ANNUAL REPORT 16 & FINANCIAL STATEMENTS
National Insurance Commission 2016 | Annual Report NNATIONALational Insu INSURANrance CECommission COMMISSION Appiah-Ampofo House
Standard Conference Package Hall Rental (Seating Capacity 200) Power Point Projector P.A System One Co ee Break Bu et Lunch Mineral Water Note Pad, Folder And Pen Internet Connectivity
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For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org Contents Foreword 7 Chairman’s Report 8
The National Insurance Commission Corporate Information 11 NIC’s Operations 12
Ghana Insurance Market Report 2016 Economic Review 21 Ghana Insurance Market Report (2012 – 2016) 22 Financial & Ratio Analysis 36
Appendices 2016 NIC Financial Reports 72 2016 Fire Maintenance Fund Financial Reports 86 List of Registered Insurance Companies 96 List of Registered Reinsurance Companies 103 List of Registered Broking Companies 104 2016 Annual Report National Insurance Commission
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FOREWORD Introduction The National Insurance Commission (NIC) issued the Governance and Risk Management framework in 2015. The activities of NIC in 2016 was geared at ensuring that the principles and values set out in the Governance and Risk Management framework are embedded in the regulated entities operations.
To this end, the NIC organised a number of workshops for key stakeholders in the insurance industry to educate them on what is expected of them in relation to the Governance and Risk Management framework.
In addition, the NIC worked to ensure that all the regulated entities were appropriately capitalised as per the NIC requirements. This was coupled with on-site inspections to ensure that firms have adequate measures in place to mitigate the risks inherent in their operations.
New Insurance Act a Group-wide supervisory framework. The NIC is in the process of reviewing the Insurance Act to make it more appropriate, given the changes Risk Based Capital Requirements witnessed in the insurance landscape. This will also ensure that the new Insurance bill, if passed into an A key component of Risk Based Solvency Regime Act, will be compliant with the most recent Insurance is Risk Based Capital Requirements. Risk Based Core Principles (ICPs) of the International Association Capital Requirement seeks to ensure that the capital of Insurance Supervisors (IAIS). requirement of an insurer is commensurate with the risks the insurer faces. The frameworks, directives and guidelines that the NIC has issued in the recent past will be included in the This will encourage robust risk management practices new Insurance Act. Other new areas to be included are in (re) insurance companies in Ghana, as firms with robust risk management framework will hold less as follows: capital.
Group-Wide Supervision The introduction of the Risk Based Capital requirements It is generally accepted that the stand-alone view of will ensure that the regulation of insurance in Ghana an insurance company, which is part of a group of is in line with international best practices such as companies, does not give a full picture of the risks that Solvency II in EU, SAM in South Africa and C-ROSS in policyholders are exposed to. This is the main risk that China. It will also make our regulations compliant with the following ICPs seeks to mitigate: the ICPs.
■ ICP 23: Group Wide Supervision Compulsory Insurance ■ ICP 24: Macro Prudential Surveillance and There are currently two insurance products that are Insurance Supervision compulsory in Ghana. These are:
■ ICP 25 & 26: Cross Boarder Collaboration of the ■ Third Party Motor Insurance Supervision of Insurance Groups that are in more than one country. ■ Fire Insurance for Private Commercial Buildings.
However, a group-wide approach to the regulation of In addition to this, the NIC is considering other insurance groups is not currently part of the insurance insurance products that should be compulsory. The regulations in Ghana. One of the key activities that the aim of this exercise is to protect life and property as NIC will undertake in the coming years is to implement well as increase insurance penetration.
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CHAIRMAN’S REPORT Mr. Lionel Molbila
1. INTRODUCTION Out of the 573 buildings inspected 344 of them had procured compulsory fire insurance policies while The National Insurance Commission (NIC) the remaining had not procured one as required implemented various reforms in 2016. The 229 under the Law. Commission issued guidelines on Financial Conditions Reports, approval of Commission Rates, The task force therefore arrested managers of the introduced the Risk Based Capital Requirement buildings and threatened to prosecute them if and Group-wide Supervision Framework. The they failed to comply with the directive. They were Commission also organised workshops for key further requested to report back to the various Police stakeholders to educate them on the corporate Headquarters with evidence of compliance. governance and risk management frameworks. Thereafter, managers of the229 buildings had duly All the initiatives taken and directives or guidelines complied with the directive, with majority of them issued in 2016 were aimed at improving the complying within 48 hours of arrest. operational efficiency of the regulated entities. 5. IMPLEMENTATION OF SOLVENCY FRAME- 2. GUIDELINES ON COMMISSION RATES WORK The NIC in accordance with the requirements of The New Solvency Frameworks for Life and Non- section 77 of the Insurance Act 2006, Act 724 approved Life insurers were issued during the year after minimum commission rates payable to insurers extensive consultations with all stakeholders on and brokers for overseas facultative reinsurance the Framework. This guideline uses a risk-sensitive placements of global multinational businesses by approach to determining the solvency of insurance foreign intermediaries on the Ghanaian market. companies. The compliance date for the new solvency framework was 31st December, 2016. 3. ANTI-MONEY LAUNDERING AND COUNTER- ING THE FINANCING OF TERRORISM (AML/ In view of the above the commission issued a CFT) directive in 2016 to all life, non-life and reinsurance companies to maintain the recommended solvency Based on the Financial Action Task Force on Money Laundering (FATF) recommendations, the levels. insurance industry was subjected to second round 6. IMPLEMENTATION OF GOVERNANCE AND mutual evaluation in 2016. The Commission issued RISK MANAGEMENT FRAMEWORK guidelines on Know Your Customer (KYC), Customer Due Diligence (CDD), Enhance Due Diligence The NIC as part of measures to adopt the Risk-Based (EDD), Beneficial Ownership, Independent Audit approach to Supervision of Insurers, developed a Assessment, Suspicious Transaction Reports, Record Governance and Risk Management Framework to Keeping and Monitoring of Employee Conduct. guide the operational activities of insurers as well as enhance the effective supervision of the Insurance 4. ENFORCEMENT OF COMPULSORY FIRE IN- and Reinsurance Companies. SURANCE OF PRIVATE COMMERCIAL BUILD- Subsequent to the issuance of the frameworks the INGS Commission organised capacity building seminars The Compulsory Fire Insurance Task Force undertook for Boards and Risk management control functions several enforcement actions in Accra, Takoradi, Cape of all insurance and reinsurance companies to Coast, Tamale, Wa and Bolgatanga during the year facilitate effective implementation. The Commission under consideration. They inspected five hundred further issued directives on the requirements of the and seventy-three (573) Commercial buildings frameworks. to demand evidence of compulsory fire insurance cover.
