We have a Newsletter!
We're so happy you're here!
Planwell Insurance Brokers is pleased to present the maiden edition of The Planwell Digest — a short monthly newsletter which presents an overview of the Ghanaian insurance industry for the executive, the investor, and anyone with an interest in how insurance shakes out in Ghana.
A snapshot
Today, we start by levelling the playing field for all our readers.
The Ghanaian insurance industry is in transition – we’re seeing lowering interest rates, struggling equity markets in spite of those rates, and tighter regulatory regimes across the board. Meanwhile, industry penetration is improving albeit moderately in developing markets with the spread of mobile devices. These changes are happening with a backdrop of rapid digitization amidst the COVID-19 pandemic, forcing insurers to adapt their business models. The Ghanaian insurance industry continues to grow and presents significant opportunities for those who recognize them but not without its challenges. [NIC]
Our insights
Growing segments: We expect the life and non-life insurance segments to expand steadily over the decade. We note that growth in life premium continues to outpace non-life premiums, hitting double figures – a trend we can expect to continue over the forecast horizon.
Growth in perspective: Insurance penetration is expected to remain low until the population becomes better educated about the advantages of life and non-life insurance products. All industry players have a vested interest in this outcome and should work together to expand their shares of the pie.