (331,793)

Cash Generated from Operating Activities 3,434,649 3,619,762

14 Gain/(Loss) on Disposal of Assets GHS GHS

Cost 740,190 149,634

Accumulated Depreciation (510,672) (149,509)

Net Book Value 229,518 125

Proceeds 281,941 2,771

Gains/(Loss) on Disposal 52,423 2,646

15 Staff end of service benefit Scheme

The Staff Terminal Benefit Scheme is a plan that provides for a lumpsum payment that an employee is entitled to receive on retirement, dependent on one or more factors such as age, years of service and salary. An actuarial valuation is yet to be carried out. The Staff Terminal Benefit cost for 2017 includes benefit for retiring staff for the year and executives who ended their service in the course of the year.

16 Capital Commitment

There were no Capital Commitments as at 31st December, 2017 (2016 : Nil)

17 Contingent Liability

There were no contingent liabilities at 31st December, 2017 (2016: Nil)




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FIRE MAINTENANCE FUND

DIRECTORS REPORT

The Directors present herewith the audited Financial Statements of the National Insurance Commission (NIC) Fire Maintenance Fund for the year ended 31st December, 2017.

Statement of Directors Responsibilities

The Directors are responsible for the preparation of the Financial Statements for each financial year which give a true and fair view of the state of affairs of the Fund and of the operating result and Cash flows for that year. In preparing these Financial Statements, the Directors have selected suitable accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent in the circumstances and followed the Ghana Acceptable Accounting Standards.

The Directors are responsible for ensuring that the Fund keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Fund. The Directors are also responsible for safeguarding the assets of the Fund and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal Activities

The principal activities of the Fund are:

To provide funds and equipment to state institutions assigned with firefighting functions and such other organisations as the Commission may determine for the purpose of fighting fires.

Financial Results

The financial results of the NIC Fire Maintenance Fund are as summarised below:

2017 2016

GHS GHS

Excess of Income over Expenditure 778,466 542,898

Total Assets 2,171,130 1,391,701

Accumulated Fund 1,387,964 845,066

By order of The Board

10th May, 2018

……………………………………….


……………………………………….

DIRECTOR




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Independent auditors report to the Honourable Minister of Finance

Opinion

We have audited the financial statements of NIC - Fire Maintenance Fund which comprise the statement of financial positon as at 31 December, 2017 Income and Expenditure Accounts and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes as set out on pages 110 to111 .

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 31 December, 2017 and of its financial performance and its cash flows for the year then ended in accordance with Ghana National Accounting Standards and in the manner required by the Insurance Act 2006 (Act 724).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Fund in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors for the Financial Statements

The Board of Directors are responsible for the preparation of the financial statements in accordance with Ghana National Accounting Standards and in the manner required by the Insurance Act 2006 (Act 724) and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors are responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using

the going concern basis of accounting unless the Board of Directors either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so. The Board of Directors are responsible for overseeing the Fund’s financial reporting process.

Auditors responsibility

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also;

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

• The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of




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accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The engagement Partner on the audit resulting in this independent auditor’s report is

Emmanuel Offei – ICAG/P/1102

for: Boateng, Offei & Co. – [ICAG/F/2018/108]



9 Bissau Avenue, East Legon

Accra – Ghana

6th June, 2018




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INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016

NOTES GHS GHS

Income 2 934,590 716,387

Expenditure 3 (156,124) (173,489)

Excess of Income Over Expenditure 778,466 542,898

Accumulated Fund

Balance at 1st January 1,387,964 845,066

Excess of Income over Expenditure for the year 778,466 542,898

Balance at 31st December 2,166,430 1,387,964

The accompanying notes form an integral part of these Financial Statements




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STATEMENT OF FINANCIAL POSITIONFOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016

Current Assets NOTES GHS GHS

Accounts Receivable 4 168,639 158,673

Short Term Investments 5 1,747,059 649,363

Cash & Cash Equivalent 6 255,432 583,665

2,171,130 1,391,701

Accumulated Fund

Accumulated Fund 2,166,430 1,387,964

Current Liabilities

Accounts Payable 7 4,700 3,737

Total Liabilities & Accumulated Fund 2,171,130 1,391,701

The Financial Statements on page 107 to 111 were approved by the Board of Directors of the NIC on 10th May, 2018 and were signed on its behalf by:

……………………………………….


……………………………………….

DIRECTOR

The accompanying notes form part of these Financial Statements




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STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31ST DECEMBER 2017

2017 2016

Notes GHS GHS

Operating Activities

Cash Generated from/(used in) Operating Activities 8 403,843 337,997

Net Cash Generated from (used in) Operating Activities 403,843 337,997

Cash flow from Investing Activities

Purchase of Investments (1,097,696) (149,363)

Investment Income Received 365,620 167,545

Net Cash Inflow from Investing Activities (732,076) 18,182

Net Increase in Cash and Cash Equivalents (328,233) 356,179

Movement in Cash and Cash Equivalents

Cash & Cash Equivalent at the beginning of the year 583,665 227,486

Increase in Cash and Cash equivalents 7 (328,233) 356,179

Cash & Cash Equivalent at the end of the year 255,432 583,665





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NOTE FORMING PART OF THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31ST DECEMBER 2017

1 Accounting Policies

The following is a summary of the significant accounting policies adopted by the Fund.

a. Basis of Accounting

The Financial Statements have been prepared under the historical cost convention and accruals basis and comply with Ghana Acceptable Accounting Standards.

b. Investments

Investments in treasury bills and fixed deposits are stated at cost.

c. Accounts Receivable

Accounts receivable are stated at a net of bad and doubtful debts.

d. Cash and Cash Equivalents

For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand, deposits held at call with banks.