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7. RISK BASED SUPERVISION AND LEGAL FRAME- The Commission provided feedback on a set of WORK the financial condition reports (FCR) submitted by companies. A key part was the need for regular stress and In line with the Risk Based On-Site inspections: scenario testing. implementation of its Risk Based Supervision Framework, the NIC inspected a number of companies to enable it The Commission issued a directive that set out the determine their Risk Rating and the way forward. minimum set of stresses and scenarios that companies are required to undertake as part of the FCR reports.
8. INDUSTRY PERFORMANCE Some key performance indicators of the industry is summarised below:
LIFE 2016 (GHS M) 2015 (GHS M) GROWTH RATE TOTAL ASSETS 2241 1744 28% TOTAL INVESTMENTS 1939 1465 32% ACTUARIAL LIABILITIES 1434 1165 23% TOTAL CAPITALIZATION 649 463 40%
NON-LIFE 2016 (GHS M) 2015 (GHS M) GROWTH RATE TOTAL ASSETS 1506 1320 14% TOTAL INVESTMENTS 886 620 43% TECHNICAL PROVISIONS 547 566 (3.4)% TOTAL CAPITALIZATION 704 545 29%
Industry gross premium amounted to GHC 1,929million at year end 2016. This represents a growth of 24% from GHC 1,560million over the same period in 2015. Total premium for life insurance stood at GHC 859m while non-life business amounted to GHC 1070m. This represented a contribution of 45% and 55% respectively in 2016 compares with a similar contribution of 45% and 55% in 2015.
YEAR PREMIUM INCOME(GHS M) GROWTH RATE 2016 1,928,838,573 24% 2015 1,560,679,185 26% 2014 1,239,853,442 17.8% 2013 1,052,090,981 23.6% 2012 850,657,054 35.3% 2011 628,528,775 37.2% 2010 458,117,746 33.5% 2009 342,973,719
9. INSURANCE PENETRATION 10. CONCLUSION Insurance penetration is still very low in the country. The year 2016 was likewise interesting but challenging Insurance penetration, which is defined as the as many difficult decisions were made. It included contribution of total insurance premiums to Gross Directives on the implementation of the New Solvency Domestic Product (GDP) is still less than 2%. Conscious Requirements and Risk Based Onsite Inspections; efforts are being made to improve the penetration through implementation of Governance and Risk Management the encouragement and development of microinsurance Framework; and Financial Condition Reports (FCR). as well as the enforcement of compulsory insurances in These developments and directives will assist to improve the country. operational efficiency of the insurance industry.
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CORPORATE INFORMATION
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CORPORATE INFORMATION
Board of Directors: Mr. Lionel Molbila Chairman Miss. Lydia Lariba Bawa Commissioner of Insurance Mr. Samuel Amankwah Member Mr. Justin Amenuvor Member Dr. Albert Gemegah Member Ms. Sarah Fafa Kpodo Member Mr. Emmanuel Baba Mahama Member
Secretary: Mrs. Emma Ocran
Management Team: Miss. Lydia Lariba Bawa Commissioner of Insurance Mr. Simon N. K. Davor Deputy Commissioner of Insurance Mrs. Emma Ocran Director, Legal Services Mr. Michael Kofi Andoh Head, Supervision Mr. Moses Ackah-Jayne Ag. Head, Finance Mr. Joseph Bentor Head, Marketing, Research & External Relations Mr. Martin Dornor Abayateye Head, Internal Audit
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: Societe 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
Registered office: National Insurance Commission Appiah- Ampofo House No. 67 Independence Avenue North Ridge P. O. Box CT 3456 Cantonments, Accra Website: www.nicgh.org Email Address: [email protected]
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BOARD OF DIRECTORS
1 2 3
4 5 6
7 8
1 Mr. Lionel Molbila Chairman 2 Miss Lydia Lariba Bawa Commissioner of Insurance 3 Mr. Justin Amenuvor Member 4 Mr. Emmanuel Baba Mahama Member 5 Dr. Albert Gemegah Member 6 Ms. Sarah Fafa Kpodo Member 7 Mr. Samuel Amankwah Member 8 Mrs. Emma Araba Ocran Secretary
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MANAGEMENT
1 2 3 4
5 6 7
1 Miss Lydia Lariba Bawa Commissioner of Insurance
2 Mr. Simon N. K. Davor Deputy Commissioner of Insurance
3 Mrs. Emma Araba Ocran Director, Legal Services
4 Mr. Michael Kofi Andoh Head, Supervision
5 Mr. Joseph Bentor Head, Marketing, Research & External Relations
6 Mr. Martin Dornor Abayateye Head, Internal Audit
7 Mr. Moses Ackah-Jayne Acting Head, Finance and Administration
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NIC OPERATIONS
LICENSING 40% between Regency Alliance and Nem Insurance respectively. A total of fourteen (14) companies were licensed in 2016. One (1) Life, two (2) Non-Life companies, one (1) Loss Adjuster, and ten (10) Broking companies. The Regulatory Developments year ended with twenty-seven (27) Non-life, twenty- One of the key objectives of the NIC in 2016 was four (24) Life, three (3) Reinsurance and seventy-eight the embedding of the Governance and Risk (78) Broking companies. Management Frameworks into the operations of The 2 non-life companies were Loyalty Insurance the regulated entities. As part of this, the National Company Limited, located within the Shippers’ Insurance Commission (NIC) in Conjunction with the Authority building in Accra, and Multi Insurance Ghana Insurance College (GIC) organised Directors’ Company Limited, with its head office in Kumasi. Colleges for the Boards of Insurance and Reinsurance African Life Assurance Limited was also licensed Companies. The purpose of this was to set out what within the year. was expected of the Board with regards to corporate governance and risk management. I AM Loss Adjusters & Surveyors Ghana Limited was the second loss adjusting company to be licensed In addition to the training for the Boards, the NIC since the inception of the Insurance Act, 2006 (Act also organised workshops for the following control 724). functions:
The ten (10) new entrants to the broking sector are 1. Risk Management function listed below: 2. Internal audit function i. Insurance Management Services Limited 3. Compliance function ii. Worldwide Insurance Brokers Limited 4. Actuarial function iii. IRisk Management Limited The purpose of these training programme was to iv. Risk Partners Limited expose the control functions to what is required of them as control functions and the tools they can use v. Pacific Insurance Brokers Limited to achieve these objectives. vi. Strategic Insurance Consult Limited
vii. Anchor Premier Brokerage Limited Risk based on-site inspections During the year 2016, the National Insurance viii. Ideal Insurance Brokers Limited Commission (NIC) undertook a number of risk based ix. K & A Insurance Brokers Limited inspections. This assessed the risks inherent in the firms and the internal controls the firms had in place x. Supreme Trust Insurance Brokers Limited to mitigate these risks.
