There has been a notable surge in the insurance industry in Ghana.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Ghana’s insurance sector has experienced a period of remarkable growth, underscored by a substantial increase in total assets and Gross Written Premiums (GWP).

This surge reflects a burgeoning confidence in the market and a broader array of insurance products available to the Ghanaian populace.

The total assets of the domestic insurance industry have grown from GH₵5.4 billion in 2017 to GH₵15.1 billion by the close of 2023 marking a 180% surge in assets value.

Parallelly, the sector’s GWP has surged, almost quadrupling from GH₵2.4 billion in 2017 to GH₵8.1 billion in 2023.

This exponential growth in GWP mirrors a strengthened confidence in the insurance market and an expansion in both the variety and reach of insurance products available to Ghanaians.

Source: newsthemegh.com