2017 2016

2 Income GHS GHS

Contribution from Insurance Companies 568,970 548,842

Investment Income 365,620 167,545

934,590 716,387

3 Expenditure

Audit Fees 4,700 3,525

Bank Charges 2,509 965

Support to Ghana National Fire Service 127,598 100,000

General Office Expenses 6,352 12,434

Public Education 5,745 37,817

Travelling & Transport 9,220 18,748

156,124 173,489

2017 2016




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4 Accounts Receivable 2017 2016

Penalties Receivable 25,000 25,000

Accrued Investment Income 143,639 75,717

National Insurance Commission - 57,956

168,639 158,673

5 Short Term Investment

Fixed Deposit 1,747,059 649,363

Balance as at 1st January 649,363 500,000

Additions 1,097,696 149,363

Balance as at 31st December 1,747,059 649,363

Net Investments 1,097,696 149,363

6 Cash & Cash Equivalents 2017 2016

GHS GHS

Bank and Cash 255,432 583,665

255,432 583,665

7 Accounts Payable

Audit Fees 4,700 3,525

Withholding Tax - 211

4,700 3,736

8 Reconciliation of Excess of Income over Expenditure

to Cash Flow from operating Activities

Excess of Income over Expenditure 778,466 542,898

Investment Income (365,620) (167,545)

(Increase)/Decrease in Accounts Receivable (9,966) (35,628)

Increase/(Decrease) in Creditors 963 (1,728)

Cash Generated from / (used in) Operating Activities 403,843 337,997

9 Contingent Liabilities

There were no contingent liabilities at 31st December, 2017 (2016 : Nil)




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Registered Non-Life Insurance Companies

NAME OF COMPANY CONTACTADDRESS/TEL. & FAX NOS./HEAD OFFICE LOCATION

CODE: (0302)

1. Activa International

Insurance Company- Ghana Limited

Mr. Solomon Lartey

Chief Executive Officer

PMB KA 85, Airport, Accra Ghana

3rd Floor, Heritage Tower

6th Avenue, West Ridge, Accra

Tel: 0302 686 352 / 672145 / 685118/19/20, 0277764933, 026228888

Fax: 0302 685176

e-mail [email protected] [email protected]

2. Allianz Insurance Company Gh. Ltd

Darlington Munhuwani


PMB CT 353 Cantonments-Accra, Ghana

Tel: +233 (0)302 764 893-94 / 764 891

Fax: +233 (0)302 765 140

Loc: Lexta Square No.79 Achimota Road, Ebony Cresent (Off Olusegun Obansajo Highway) Opposite Roman Ridge - Accra E-mail: [email protected]

www.allianz-ghana.com

3.Best Assurance Company LimitedFranklin O. Asafo-Adjei


P. O. Box CT 11022

Cantonments-Accra

Loc: Opp. American House, East Legon

Tel: +233(0)302 544145/46/48/49

Info: bestpointinsurance.com

www.bestpointinsurance.co,

4. Donewell Insurance

Company

Mr. Seth Aklasi

Managing Director

P. O. Box GP2136, Accra

Tel. 763065, 763118, 763171, 7011560/1, 772778

Fax:760484

e-mail: [email protected]

www.donewellinsurance.com

F33/1 Carl Quist Street, Kuku Hill Osu RE

5. Enterprise Insurance

Company

Mr. Kwame Ofori

Executive Director

P. O. Box GP 50, Accra

666856-8/666847-9

Fax: 677677


Enterprise House, 11 High Street




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http://www.allianz-ghana.com


http://www.donewellinsurance.com


CODE: (0302)

6. Equity Assurance

Company

Mr. S. Yemi Adetuwo

Managing Director/CEO

P. O. Box 16235 KIA

Accra

Tel: 0302 - 770548, 769542

Fax:0302 769592

Location: 48 Senchi Street, Off Aviation Road,

Airport Residential Area

Accra, Ghana

e-mail: [email protected],.gh www.equityassuranceltd.com

7. Ghana Union

Assurance

Aretha Duku

Managing Director

P. O. Box 1322, Accra

0302 - 780625/6, 780628/9-10

Fax: 0302 - 780647

Loc. F828/1Ring Road East, Osu


8. Glico General

Insurance Company

Mr. Andrew Achampong- Kyei Esq.

Managing Director

P. O. Box 4251, Accra-Ghana

Tel.: 0302 - 253021,245235,

Fax: 0302 - 258211

Glico Hs. No. 47 Kwame Nkrumah Avenue e-mail: [email protected]

www.glicogeneral.com

9. Heritage Energy

Insurance Company

Limited

Mr. Uche Okugo

Managing Director

P. O. Box PMB K.I.A Accra-

Tel. 770338, 769365

Fax : 768944

Location: C 132/21

11 Saflo Street Abelemkpe Residential Area


10. Imperial General

Assurance Company

Ltd.

Mrs. Esther Osei Yeboah

Managing Director

P. O. Box CT 10686, Cantonments Accra,

Tel. 0577667436-8/0577656170/0204653496

Loc. Ring Road Central, Accra Adjacent Paloma Hotel


website:www.imperialgeneral.com




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http://www.equityassuranceltd.com

http://www.equityassuranceltd.com



http://www.glicogeneral.com




CODE: (0302)

11. Hollard Insurance

Ghana Limited

Mr. Daniel Boi Addo

Managing Director


0302-220966 / 2227439 / 2241322 / 2242554

/2225296 / 2225289 / 120070 / 1

Fax:

e-mail: [email protected], [email protected], [email protected]

No. 11 Patrice Lumumba Road

Airport Residential Area, Accra

12. Loyalty Insurance

Company Limited

Mr. Frank Yeboah

Managing Director

P. O. Box YK 1173, Kanda, Accra

Tel: 0303978389

Loc: 3rd Floor, Ghana Shippers House, No. 12 Cruickshank Street, Ambassadorial Enclave, West Ridge, Accra

[email protected]

www.loyaltyinsurancegh.com

13. Millennium

Insurance Company

Mr. Godfried Love Djanie

Managing Director

P. O. AT 128, Achimota, Accra

Tel. 0302 766633, 0544322144

Fax: 0302 763323

Location No. 4, 7th Street, Airport Residential Area Accra

14. Multi Insurance

Company Ltd.