Merger Circulars and Guidelines issued in the The NIC also approved a merger between Regency year 2016 Alliance Insurance Limited and Nem Insurance Ghana The table below summarises the Circulars and Limited to form RegencyNem Insurance Ghana Limited. The Company’s equity is owned 60% and Guidance issued by the NIC in 2016.
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No Circulars and Guidelines Issued for year 2016 1 Guidelines on Financial Condition Reports 2 Approval of Commission Rates 3 Minimum Commission Rates for overseas facultative reinsurance placements 4 Exclusion of flood from fire policies 5 Implementation of corporate governance and risk management for life, non-life and reinsurers 6 Implementation of solvency framework for life, non-life and reinsurers 7 Indebtedness of insurers and reinsurers 8 Investment In microinsurance and non-bank financial institutions 9 Stress and Scenario Testing 10 Submission of Reinsurance Treaty Programe for 2017 11 Prohibition of unlicensed business as insurance intermediary
The Tamale office is responsible for the Northern sector Compulsory Fire Insurance Enforcement of the country, Takoradi office serves the Western and The Compulsory Fire Insurance task force undertook Eastern sector of the country whilst the Kumasi office several enforcement actions in Accra, Takoradi, Cape serves the Ashanti and Brong-Ahafo Regions of the Coast, Tamale, Wa and Bolgatanga during the year country. under consideration. They inspected five hundred and seventy-three (573) commercial buildings to demand During the year under review a new office was opened in evidence of compulsory fire insurance cover. Ho to serve the Volta and Eastern Regions of the country.
Out of the 573 buildings inspected 344 of them had The three (3) offices continued to carry out their core procured compulsory fire insurance policies while the functions namely; to receive complaints from the remaining 229 had not procured one as required under public and to resolve the complaints, conduct branch the Law. inspections of insurance companies, undertake public education activities and enforcement actions to ensure The task force therefore arrested managers of the compliance with compulsory fire insurance law. Where buildings and threatened to prosecute them if they failed complaints were beyond their capabilities they were to comply with the directive. They were further requested referred to the head office in Accra for resolution. to report back to the various Police Headquarters with evidence of compliance. Court Cases Thereafter, managers of the229 buildings had duly complied with the directive, with majority of them IGI Life Assurance Company Limited (IGI Life) and complying within 48 hours of arrest. Industrial & General Insurance Company Limited (IGI General) Penalties and Fines Following the Fast Track High Court’s Order for the Official Liquidation of the two (2) companies the Official As part of efforts to ensure compliance with provisions Liquidator proceeded with the sale of the companies’ of the Insurance Act 2006, Act 724 and Guidelines, the assets. Commission levied penalties against four (4) insurance companies. The total amount realised from the sale of the assets is as follows; The breaches involved the placement of facultative reinsurances without approval, violation of market IGI General - GHS2,300,000.00 conduct rules in respect of motor insurance, resignation of a Board Chairman without informing the Commission IGI Life - GHS362,200.00 and violation of the No Premium No Cover (NPNC) directive. The amounts stated above were paid to IGI General and IGI Life claimants on a pro-rata basis as follows:
Regional Offices IGI General - 40% of actual claim The NIC continued to oversee the activities of its Regional IGI Life - 70% of actual claim Offices in Kumasi, Takoradi and Tamale.
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E & E Platinum Investment vrs SIC the public. One hundred and thirty-eight (138) complaints had been resolved as at the end of 2016. Insurance Company Ltd, Ecobank Ghana Limited, National Insurance Commission As has been the case in previous years, most of the complaints received related to motor claims. The areas The plaintiff E & E Platinum Investments Limited of common complaints from persons pursuing motor proceeded to the Commercial Division of the High claims were as follows: Court and secured an Order for Garnishee Nissi against Ecobank, GCB Bank and the NIC as custodians of monies . Repudiation of claim by insurers held on behalf of SIC Insurance Company. . Delay in settlement of claims
SIC Insurance Company issued a Credit Guarantee Bond . Dispute over quantum on behalf of T-7 Enterprise in favour of E & E Platinum Investments Limited. T-7 Enterprise defaulted and E&E . Delay in payment of settled claims. Platinum called on the bond but SIC failed to honour the The complaints received from life policyholders centered claim on suspicion of fraud. on the following areas: E & E Platinum Investments Limited sued SIC Insurance . Benefits promised by insurers differ from benefits Company and secured judgement for an amount of on policy documents. Twenty-three thousand Ghana Cedis (GHS23,000.00) and One hundred and ninety-two thousand, eight hundred . Insurance company’s failure to cease deductions and seventy-four US dollars (USD192,874) respectively. after policy had been surrendered
At the request of the Lawyers of SIC, the parties involved . Payment of low surrender values agreed to withdraw the application for an order for Garnishee proceedings and settled the matter out of . Delay in processing matured policies for payment Court amicably and the Court granted the request. . Delay in returning refund of wrongful deductions
CONSUMER COMPLAINTS . Unauthorized premium deductions In 2016, the Commission received 354 complaints from . Failure by insurance companies to submit policy documents
TYPE OF COMPLAINTS TOTALS Bodily Injury 162 Death 45 Life 94 Own Damage 9 Third Party Property Damage (TPPD) 18 Bonds 8 Marine 1 Others* 17 Total 354
*Others: Employee Grievances and Broker/Agent Commissions
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Marine TYPE OF COMPLAINTS (2016) 0.2% Bonds Own Damage Others 2.5% 2.3% 4.8%
TPPD 5.1%
Life 26.6%
Bodily Injury 45.8%
Death 12.7%
Bodily Injury Death Life Own Damage TPPD Bonds Marine Others
The Bureau received the necessary co-operation from Complaints and Settlement Bureau insurers and petitioners during the year under review. Procedure Written commendations were received from petitioners Companies, against whom complaints were made, were and companies expressing appreciation to the informed in writing. Commission for its mediation efforts. Depending on the nature of the complaint, a company was either requested to react, or invited to meet with the Distribution of Complaints against complainant(s) and officers of the National Insurance commission (NIC) in an effort to resolve the complaint. Insurance Companies Out of the total number of complaints received, 258 were In some instances the “Bureau” referred cases to the brought against non-life insurance companies, 94 against Motor Compensation Fund Committee. life insurance companies and two against brokers. Forty- These included complaints from injured motor victims Seven complaints were received in respect of uninsured of uninsured vehicles, claims repudiated by insurers on vehicles. grounds of change of ownership or for other breaches The tables below reflect the trend of complaints brought under the Motor Insurance Third Party Insurance Act and against life and non-life insurance companies over the Hit and Run cases. past five years.