Mr. Mark Ampadu

Managing Director/ CEO

P. O. Box KS 1480, Adum-Kumasi

Tel:03220 37350, 03220 37351

Fax : 03220 27602

Loc. H/N ZE 71, Manhyia-Kuamsi


15. NSIA Ghana

Company Limited

Mr. Yaw Adom Boateng

Managing Director

P.O. Box 3 GP 114, Accra

Tel.0302 - 210180

Fax: 0302 - 210181

www.groupensia.com

Location: 14/16 Main Street Tesano

16. Phoenix Insurance

Company

Mr. Henry Bukari

Managing Director

P. O. Box 17753, Accra-North, 911

Tel. 246319, 245921

Fax: 246311


Website: www.phoenixghana.com

244/3 6th Ringway Link Estates, Accra




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http://www.loyaltyinsurancegh.com

Tel:03220



http://www.phoenixghana.com


CODE: (0302)

17. Provident Insurance

Company

Mr. Ato Awusie Wilson

Ag. Managing Director


221096/229807/233964

Fax:239463

Provident Towers, Ring Road Central


18. Prime Insurance

Company Limited

Mr. Joseph N. Dorh

Managing Director

P. O. Box GP 21222 Accra

Tel. 0302 2229062/ 0302 233499/ 0302 234078 0302 3976799

Location: Platinum Place Kanda High Street, Accra


www.primeinsuranceghana.com

19. Priority Insurance

Company Ltd.

Mr. Matthew Aidoo

Managing Director

P. O. BOX GP 13808 Accra

Tel: 0302 979478,979477 0243138803,055 3019060,0505719499

Location Priority House No. 502/1, Avenor Junction Adjacent to C. Woermann (Ghana) Ltd. .Kwame Nkrumah Circle to Caprice Rd.

[email protected]

20. Quality Insurance

Company

Mr. Kobina Addison


P. O. Box MP1252, Mamprobi, Accra

Tel. 258125-30,258130-4, 241016 Fax:220165/258135/258136

Quality House, Ring Road Central, Kokomlemle

e-mail: [email protected] www.qicghan.com

21. RegencyNem

Insurance Ghana

Ltd.

Mr. Bode Oseni


Tel. 0302 769789/ 768463/ 778106/ 220798

Fax: 0302 782871

Location: 65 Patrice Lumumba Road, Airport Residential Area, Accra


www.regencynem.com

22. Saham Insurance

Ghana Limited

Mrs. Mabel Nana Nyarkoa Porbley

Managing Director


Tel: 026093726/0576782571/ 0234414957

Loc: # 18 Dr. Isert Road, Ridge-Accra


www.sahaminsurance.com.gh




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http://www.primeinsuranceghana.com



http://www.qicghan.com


http://www.regencynem.com


http://www.sahaminsurance.com.gh


CODE: (0302)

23. SIC Insurance

Company Limited

Mr. Stephen Oduro

Managing Director


Tel. 780600-9

Fax: 780615

e-mail: [email protected], [email protected]

Head Office: Ring Road East (Nyamitei House)Website www.sic-gh.com

24. Star Assurance

Company

Mr. Kofi Duffuor

Managing Director

P. O. Box 7532, Accra-North

028935337/ 0289353538/0289353539,

245906/245908

Fax:230624


www.starassurance.com

1st floor, Stanbic Heights Building, 215 South Liberation Link

25. Unique Insurance

Company Limited

Mr. Victor Obeng Adiyiah

Managing Director

P. O. Box AN 5721, Accra-North

Tel. 0302 -248174-7, 2248175, 228176, 2248177, 2241892

Fax: 0302 2248173, 2221430

e-mail: uniqueinsurance-gh.com

www.uniqueinsuranceghana.com

No. 86 North Ridge, Ring Road Central Formers office of KLM, behind Total Filling Station and next to DHL Head office

26. Vanguard Assurance

Company Limited

Dr. Gideon Amenyidor


P. O. Box 1868, Accra, Ghana

0302 - 666485-7 / 782921-2

780146 /7010677/9

Fax:668610

No. 21 Independence Avenue

e-mail: [email protected] www.vanguardassurance.com

27. Wapic Insurance

(Ghana) Limited

Mr. Adedayo Arowojolu

Managing Director

PMB 163 K.I.A-Accra

Tel. 772606, 773616, 773609

Fax: 773749

Location: 35, Aviation Road Airport, Residential Area Accra


www.wapic.com/gh




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http://www.starassurance.com


http://www.uniqueinsuranceghana.com


http://www.vanguardassurance.com

http://www.vanguardassurance.com


http://www.wapic.com/gh


CODE: (0302)

28. GN Insurance Company Albert Eyeson-Ghansah

Hse. No. C112513, 7th Avenue North Ridge

P.O. Box AN 5879, Accra-North

Tel: 0501673296/0501673297

Email: [email protected]

www.gninsurance.com

Registered Life Insurance Companies


CODE: (233-0302)

1. African Life

Assurance Company

Limited

Managing Director

P. O. Box 16192, KIA -Accra

Tel: 769666/769615/769518

Fax:


www.africanlifeghana.com

2. A-Plus Life

Assurance Company

Limited

Mr. Oyebanji Ade Ademola


P. O. Box AD 655, Adabraka-Accra


Location: 9/1 & 9/2 Saxel Avenue, Tesano, Accra

Tel: 0244-258490

3. Avance Life Assurance (Gh) Ltd.

Mrs. Judith A. Asamoah

Managing Director

P. O. Box CT115 Cantonments, Accra

Tel.: 220409, 0289546118,028 9546151

Fax : 247942


HD16, Sekou Toure Street, Ridge Residential Area near NHIA Office

4. Donewell Life

Company

Mrs. Stella Segbawu



772778, 763321, 763266

Fax:763266


2nd floor F33/1 Carl Quist Street, Kuku Hill Osu RE




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5. Enterprise Life

Assurance Company

Mrs. Jackie Benyi

Executive Director

Private Mail Bag, General Post Office Accra, Ghana

Tel. 689940, 689943, 669945

Fax: 677073

Enterprise House, 11 High Street


6. Esich Life Assurance

Company Ltd.

Cynthia Odoi Tenkorang

Ag. Chief Executive Officer

P.O. Box CT 8309 Cantonments, Accra

Tel. 201980, 201981`

Loc: 2nd Ring Link North Ridge Residential Area opposite IC Securities

e-mail [email protected]

www.esichlife.com

7. First Insurance

Company Limited

Managing Director

Nuckchady Sanjiv Chowbay

P. O. Box CT 10536, Cantonments-Accra

Tel 0302 – 231520, 231521/2


www.firstinsurance.net

#59 Ring Road Central, Asylum Down, Accra

8. Ghana Life

Insurance Company

Mr. Ivan A. Avereyireh



781118, 780543,771298

Fax: 769096

Location: 17 Aviation Road Airport Residential Area

E-mail info@ghanalife insurance.com

www.ghanalifeinsurance.com

9. Ghana Union

Assurance Life

Company

Mr. Kwesi Offeh



764674, 783021

Fax: 764168


Loc: F828/1 Ring Road East, osu

10. Glico Life Insurance

Company

Mr E. Fokuo-Kyei

Managing Director


Tel. 246140, 246142

Fax: 258210

Glico Hs. No. 47 Kwame Nkrumah Avenue


www.glicolife.com.




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11. GN Life Assurance

Limited

Mr. Fiifi Simpson



Tel: 0302-221885

Fax: 0302-256344

Location: Former Ocean Wave Hotel

Sakumono - Accra

12. Metropolitan Life

Insurance Ghana

Limited

Mr. Tawiah Ben-Ahmed



Tel 633933

Fax: 685466, 685440

e-mail

www.metropolitan.com.gh

Loc: No. 81 Tabon Link North Ridge Crescent near DHL offices – North Ridge

13. Saham Life Insurance

Ghana Ltd.

Mrs. Gifty Ama Fiagbe-Alabi



Tel : 0302 224299,264552,

Fax :0302-260020

Loc : 4th Floor Sethi Plaza near Adabraka Police Station Kwame Nkrumah Avenue

e-mail : [email protected]

14. UT Life Company

Co. Ltd.

Mr. Kwaku Yeboah-Asuamah


P. O. Box 1975 Achimota Market, Accra

Tel. 249061, 245737, 228420

Fax: 250343


www.utlifeghana.com

[email protected]

Location: UT Life Plaza, Legon West Road, Kisseman

15. Old Mutual Life

Assurance Co. Ghana

Mr. George Addison

Managing Director

P. O. Box an 5457, Accra-North

0302-230638/230646/252132/233938

Fax:239463


Website: www.oldmutual.com.gh

2nd Floor

Provident Towers, Ring Road Central




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16. Phoenix Life

Assurance Company

Mr. Richard S. Eshun

Managing Director

P. O. Box 17753, Accra-North,

Tel. 0243690442/3, 0302 667426, 671050 Fax:

E-mail: [email protected]

Website: www.phoenixghana.com

CDH House, No. 36 Independence Avenue, North Ridge-Accra

17. Prudential Life

Insurance Ghana

Mr. Emmanuel Aryee


P. O. Box AN 10476, Accra, Ghana

Tel.0302 252487 0289555580


Loc: Hs. No. 35 North St. Tesano, opposite Hobats Clinic

18. Quality Life

Assurance Company

Mr. Raymond Afrifa -Yamoah


P. O. Box AD14 Adabraka Accra

234016, 252328, 258146-8 Fax:258150


19. SIC Life Company

Ltd.

Mrs. Elizabeth Wyns-Dogbe


P. O. Box CT 3242

Cantonments-Accra

Tel: 0302 678130, 662317

Fax: 0302 662286

e-mail [email protected].

www.siclife-gh.com.

No. 1 Jones Nelson Road, Adabraka Freetown, Accra

20. Starlife Assurance

Company

Mrs. Kakra Duffour-Nyarko


P. O. Box AN 5783

Accra-North

Tel: 0302 258943-7, Fax: 0302 258947


Website: www.starlife.com.gh

Location: Plot Z20 B, Mankata Avenue, Airport Residential Area, Accra

21. Beige Assure

Company

Mr. Sheriff Abudu



Tel. 0302 225572/ 0302 225590

Fax: 248173


Loc : No#. Samora Machel Street, Asylum Down, Accra

www.beigeaasure.com

22. Hollard Life Insurance Ghana Company

Mr. Nashiru Iddrisu

Managing Director

Special House, 1st Floor, Airport Residential Area

P.O. Box GP 20084, Accra

Tel: +233(0)32220366/2227439

www.hollard.com.gh




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mailto:customerservice



http://www.siclife-gh.com


http://www.starlife.com.gh


http://www.beigeaasure.com

23. Allianz Life Insurance Company Ghana Limited

Mr. Patrick Prado

Managing Director

PMB CT 353 Cantonments, Accra-Ghana

Tel +233(0)302 789074/ 772 980

Fax +233(0)302 773 085


Website: www.allianz-ghana.com

Location: 18 North Airport Road Adjacent Villagio Apartments, West Airport Residential Area.

24. Vanguard Life

Assurance Company

Mr. Isaac Senior Damptey


PMB CT 455, Cantonments

Tel: 253242, 235434/5

Fax: 235437

Loc. No. 21 Independence Avenue


Website www.vanguardlife.com

Registered Reinsurance Companies


CODE: (233-0302)

1. Ghana Reinsurance CompanyGeorge Y. Mensah

Managing Director

P. O. Box 7509,

Accra-North,

Tel. 0302 633733

Fax: 221958

Plot 24, Sudan Road, Ambassador Area, Ridge, (next to Stanbic Bank Head Office)

2. Mainstream Reinsurance Company Limited

Dr. Adom Frimpong

Managing Director

P. O. Box CT.3959

Cantonments - Accra

Tel. 0302-788326,7011886,0244-335711

Fax 788325

3rd Kuku Crescent, Osu - Accra

[email protected]

3. GN Reinsurance Company Limited

Joseph Kusi-Tieku

Managing Director

P. O. Box AC 17187, Accra

Tel: 050-1278160


Location: House No 350, Ward E Block 2, Nima Court Avenue, Bridge Examination Loop Road, Accra