Number of Complaints per Year Companies 2012 2013 2014 2015 2016 Non-life insurance companies 165 199 193 217 258 Life insurance companies 67 113 327 222 94 Total 232 222 520 439 352 Others (including uninsured vehicles) 83 68 35 47 2
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Distribution of Complaints by Companies (Non-Life)
Year Companies 2012 2013 2014 2015 2016 1 Activa International Insurance Co. Ltd - 1 1 1 - 2 Allianz Insurance Co. Ltd 1 - 1 1 - 3 Best Assurance Company Limited - - - - - 4 Donewell Insurance Co. Ltd 9 21 19 15 16 5 Ecowas Brown Card 3 6 Enterprise Insurance Co. Ltd 2 2 3 8 6 7 Equity Assurance Co. Ltd 14 6 10 11 20 8 Ghana Union Assurance Co. Ltd 2 2 - - 1 9 Glico General Insurance Co. Ltd 2 1 - 1 5 10 Hollard Insurance Co. Ltd - - - - 7 11 Heritage Energy Insurance Co. Ltd (formally IEI) 2 - 3 4 3 12. IGI (Ghana) Insurance Co. Ltd* 11 - - - - 13. Metropolitan Insurance Co. Ltd - 4 3 4 - 14. Millennium Insurance Co. Ltd - - - 1 2 15. NEM Insurance (Ghana) Co. Ltd 1 1 8 15 - 16. NSIA Insurance (Ghana) Co. Ltd 3 2 5 3 2 17. Phoenix Insurance Co. Ltd 2 3 7 4 7 18. Provident Insurance Co. Ltd 10 12 2 13 8 19. Prime Insurance Co. Ltd - 2 - 3 1 20. Priority Insurance Company Limited - - - - - 21. Quality Insurance Co. Ltd 4 9 10 11 16 22. Regency Alliance Insurance Co. Ltd 1 2 2 1 - 23. RegencyNem Insurance Co. Ltd** 17 24. Saham Insurance Ghana Limited 1 2 8 6 2 25. SIC Insurance Co. Ltd 52 70 45 60 59 26. Star Insurance Co. Ltd 16 24 28 25 46 27. Unique Insurance Co. Ltd 20 16 20 15 11 28. Vanguard Assurance Co. Ltd 10 14 16 14 14 29. Wapic Insurance Co. Ltd 2 5 2 1 12 TOTALS 165 199 193 217 258 * Under liquidation ** merger Regency Insurance and NEM Insurance
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Distribution of Complaints by Companies (Life)
Year Companies 2012 2013 2014 2015 2016 1 Adamas Life Insurance Company - - - - 1 2 A-Plus Assurance Company - - - - 1 3 Capital Express Life Insurance Co. Ltd 1 2 8 4 5 4 Donewell Life Insurance Co. Ltd 2 1 5 3 0 5 Esich Life Insurance Company Ltd - - - 3 8 6 Enterprise Life Assurance Co. Ltd 9 25 31 18 20 7 Prudential Life Insurance Co. Ltd 4 7 84 65 0 8 Ghana Life Insurance Co. Ltd 3 10 3 4 2 9 Glico Life Insurance Co. Ltd 8 18 29 10 2 10 IGI Life Insurance Co. Ltd 1 - - - 0 11 Metropolitan Life Insurance Co. Ltd 10 17 45 19 5 12 Old Mutual Life Insurance Co. Ltd* - - 6 3 13 13 Phoenix Life Insurance Co. Ltd 2 2 11 - 3 14 Provident Life Insurance Co. Ltd 3 2 3 - 0 15 Prudential Life Insurance Co Ltd - - - - 5 16 Quality Life Insurance Co. Ltd 2 2 8 4 3 17 Saham Life Insurance Co. Ltd 5 - 9 4 6 18 SIC Life Insurance Co. Ltd 6 18 42 52 6 19 Star Life Insurance Co. Ltd 6 5 16 12 3 20 Unique Life Insurance Co. Ltd 2 2 10 13 5 21 UT Life Insurance Co. Ltd 1 2 4 3 4 22 Vanguard Life Insurance Co. Ltd 2 - 13 5 2 TOTAL 67 113 327 222 94 *previously Provident Life
Distribution of Complaints by Companies (Brokers)
Year Companies 2012 2013 2014 2015 2016
1 Shield Insurance Brokers Limited - - - - 1 2 Tri-Star Insurance Brokers Limited - - - - 1 TOTAL - - - - 2
STATUTORY FUNDS Motor Compensation Fund The Motor Compensation Fund Committee continued a. To compensate persons who suffer injury or death with its mandate to achieve the object of the Fund as through a motor accident and who are unable to prescribed under section 192 of the Insurance Act obtain compensation from an insurance company, 2006, (Act 724) namely:- and
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b. To promote public education on motor insurance iv. Residual Injuries in particular and insurance business in general. v. Period of Hospitalization The Committee desirous of streamlining the awards of Motor Insurance Compensation with the view to vi. Nursing Assistance ensuring objectivity, uniformity, equity and fairness, The aggregate of the awards calculated under all the developed new guidelines: “Motor Compensation headings constitutes the final award payable to an Fund Guidelines for Computation of Awards” to aid applicant. the award of compensation. The Awards Sub-committee held 10 sittings in the year Under the new guidelines the computation of the awards 2016. In all, 105 applicants received approval from the would be determined under six main headings as Committee and were awarded a total GHS606,240.75. follows: The 105 applications were made up of 82 injury cases and i. Medical Expenses 23 death cases.