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Reinsurance Contact Offices

4.Munich Reinsurance Company of Africa Limited

P.O. Box GP19389, Accra, Ghana

Tel. 0302 507210

Fax: 0302 507211

e-mail:www.munichre.com [email protected]

Loc. 2nd Floor Emporium Commercial

Movenpick Ambassador Hotel

5. WAICA Re Corporation Plc. Clement Owusu,

Country Head

P.O. Box AN 5042, Accra-North

Tel. 0302 631,164, 0244 734534

[email protected] [email protected]

Loc. Suite No. 10, The Emporium Movenpic Ambassador Hotel, 2nd Floor

Registered Insurance Broking Companies


CODE: (233-0302)

1. AG AssociatesDr. Albert Gemegah


P. O. Box SK 26 Sakumono Community 13

Tel: 024-4731209


1st Floor Pavilion E

2. Akoto Risk

Management

Mr. Nathan Adu

Managing Director


237573, 225330, 227813, 228905

Tel./Fax:246543


90 Kwame Nkrumah Avenue

3. Allied Insurance

Brokers

Mr. J. I. Mensah Gadu

Managing Director

P. O. Box K. 649, Accra Newtown – Accra

Tel. 233459, 237248


www.alliedinsurancebrokersltd.com

4.. AllStar Insurance BrokersMr. Peter Osei Duah

Executive Director

P. O. Box CT 6104, Cantonments Accra

Tel : 0302 243690, 0244362432

Location : Marbel Plaza, Behind Hotel President, Asylum Down, Accra




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http://www.alliedinsurancebrokersltd.com


CODE: (233-0302)

5. All Risks

Consultancy Ltd.

Mr. Albert Gladstone Brock

Managing Director


0302 259853/259854/0244-354165

E-mail: [email protected]/ [email protected]/ [email protected]/ [email protected]

Website: www.arclghana.com

Loc. 2nd Floor, Caledonian House, Kojo Thompson Road, Adabraka, Accra

6. Alpha Insurance

Brokers

Mr. Kofi Ampaw



Tel : 661572, 681156

Fax : 661572

e-mail : [email protected] / Location: First Floor Republic House, Annex ‘B’ Room 109 Accra Central

7. Anchor Premier Brokerage

Limited

Alhaji Huudu Yayaha

Managing Director

P. O. Box OS 853, Osu-Accra

Tel: 0243029337/0244356397/0244326326

Loc: Ghana Procurement Agency Building, Kokomlemle Main Road

8. Apex Insurance

Brokers Limited

Mr. Emman Amartey Mensah

Managing Director

P. O. Box KN 3068,

Kaneshie-Accra

Tel: 0208226823, 0277610368

Loc: No. 58 Owusu Kofi Street, Darkuman-Accra

9. Arrowclass Insurance

Brokers Company

Ltd.

Mr. Matthias Dapilah


P. O. Box KN 4769, Accra

Tel. 0302248265/0263238868

Email. [email protected] / [email protected]

Loc : 2nd Floor of L’aine Office, Kojo Thompson Road Complex, Adabraka

10. ARB Insurance Brokers Ltd.Abdul Rahman Bawa

Managing Director

P. O. Box CT 138 Cantonments –Accra

Tel. 0244822342

Fax : 0302 – 308598

Email : [email protected] or [email protected]

www.arbinsurancebrokers.com

Loc. B235/25, 13 Akorlu Close Darkuman




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mailto:%20/%[email protected]

mailto:%20/%[email protected]





CODE: (233-0302)

11. Ark Insurance

Brokers Company

Mr. Michael Adorboe

Managing Executive

P. O. Box 1609, Mamprobi-Accra

Tel./Fax: 0302-767812


www.arkinsurancegroup.com

Loc.: Ghana/Nigeria Business Council 2nd Floor , Plot No. C728/4, 4th Crescent (Nyanyo Link), Asylum Down, Accra

12. Ascoma Ghana

Ltd.

Mr. Samuel Asamoah


P. O. Box 206, Trade Fair Centre, Accra

Tel. 0243690363

Fax: 0302 761215

E-mail:[email protected]

www.ascoma.com

33 Labone Crescent-North Labone

13. Asterix Brokers

Limited

Mr. Henry Kom


P. O. Box AD 50 Adarbraka-Accra

Tel: 544060, 020434310

Loc.: No. 177 Lagos Avenue, Opp. Zenith Bank, East Legon, Accra,


14. Baobab Brokers LimitedMr. Stephen E. Hagan


P. O. Box CT 525 Cantonments-Accra

Tel. : 0312-292977, 0509387602, 0302-901911

Fax. 0302-662320

Location : No.18 Otinshie, American House, East Legon, Accra

Email : [email protected]

www.baobabbrokers.com

15. Boaitey & Associates

Insurance Brokers Limited

Mrs. Mercy Eunice Kyei


P. O. Box TI 469, Taifa, Accra

Tel. 020-2018138, 0302-416853, 0265155560

Location : Darfuor House # 47, Aflyee West Achimota, Nsawam Road


www.boaiteyandassociates.com




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http://www.ascoma.com



http://www.baobabbrokers.com


http://www.boaiteyandassociates.com


CODE: (233-0302)

16. Byllwych Insurance

Brokers Ltd.

Samuel Sackey



Tel. 0200114114, 0269366666

Fax:

Loc: 1st Floor Ike Quartey House, B 795/2 Oblogo Road, Kaneshie Zongo – Junction Accra


17. Cardinal Insurance Brokers

Ltd.Chief Executive Officer

P. O. Box MP 2225 Mamprobi-Accra

Tel. 0302-673778, 680925, 0244319868, 0208424064

Fax : 0302-680926,

[email protected]

[email protected]

Loc : Hs. No. 49 Nii Mampong Okai Street Dansoman

18. Ceris International

Limited

Mr. Dennis Guddah



Tel.: (0302) 680925, 671330, 0244319862, 0208404264

Fax: 680926


657/4 2nd Floor (opposite City Paints) Kojo Thompson Road, Accra

19. CLAIM LimitedMr. Daniel K. Afriyie

Managing Director

P. O. Box CT. 1731, Cantonments,

778829 Fax:760830


Trade Fair Centre (Pavilion ‘V’) La, Accra

20. Corporate Trust Insurance

Brokers

Victor Day Amoah

Managing Director

P. O. AC 663 Accra

Tel.0302 263447

Fax 0302 234321

[email protected]

Loc. Martco House, Adabraka-Accra




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CODE: (233-0302)

21. Crown Insurance

Brokers

Mr. Kofi Kyereh-Darkwah

Executive Director

P. O. Box 15282 Accra-North

Tel. 0302 - 237568-9

Fax: 0302 - 235739


www.corwninsurancegh.com

Hs. No. C418/2 Watson Avenue, Adabraka

22. Danniads LimitedMr. Danny O. Adjei

Managing Director

P. O. Box 71, Trade Fair Centre, Accra

0302-27908, 251623, 251625, 0544342329 Fax: 0302-233380

e-mail: [email protected] or

[email protected]

Hs. No. D325/4 Brewery Road Official Town, Adabraka

23. Dezag Insurance BrokersMr. Mike Gadze

Managing Director

P. O. Box MP, 812, Mamprobi, Accra

Tel : 0244984615/0200798288/0241076400

[email protected]

Location : House No. A 1015/14, Delonix Street, Dansoman, Last Stop (Ebenezer SHS)

24. Double D & MMr. W.F. Duncan

Managing Director

P. O. Box KN 4034, Kaneshie-Accra

Tel: 682414, 0244-251167

Loc: Okoama Storey Building, 71 Ring Road South-Industrial Area

25. Dynamic Insurance

Brokers

Ms. Bernice Martey


PMB CT 98, Cantonments, Accra

Tel: 0302-713900, 713899

Fax:0302-713882


Loc. Brigade Bus Stop, Off the Nungua-Teshie Road




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CODE: (233-0302)

26. Edward Mensah,

Wood & Associates

Mr. J. S. Wood

Managing Director


0302-229349/224670/233078

Fax: 224809


www.edwardmensahwoodassociates.com

Marydee House C124/3 Farrar Avenue Adabraka, Accra

27. Felin Insurance Brokers Ltd.Mr. Frankline Gbena


P. O. Box AH 1361, Achimota- Accra

Tel. 0302-901519, 024462257,0248260963

[email protected]

Loc. : Hs. No. 10 Afram Lane, Asylum Down, Accra near Delta Security Services

28. First Anchor Risk

Management

Mr. Franklin Asamoah Benefo

Managing Director

P. O. Box AN 5042 Accra-North

Tel. 770510, 0244-94206

Fax: 770511

Loc. Christman (formally Aviation House) 3rd floor, suit 105, Airport-Accra


www.firstanchor.com

29. Functions Risk ManagementMr. Fred Frimpong


P. O. Box WJ 952, New Wieja, Accra

Tel : 0244272066, 0302 -201488


www.functionsriskmanagement.com

Location : Ringway Estates House No. 11, First Ringway Close, Ringway Estates, Accra

30. GBL Insurance

Brokers

Mr. Lord Kpodo


P. O. Box AF 1347, Adenta-Accra

Tel. 233-261509238/0244438704

Loc: 4th Floor Ghana House (Behind Barclays High street)





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CODE: (233-0302)

31. Goodwill Insurance Brokers

Limited

Mr. Samuel Assan Acquaisie


P. O. Box KN 57 Kaneshie-Accra

Tel. 0244-418495,020-4330449


Location : Virtues Trust Building, Off Burma Camp Road

32. Ghana International

Insurance Brokers

Mr. Michael Teetey-Milligan



Tel: 0302-250384, 0289551390

Fax : 0302-247633


Loc.: 2nd Floor Coplan House, Off Kojo Thompson Road, Adabraka-Accra

33. Global Impact

Insurance

Brokers (Gh) Ltd.

Nana Kofi Karikari

Executive Director


Tel. 0302-221021, 0208127172

Fax: 0302-221869


Loc. : Opp Burkina Faso Embassy Asylum Down, Accra,

34. Goldlink Insurance BrokersMr. Kusi-Yeboah

Managing Director

P. O. Box CT 9545 Cantonments- Accra

Tel. 0302-244714, 244715, 244478

Fax : 0302-244713

Email. [email protected]

Loc : No. 32 Farrar Avenue Adarbraka

Sikkins Paint Building

35. Willis Tower Watson

Ghana Limited

Mr. Mamadou Ndao

Managing Director

P. O. Box KIA, 30708 Accra

Tel:(0302) 674465, 686400

Fax : 0302-675489

e-mai ; [email protected] www. .grassavoye.com

Location: 6th Avenue, Heritage Tower




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CODE: (233-0302)

36. Horizon Insurance

Brokers Limited

Mr. Godwin K. Amoo

Managing Director

P. O. Box CS 8409 Comm. 7 Tema

0303-208856, 208864, 208928, 200999, 0201515500

Fax: 208856


www.horizoninsurancebrokers.com

Loc. : 1st Floor, Suite # 9, Kristal Plaza, Community 4, Tema

37. Ideal Insurance Brokers

Limited

Mr. Paul Laryea

Managing Director

P. O. Box CT. 6387, Cantonments-Accra

Tel. 0501525704/026074277


Loc : No. 137/5, Ring Road

38. Insurance Centre of

Excellence

Mr. Malcolm Dennis

Managing Director

P. O. Box CT 6274 Cantoments, Accra

Tel. 0302-239855, 222427

CEO: 0208162185

Fax: 234 128

E-mail [email protected]

Location: H/No 14 Ridge Road,

NT Ridge (Opposite Accra High School)

39. Inter-Africa

Brokers

Limited

Ms. Akua Ahimba Hayford

Managing Director

P. O. Box T.89

Stadium Post Office, Accra

Tel. 255357


First floor, Palma House, Tudu, in the same building as Tudu Clinic behind the Catholic Book Centre