ii. Extent of Injuries The table below reflects the number of awards and the average claim per award over the past five years: iii. Percentage Disability/ Deformity
2012 2013 2014 2015 2016 No. of awards 116 115 107 128 105 Total amount (GHS) 249,706 282,816 551,900 682,764 606,241
Av. claim per award (GHS) 2,153 2,459 5,158 5,334 5,774
The amount paid to successful petitioners ranged the year 2016. The meeting was mainly to inaugurate the between GHS850 and GHS16,000. Six applications were re-constituted Client Rescue Fund Committee members. however referred to the Commissioner as “special cases” for her consideration. The petitioners in the applications referred to as “special cases” had suffered Fire Maintenance Fund various severe bodily injuries as follows: Section 185 of the Insurance Act 2006, (Act 724) established the Fire Service Maintenance Fund. The ■ Severe multiple fracture and abrasions object of the Fire Maintenance Fund is to provide funds ■ Paralysis and equipment to state institutions assigned with firefighting functions and such other organizations as the ■ Amputation (Legs or Arms) Commission may determine for the purpose of fighting fires. ■ Dislocation(hips) The Fire Fund Committee, as part of its mandate set up ■ Knee replacement the Fire Task Force to monitor and ensure the adherence ■ Needed second surgery etc. of the provision of sections 183 and 184 of the Insurance Act 2006, Act 724. These sections relates to compulsory The extent of their injuries had rendered them fully or Insurance for Private Commercial Buildings and Buildings partially incapacitated and deformed. under Construction.
As part of the objective of the Motor Compensation Fund, As part of its objectives, the Fire Taskforce carried out the Committee carried out public education on television Public Education and Monitoring Exercises in Accra and and radio stations in Accra and in some regional and in some regional and district capitals. The Taskforce was district capitals of the nation. made up of officials from the NIC, Ghana Police Service and the Ghana National Fire Service.
Client Rescue Fund As at the year ending 31 December 2016, the total income of the Fund was GHS716,388.14 Section 197 of the Insurance Act 2006, Act 724 and the total expenditure was GHS 169,963.55 established the Client Rescue Fund. The Fund among . other functions is to be used to compensate clients and policyholders of insurance companies that become bankrupt.
The Client Rescue Fund Committee held one meeting in
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GHANA INSURANCE MARKET REPORT
ECONOMIC REVIEW
low oil revenues led to revenue shortfalls, utility tariffs Overview of the Economy hike, transport cost and rising interest rate impacted Political uncertainty, unstable commodity prices heavily on inflation. The never ending power sector and weak global demand characterised the global crisis and poor domestic demand coupled with the economy in 2016. The unexpected vote of the United introduction of numerous taxes adversely affected Kingdom to exit the European Union (‘Brexit’) in June disposable income especially as we got closer to the 2016 was a shock to many throughout the world and general elections in December. impacted on the financial markets greatly. Similarly, the expected elections in the US and many other parts Overall real GDP recorded a drop from the growth of the world created political uncertainty that brought of 3.9% in 2015, achieving a growth of 3.5% against with it turbulence in the economic environment. The a target of 4.1%. Non-oil GDP achieved a growth of global economy therefore recorded a lower growth 4.6%. The 2016 GDP growth of 3.6% was mostly aided rate of 3.1% compared to the 3.4% recorded for 2015. by the growth in the services sector of 5.9% and the Agriculture sector: 3.6%. (Source: MOF) Generally, growth in the advanced economies was subdued, recording an average growth of 1.7% The year ended with a budget deficit of 7.8% of GDP for 2016. The major economic powers in Europe with the debt stock rising marginally from 72.2% of recorded mixed growth in 2016. Germany and Italy GDP in 2015 to 72.5% of GDP at the end of 2016. recorded positive growth albeit marginally; Britain and France recorded a marginal drop in growth while Inflation growth in Spain was maintained. Generally, the euro zone growth dropped from 2.0% in 2015 to 1.7% in Headline inflation rose sharply from 17.7% in 2016. The United States recorded 1.6% growth in December 2015 to 19.0% in January 2016 and 2016 compared to the 2.6% achieved in 2015. The reached a high of 19.2% by March 2016. This was Asia region continue to be the fastest growing region due mainly to upward adjustment in ex-pump in the world driven by strong domestic demand. prices of petroleum products and the utility tariff Economic growth in South Asia rose by 6.7% in 2016 hikes introduced in the last quarter of 2015. Inflation while the East Asia and Pacific region grew by 6.3% however declined steadily to 15.4% by the end of in 2016. Growth in China fell marginally from 6.9% to the year. This was aided by the IMF extended credit 6.7%. (Source: World Economic Outlook, April 2017) facility programme which was aimed at restoring fiscal discipline and macroeconomic stability. Fall in commodity prices adversely affected the economies of Sub-Sahara African leading to revenue shortfalls. Fall in the price of crude oil for example Interest Rate significantly affected Ghana and Nigeria who are The Monetary Policy Committee of the Bank of major economic brokers in Sub-Sahara Africa. The Ghana maintained the Monetary Policy Rate at 26% economy of Nigerian contracted by 1.5%, dropping for much of the year but eventually reduced it by 50 from 2.7% in 2015. basis points to 25.5% in November, 2016. Short-term Crude oil prices were quite low for most of the year. securities however, declined significantly during It started the year at $31.9 per barrel but ended the the course of the year with the benchmark 91-Day year at $54.9. Gold prices averaged a rise of 7.7% from Treasury bill ending the year at 16.4% from 23.1% $1,069.4 in 2015 to $1,151.2 in 2016. Cocoa prices fell at the beginning of the year. The 182-Day Treasury from $3,301 in 2015 to $2,268 in 2016. (Source: MOF) bill also declined from 24.4% to 17.6%. The longer term securities such as the 1-Year and 2-Year Treasury The Ghanaian Economy experienced subdued notes on the other hand declined very marginally growth as a result of various challenges in 2016. While from 22.8% to 21.5% and 23.3% to 22.5% respectively.
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Exchange Rate GHANA INSURANCE MARKET The Ghana cedi did much better in 2016 than the previous year, depreciating by 9.6% against the US REPORT dollar as compared to 31.2% recorded in 2015. The US dollar ending the year at GHS4.2/USD. For the Euro the Assets and Liabilities (excluding depreciated was 5.3% ending the year at GHS4.4/Euro while the Pound Sterling appreciated by as much as 10% Reinsurance) ending the year at GHS5.2/GBP. Aggregate insurance industry assets stood at GHS 3.76bn as at the end of 2016, representing a growth of 23% from GHS 3.06bn in the prior year. Life’s contribution Developments on the Ghana Stock Market to total industry assets was GHS 2.25bn representing 2016 was a challenging year for the Ghana Stock 60% as against Non-life’s contribution of GHS 1.51bn Exchange as the high returns on short term securities was representing 40%. more attractive to most investors. The difficult economic Total assets mainly consist of Investments, Cash and environment characterized by poor industry performance Property, Plant and Equipment (PPE). Figures 1 (b) and and coupled with the tough tax regime all impacted (c) show that investments form the largest portion of total negatively on most listed companies. The Composite assets. It makes up about 87% of the assets of long-term Index (GSE-CI) declined during the year by 15.33% in 2016 insurers (Life) and 59% of the assets of the short-term compared with a loss of 11.7% in 2015. About 23 stocks insurers (Non-life). recorded losses with only 6 gainers for the year. Market capitalisation also declined by 7.7% to GHS 52,910 at the Total Technical provision by the end of the year 2016, end of 2016 from GHS 57,116.8 million in 2015. stood at GHS 1.98bn representing a growth of 14% from GHS 1.73bn in 2015. The figures below show pictorial analyses of Total Assets between Life and Non-life for the years under review.