40 Insurance

Consultancies

Int. Limited

Dr. S. Ashong-Katai

Managing Consultant

P. O. Box 4648

231182-3, 667339/229796/662174

Fax: 231184/668199


Benefits Plaza, Ring Road Central




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CODE: (233-0302)

41. Insurance Solutions

Limited

Ms. Josephine J. Amoah


PMB CT 382

Cantonments-Accra

Tel. 0302 938112, 0243574690


42. Insurance Management

Services Limited

Ms. Bianca Nadia Noshie



Tel. 0243837432, 0267420746

Loc : No. 3 Afram Road, GOA House – Asylum Down, Accra


www.ims-gh.com

43. IRisk Management

Limited

Mr. Christopher Boadi Mensah


P. O. Box AF 574, Adenta, Accra

Tel. 0302500168, 0501584161


Loc. : Assembles Junction, Adenta Road Adjacent Appliance Master

www.igroupghana.com

44. KAV Insurance

Brokers Limited

Mr. Victor Kyei Agyen


P. O. Box CT 8006 Cantonments, Accra

Tel. 0302-984470, 0274734302, 0208132899

Loc. No. 14 Cairo Street, East Legon, Behind GT Bank


www.kavinsurancebrokers.com

45. K & A Insurance Brokers

Limited

Angela Appiah

Managing Director


Tel. 030938515

Loc. : Hse. No. 7, 5th Abossey Okai Link, Mataheko, Accra




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http://www.kavinsurancebrokers.com


CODE: (233-0302)

46. KEK Insurance

Brokers

Mr. Charles Oduro

Managing Director


764023, 764573, 764573, 764390, 764210

Fax:764210


website:http/www.ghanaclassifieds.com/

KEK Broking House No 40/41Senchi Street @Aviation Road, Airport Residential Area

47. Kols & Hols Insurance

Brokers & Management

Consultants

Dr. Andrew Akolaa

Executive Director

P. O. Box

Tel. 0266812600, 0266335735

www.kholsinsurancebrokers.com

[email protected]

Loc. NanaSwiss House Plot No. 14 Community 16 Lashibi Tema

48. Liberty Insurance BrokersMrs. Francisca Karikari


P. O. Box CT 8092, Cantonments, Accra

Tel. 0302-710148 710149, 050 512519


www.libertybrokersgh.com

Loc. 4th Floor of Dufie Towers, 1st Junction, Teshie-Nungua

49. Lordship Insurance

Brokers

Mrs. Edwina Nana Esi Ampofo


P. O. Box 1144 Achimota, Market

Tel. 781435/781774

Fax: 770432


www.lordshipins.com

F & D COURT, H/NO. C140 Motorway Extension Abelemkpe

50. M & G Insurance Brokers

Limited

Mr. S A. Appiagyei

Managing Director


2254647

Fax: 254649

5th Floor, Sethi Plaza, 123 Kwame Nkrumah Avenue Adabraka

51. Maxpal

Intermediaries

Mr. Paul Quarshie

Managing Director

P. O. Box SD.79, Stadium Accra

232795 241216 Fax: 232795


B219/10 Bio Street Awudome Kaneshie




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CODE: (233-0302)

52. Metrix Brokerage Limited

Ms. Afua T. Boateng

Managing Director

P. O. Box CT 3865 Cantonments

Tel. 0303 932305 / 932308 Loc. Behind the Trade-Fair at the back of Goil filling Station


www.meterixbrokerage.com

53. Midas Insurance

Brokers Ltd.

Mr. James Anti


P. O. AN 10554 Accra-North, Ghana

Tel: 021-255168,

Fax: 021-258667

Location :Plot No: A10 Awuodome Roundabout, Kaneshie ,


54. Multinational Insurance

Brokers

Mr. Perry Adamba


P. O. Box KA 30223 Airport

Tel. 0289013928

Loc. No. 13 Star Avenue, Kokomlemle


www.multinationalinsurance.com.gh

55. NDL Insurance Consult Elizabeth Larmie (Mrs.)

Managing Director

P. O. Box GP 1388 Accra, Ghana

Tel. 0202019973, 0302 967330

Fax : 0302 760404

Loc : Near VRA Clinic Osu


56. Novelty Insurance Brokers

Ltd.

Mr. Richard Y. Fenuku Doamekpor

Managing Director

P. O. Box AF 1383 Adenta

Tel : 268002

Loc: Superior Oil Office Complex Ampomah Junction

57. Oak Insurance BrokersMr. Bernard Ohemeng-Baah

Managing Director

P. O. Box KN, 5111, Kaneshie, Accra

Tel : 0302-230060

Location : House No. 6, Obutu Road

Accra New Town.

58. Pacific Insurance

Brokers Limited

Mr. Kwasi Asante

Managing Director

P. O. Box CT. 521, Cantonments, Accra

Tel. 0303 932400, 0244788797

e-mail:

Loc: H/No. EA 44/11 East Adentan, Sanit Mary Close, Accra




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CODE: (233-0302)

59. Progressive Insurance

Services Limited

Mr. Francis Nsiah-Afriyie

Managing Director

P. O. Box GP 14438 Accra Central

Tel. 0302-946345, 020-2018102


Loc: Anum Yemoh Plaza-East Legon

60. Premier Brokers &

Consultants

Moses A. Darkoh

Managing Director

P. O. Box DS 1632 Dansoman

Tel : 0302-915111, 0302-918011, 028 954 0270

Fax : 0302-224804


61. Prudent Insurance BrokersMs. Adelaide Aboagye

Managing Director

P. O. Box AN 8118 Accra-North

Tel. 020-8157160,0244-767037,

0244-883991 Fax:240882


Hse. No. 520/4, Jones Nelson Street, Adabraka, Accra

62. Riscovery LimitedMr. Anthony Apaloo

Managing Director


Tel : 028891638, 0268131414

Loc : #309/17, Abavana Junction, Kotobabi, Accra


www.riscoveryltd.com

63. Risk Solutions

Limited

Mr. Kwasi S. Fynn

Managing Director

P. O. Box M606 Accra

Tel. 0302-778820

Fax : 0302- 515479

64. Risk Management and

Advisory Services Limited

Mr. Larry Jiagge


P. O. BOX AN 123331

Accra- North

Tel.0244315384/ 0277595009/ 0243227147

Loc. : No. 120B Spintex Rd Industrial Area

Emails : [email protected], [email protected], [email protected]




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CODE: (233-0302)

65. Risk Partners LimitedMr. Ebo Morrison



Tel :. 0244848784, 0202011488


Loc. : #. 24, 5th Crescent, Asylum Down, Accra

66. Safeguard Insurance

Brokers Ltd.

Leila Kamara



Tel. 0302 – 784596, 0302 784594

Fax: 786602

Loc: No. 6 Osu Doku Street, Osu, Accra

67. Safety Insurance

Brokers Ltd.

Mrs. Lena Adu-Kofi


P. O. Box OS 2912Osu, Accra

Tel. 761944, 786603, 024376965

Fax: 786602


2nd Floor, Blue Chip Building

68. Saviour Insurance

Brokers &

Consultants

Mr. Charles Antonio

Managing Director


Tel/Fax:224559, 0277426580,0289538285


Kanda, Accra East Ayawaso

69. Shield Insurance

Brokers

Mr. Pius Boateng

Managing Director


Tel.: 519651/2 0544 356 888

e-mal: [email protected]

Location: Kangaroo Hs. Adjacent Flyover, Manet Court off Spintex Road.

70. Strategic Insurance Consult

Limited

Nii Adjri Sackey

Managing Director

P. O. Box WJ 526, Weija- Accra

Tel.: 02444664540, 0235664540

e-mal: [email protected]

Loc.: Gicel Estates, New Weija DVLA , Block A, Room 8/9

71. Supreme Trust Insurance

Brokers Limited

Mr. Patrick Doe Gadikor

Managing Director

P. O. Box WY 1641, Kwabenya, Accra

Tel.: 0245212770, 0303 938822, 0244438702

e-mal:

Loc.: Plot 2, London Street, Opp Baatsona Total Filing StationS




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CODE: (233-0302)

72. Trans-National Brokers

Limited

Mr. E. B. Nsiah

Managing Director


Tel./Fax: 235603, 949803, 0244272060, 0209420518


www.transnationalinsurancebrokers.com

C154/19 Tesano Business Centre Opposite Santana Market, Tesano

73. Trinity Insurance Brokers

Ltd.

Mr. Harry Obuobi-Akyem Staudt

Managing Director

P. O. Box GP 1800 Accra

Tel. . 0302 764117, /764018 0509244277, 0244786258

Loc. HNO. 509C/1 Oxford St. Osu opposite Osu Presby Cluster of Schools

Email : [email protected]/ [email protected]

74. Tri-Star Insurance

Services Limited

Rev. Asante Marfo-Ahenkora

Managing Director


Tel.: (233-21)244661, 256183, 220302

Fax: (233)220319

e-mail: [email protected] [email protected]

No. 14 Naa Ata Street Tesano Accra


75. UGroup LimitedMr. David Osei-Manu

Executive Director

P. O. BOX AN 18864 Accra-North

Tel. 0208242534


www.ugrouplimited.com

Location : HSE NO. CFC 352 Dome-Accra

76. Universal Insurance

Consultants Ltd.

Mr . Osei Kufuor (Daasebre Oguakuro Osei Bediako II)

Managing Director

P. O. Box C117, Cant.

222076/229362

Fax: 233944


1st Floor, Standard Chartered Bank building, Adabraka




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http://www.transnationalinsurancebrokers.com







http://www.ugrouplimited.com



CODE: (233-0302)

77. Visal Insurance BrokersVincent Sali-Dokpor

Managing Director


Tel 0244644155

Loc : Plot No. 46, 48 boundary Rd. near UBA Bank American House East Legon

e-mail:[email protected]

78. Worldwide Insurance

Brokers Limited

Isaac Yao Tedeku

Managing Director

P. O. Box 217 Trade Fair, Accra

Tel 0245501301


www .worldwidepartnersgh.org

Loc : QFS Building Comm. 11, Hospital Road, Tema

79. A P& L Consult LimitedAlfred Yaw Ofori-Kuragu

Managing Consultant

P.O Box CO 4970 Community 1, Tema

House No.43/44 Community 25, Tema

Tel : 020 8233960/026 2233962

Web site : www.asasebrokers.com

LOSS ADJUSTING COMPANIES


CODE: (233-0302)

1. I AM Loss Adjusters (Gh.) Limited

Engr David Oluniyi Odusanya

Managing Director

P. O. Box GP 22926, Accra-Central

Tel: 0249949311/0207963058/0261384828

Loc: 3rd Floor White House Plaza, Opp Ebenezer Funeral House, Aigbe Town Bus Stop, Close to West Hills

2. Manyo-Plange

Associates

Mr. E. A. Manyo-Plange

Managing Director

P. O. Box 9155, KIA, Accra

Tel: 313954, 0244327960, 0208132962,

Fax: 021-304977

40 Akwadu St. Near KEMBS HOTEL

METAHEKO, ACCRA GHANA




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http://www.asasebrokers.com

3. RCH Loss AdjustersFrederick Amui Oblitey

Managing Director

P.O Box MP 315 Mamprobi, Accra

Location: 1st Floor, plt No. 48 Palace Street Near PNT Pharmacy , Swan Lake, Accra

Tel: +233-20-786-3369/020 816 3569


REINSURANCE BROKERS

1. KEK Reinsurance Brokers

(Africa) Limited

Shaibu Ali


P. O. Box An 6681 Accra-North

Tel. 770617,764210, 764273

Fax: 764138

[email protected]

Location: KEK Insurance Broking House

No. 40/41 Senchi Street @ Aviation Rd. Airport Res. Areas, Accra

2. Afro-Asian Reinsurance Brokers Ghana Limited

Samuel Adoteye-Asare

Managing Director

Mainstream House, 3rd Kuku Cresent Osu, Accra

P.O. Box OS 2912, Osu, Accra

Tel: 0302 783 292/ 024 468 3100/024 4222686





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