Fig. 1(a)
Total Assets: Yearly Aggregate Industry Contribution
2,500,000,000
2,000,000,000
1,500,000,000
1,000,000,000 2,241,041,446 500,000,000 1,744,171,943 1,505,676,463 1,383,427,958 886,659,346 0 1,320,370,212 2016 2015 2014
Life Non-life
Source: Financial returns from regulated entities
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Fig. 1(b) Composition of Total Life Industry Assets
Annual, 2016 Annual, 2015 6%4 % 4% 4% 5% 6%
83%
87% Investments Cash Investments Cash
Other Assets PPE or Fixed Assets Other Assets PPE or Fixed Assets
Annual, 2014
8% 5% 7%
81%
Investments Cash Other Assets PPE or Fixed Assets
Fig 1(c) Composition of Total Non-Life Industry Assets
Annual,2016 Annual, 2015
9% 10%
24% 34% 47%
59%
7% 10%
Investments Cash Other Assets PPE Investments Cash Other Assets P P E
23 2016 Annual Report National Insurance Commission
Annual, 2014
9%
18%
11% 62%
Investments Cash Other Assets P PE
Source: Based on data submitted to the NIC by licensed companies.
sector’s income. The life sector contributed GHS14million PERFORMANCE OF THE REINSURANCE of the premium income to close the year 2016 contributing SECTOR 8% of the aggregate income. The low contribution of premiums by life business of the Reinsurance sectors The non-life sector contributed GHS173 million of the income is mainly due to the high retention of life insurers Reinsurance market premium, representing 92% of the who generally sell investment saving linked products.
Figure 3
Premium Income for Reinsurance companies(2012-2016)
200,000,000
150,000,000 140,800,625 173,223,471 14,053,709 11,418,416 107,462,304 8,446,151 6,580,506 100,000,000 4,649,741 86,727,612 74,975,650
50,000,000
- Life Non-life
2016 2015 2014 2013 2012
Figure 3 (d) above depicts a pictorial analysis of the reinsurance industry for the past five years.
by ensuring that local capacity is fully utilized before Reinsurance Premium Transfers any recourse to overseas reinsurance. The table below Reinsurance provides capacity to insurers and helps to shows the amounts that were approved to be transferred smoothen out irregular performance. The NIC has issued overseas for a two (2) year period. its Reinsurance Guidelines in a bid to develop the sector
24 2016 Annual Report 2016 Annual Report National Insurance Commission National Insurance Commission
Overseas Reinsurance Premium Transfers
Currency 2016 2015 Dollars (US$) 9.72m 4.45m Pounds Sterling (£) 862 4,568 Euros (€) 36,052 427,337 Ghana Cedis (GHS) 4.68m 18.1m
third with an overall contribution of 6% of the total PREMIUM BY CLASS OF BUSINESS premium of GHS1.07bn in 2016. Engineering contributed NON-LIFE a gross market premium of GHS90m and a market share of 8%. The motor class of business continued its dominance with a premium income of GHS 518m, contributing 48% Expectations for Marine to grow remain high due to the of the overall premium income for 2016. It grew by 46% on-going enforcement of section 37 of Insurance Act, over the 2015 premium of GHS355m. Fire, Theft and 2006 (Act 724). Importers are obliged to insure their Property contributed 21% of the total premium for 2016 goods locally for the industry to reap the benefits of an and grew by 12% compared to the 2015 results. Marine increase in premium income. Refer to Table 5 below for & Aviation, and Personal Accident & Medical both came premiums per class of business.
Fig 4: Analysis of Non-Life Premiums by Class of Business
2016 :Non Life Class of business
1% 5% 3% 8% 21% 6%
6% 48%
F,T & P Motor P, H & M M&A Liability Financial Loss Engineering Others
Note: F, T & P - Fire, Theft and Property P, H &M - Personal Accident, Health and Medical M & A - Marine and Aviation Financial Guarantee: Bonds
25 2016 Annual Report National Insurance Commission
INSURANCE BROKING MARKET In 2016, brokers received revenue amounting to GHS respectively. However, KEK Reinsurance and Horizon 72.5m representing a growth rate of 12%. As shown in declined to the 4th and 7th positions respectively. Midas Table 6 below, 64% of the total commission income was Insurance made it to the 10th position with income in contributed by the top ten (10) brokers which stood at excess of GHS 2m representing 5% of the market share GHS 45.1m. for 2016. Tri-Star and Crown Insurance Brokers Limited both maintained their respective 6th and 9th positions With a contribution of GHS 15m and GHS 6m representing in 2016 as in prior year. This analysis does not include 33% and 13%, KEK Insurance and Edward Mensah, figures from the 10 newly licensed brokers because they Wood & Associates Limited maintained their respective are start-ups and were inactive during the year. positions as 1st and 2nd in the sector. Gras Savoye (now Willis Towers Watson Ghana limited), Safety, Shield Below is the list of top ten brokers based on their market and Crown improved to 3rd, 5th, 8th and 9th positions share /commission income:
NAME OF BROKER COMMISSION INCOME 1 KEK Insurance Brokers Limited 14,921,591 2 Edward Mensah, Wood & Associates Limited 6,031,736 3 Gras Savoye Ghana Limited (now Willis Watson Towers Gh.) 5,230,618 4 KEK Reinsurance Brokers (Africa) Limited 3,678,527 5 Safety Insurance Brokers Limited 3,019,912 6 Tri-star Insurance Services Limited 2,766,881 7 Horizon Insurance Brokers Limited 2,748,823 8 Shield Insurance & Risk Management Company Limited 2,597,133 9 Crown Insurance Brokers Limited 2,089,394 10 Midas Insurance Brokers Ltd 2,054,216 Total (GHS) 45,138,831
Fig. 4 Analysis of Brokerage Commission
Brokerage growth over five years (2012-2016)
80 45
70 39 40 )
n 36 71 o 35 60 35 illi 67 m
30
S 50 H 26 25 G
n 48 i 40
( 20
es 30 35 15 28 20 10 Reve nu 11 10 5
0 0 2012 2013 2014 2015 2016
Source: Data submitted by licensed Brokers
26 2016 Annual Report 2016 Annual Report National Insurance Commission National Insurance Commission
Figure 4 above shows a pictorial analysis of the growth of brokerage income over the past five years. As indicated, the rate of growth has been fluctuating. From 35% in 2012, the growth rate fell sharply to 26% in 2013. It then increased substantially in 2014 and 2015 partly due to the upward review in motor tariffs and then plummeted to 11% in 2016.
Table 1 Products Approved in 2016
No. COMPANY PRODUCT 1 African Life Insurance Company Limited Care Education Plan 2 African Life Insurance Company Limited Care Funeral Plan 3 African Life Insurance Company Limited Care Protection/Credit Life Plan 4 African Life Insurance Company Limited Care Term Life (Keyman) Plan 5 African Life Insurance Company Limited Care Group Term Life Plan 6 Best Assurance Company Limited Foreign Travel Insurance 7 Enterprise Life Assurance Company Limited Educare 8 Enterprise Life Assurance Company Limited Life Time Needs Plus 9 Enterprise Life Assurance Company Limited Elac Living Plus Plan 10 Enterprise Life Assurance Company Limited Elac Executive Plus plan 11 Enterprise Life Assurance Company Limited Transitions 12 Esich Life Insurance Company Limited Asomdwe Policy 13 First Insurance Company Limited Annuity (Immediate and Deferred) 14 Glico Life Insurance Company Limited Annuity (Immediate and Deferred) 15 GN Life Insurance Company Limited Group Term Policy 16 Hollard Insurance (Gh) Limited Lost Card Protection Policy 17 Metropolitan Life Insurance (Ghana) Limited Revised Investment Product (Goal Achiever Plan) 18 Old Mutual Life Assurance Company Limited Ecobank Retirement Savings Plan 19 Old Mutual Life Assurance Company Limited Transition Product 20 Prudential Life Insurance Ghana Limited PRU Smarter Life Plan/(Prudent Life Plan) 21 Prudential Life Insurance Ghana Limited SGBank Classic Funeral plan 22 Prudential Life Insurance Ghana Limited Changes Made to Tigo Family and hospital support plans 23 Prudential Life Insurance Ghana Limited BIMA PEG Hospital Cash 24 Prudential Life Insurance Ghana Limited BIMA Family Health Plan 25 Prudential Life Insurance Ghana Limited Tigo Income Protection Plan 26 Prudential Life Insurance Ghana Limited Petra trust Savings Insurance/ Savings Dream Guide 27 Saham Insurance Ghana Limited Directors & Officers Liability Protect 28 Saham Insurance Ghana Limited Home & Household Protect 29 Saham Insurance Ghana Limited Office Protect 30 Saham Insurance Ghana Limitedl Motor Protect 31 UT Life Insurance Company Limited Educational Plan 32 UT Life Insurance Company Limited Funeral Plan 33 UT Life Insurance Company Limited Update of UT Group Life Plan
Source: Data from Actuarial Department of the NIC.
27 2016 Annual Report National Insurance Commission
Table 2(a) Growth in Industry Gross Premium (2012 - 2016)
Year Premium Income (GHS) Growth Rate % 2012 850,679,973 - 2013 1,052,090,981 24 2014 1,239,853,442 18 2015 1,560,679,185 26 2016 1,928,838,573 24
Table 2(b) Growth in Gross premium for Non-Life Insurance (2012 -- 2016)
Year Premium Income (GHS) Growth Rate % 2012 494,891,864 - 2013 582,456,306 18 2014 659,262,969 13 2015 854,825,825 30 2016 1,070,057,051 25
Table 2(c) Growth in Gross Premium for Life Insurance (2012-2016)
Year Premium Income (GHS) Growth Rate % 2012 355,788,109 - 2013 469,634,675 32 2014 580,590,473 23 2015 705,853,360 22 2016 858,781,522 22
Table 2 (d) GROSS PREMIUMS OF NON-LIFE COMPANIES (2012 - 2016)
No COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS) 1. Activa Int. 16,066,559 21,720,151 26,900,589 38,268,180 40,818,428 2. Allianz Ins. 14,222,126 16,666,082 26,624,368 21,858,529 27,183,279 3. Best Ass. NA NA NA NA 4,918,453 4. Donewell Ins. 12,545,982 14,570,013 14,970,003 20,357,071 30,530,398 5. Enterprise Ins. 43,178,409 61,330,000 70,398,623 100,996,493 135,446,537 6. Equity Ass. 10,792,727 12,608,637 15,696,407 21,294,662 31,468,150 7. Ghana Union* 14,519,988 21,856,982 22,348,675 31,536, 467 33,526,207 8. Glico Gen. 31,905,202 39,691,703 46,397,194 68,638,428 69,660,874 9 Imperial Gen. NA 966,772 5,571,696 6,508,200 9,239,314 10 Heritage Energy 7,814,808 8,196,429 6,132,835 6,721,760 N/S 11. Hollard Ins. 44,405,519 53,899,625 63,307,559 77,273,501 84,094,685 12 Millennium Ins. 4,122,644 7,259,603 6,637,176 8,161,485 12,930,952
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No COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS) 13 NSIA Ghana 7,234,632 8,157,332 5,428,571 7,948,287 10,998,238 14 Phoenix Ins. 20,908,895 24,296,304 25,178,385 34,770,287 46,278,553 15 Prime Ins. 575,000 2,163,114 5,306,379 12,158,093 29,389,566 16 Priority Ins. 27,888 2,135,922 2,597,458 3,872,158 8,940,836 17 Provident Ins. 9,842,235 9,793,754 10,462,289 14,952,407 20,364,746 18 Quality Ins. 15,520,067 17,170,940 19,356,125 23,090,012 30,946,446 19 RegencyNEM 6,323,879 8,382,758 12,476,495 17,807,025 28,733,674 20 Saham Ins. 4,940,299 8,308,085 10,221,468 12,913,133 11,207,580 21 SIC Ins. 109,965,628 111,897,149 113,069,892 138,984,920 160,111,229 22 Star Assurance 60,895,352 57,005,894 71,228,815 91,584,258 119,710,991 23 Unique Ins. 5,020,265 5,726,279 5,983,230 7,856,036 11,167,973 24 Vanguard Ass. 41,776,384 53,039,656 58,172,319 72,775,120 97,100,246 25 Wapic 8,536,786 9,409,454 8,013,773 11,211,667 15,289,696
TOTALS 494,891,864 582,456,306 659,262,969 854,825,825 1,070,057,051
Source: Data Submitted and signed by industry Players to the NIC
Note: ‘NA’ companies were either not licensed or yet to provide operational result ‘*’ means 4th Quarter data was used due to late submission of audited annual data N/S - Heritage Energy had not submitted its reports at the time this report was finalised.
Table 2(e) GROSS PREMIUM OF LIFE COMPANIES (2012 – 2016)
No. COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS) 1 A-Plus NA NA NA NA 56,742 Capital Express (Now 2 812,057 809,346 580,154 477,366 Aviance Life) 3 Donewell Life 7,186,954 8,118,905 8,241,894 7,705,518 7,134,666 4 Enterprise Life 89,118,307 123,846,285 156,244,014 200,438,627 235,311,893 5 Esich Life* NA NA 1,663,326 8,200,464 12,375,460 6 First Insurance Comp. NA NA NA NA 7 Ghana Life Ins*. 8,278,234 10,533,661 12,731,893 14,740,234 17,911,223 8 Ghana Union Life* 2,498,486 4,724,564 5,014,211 7,395,373 7,636,506 9 Glico Life Ins. 36,022,000 55,546,000 59,654.05 64,926,000 82,733,226 10 GN Life Ass. NA NA NA 1,179,090 7,270,045 11 Metropolitan Life 19,642,000 21,574,030 26,344,298 29,924,473 31,595,032 12 Old Mutual Ass. 15,760,743 15,458,278 16,477,834 22,765,849 33,425,000 13 Phoenix Life Ins. 5,841,693 7,121,098 7,627,824 8,029,873 10,224,115 14 Prudential Life Ins. 1,781,307 5,378,355 11,722,469 20,720,285 33,814,009
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No. COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS) 15 Quality Life Ass. 5,863,825 7,021,932 8,480,291 8,972,136 9,424,765 16 Saham Life 130,406 906,352 2,550,358 4,563,663 5,999,595 17 SIC Life 100,301,526 127,244,626 158,323,730 181,272,376 212,960,892 18 Starlife Ass. 39,806,490 53,428,493 68,191,153 82,520,271 105,620,200 Unique Life (now Beige 19 3,475,538 3,798,298 4,834,636 5,022,477 3,700,690 Assure) 20 UT Life 6,722,840 11,952,035 15,697,395 18,872,345 19,634,602 21 Vanguard Life 12,545,703 12,122,417 16,210,947 18,126,941 22,009,604
TOTALS 355,788,109 469,634,675 580,590,473 705,853,361 858,781,522
Source: Data Submitted and signed by industry Players to the NIC
Note: *‘NA’ means companies either not licensed then or yet to produce figures. ‘*’ means 4th Quarter results were used due to late submission of annual data Blank cells/spaces indicates that the company had not submitted its reports at the time the report was finalised.
Table 3(a) Profit after Tax for Life Companies
No. COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS)
1. A-Plus NA NA NA NA (1,269,475) 2. Capital Express (302,211) (502,708) (1,775,344) N/S 3. Donewell Life (632,376) (1,904,686) 2,282,567 (69,383) 753,586 4. Enterprise Life 22,779,290 34,372,110 42,459,149 39,475,528 50,444,042 5. Esich Life * NA NA (2,455,077) (17,897,566) 9,697,271 6. First Insurance NA NA NA N/A N/A 7. Ghana Life* (995,838) 313,665 2,837,155 (103,179) (220,220) 8. GUA Life* 607,727 1,014,484 446,060 2,215,310 1,504,820 9. Glico Life 16,347,700 10,159,159 4,844,515 4,708,648 26,749,215 10. GN Life NA NA 1,574,831 1,027,207 5,534,381 11. Metropolitan Life (4,117,694) 3,617,895 3,735,547 4,304,019 961,466 12. Old Mutual 1,876,857 (15,789,349) (16,877,203) (6,305,000) 3,686,001 13. Phoenix Life 136,774 367,828 (2,810,091) (571,815) 489,378 14. Prudential (2,347,123) (4,195,123) (5,706,222) (7,057,185) (3,122,725) 15. Quality Life 960,475 1,426,916 1,102,537 517,732 548,741 16. Saham Life (583,578) (200,524) 5,866 111,583 332,681 17. SIC Life 5,371,215 9,288,157 12,382,878 15,547,729 3,407,626 18. StarLife 22,927,764 4,739,658 8,050,762 6,054,695 10,922,050 19. Unique Life 120,608 (1,701,622) (837,374) (2,493,520) (3,393,346)
30 2016 Annual Report 2016 Annual Report National Insurance Commission National Insurance Commission
No. COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS) 20. UT Life 403,975 2,008,795 786,428 (3,980,163) (10,431,350) 21. 22. Vanguard Life (662,411) 211,151 (466,020) (2,800,994) 373,524 Total By Year 61,891,154 43,728,514 50,853,600 30,908,304 98,237,141
Table 3(a) Profit After Tax for Life Companies
Source: Data Submitted by licensed Life companies
Note: N/A – A Plus Esich and First Insurance had not been licensed. N/S – Capital Express had not submitted their reports at the time of finalising this report ‘*’ means 4th Quarter results were used due to late submission of annual data
Table 3(b) Profit After Tax for Non-Life Companies
No. Company 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS)
1. Activa 1,885,345 781,634 2,575,779 2,582,380 2. Allianz (469,397) (788,624) (2,512,678) (1,592,056) 3. Best Assurance NA NA N/A 439,553 4. Donewell 1,561,159 3,235,787 3,454,261 5,071,865 5. Enterprise 13,522,000 8,314,907 9,238,477 17,023,497 6. Equity 1,425,393 1,263,176 2,177,456 4,177,606 7. GUA* 1,024,264 1,221,690 3,388,629 913,913 8. Glico General 812,653 (3,489,527) (1,492,335) 3,813,043 9. Hollard 2,823,074 1,560,741 4,428,310 8,124,290 10. Imperial Gen. 220,543 228,339 122,011 (1,254,015) 11. IEI / Heritage (5,390,403) (3,281,638) 249,233 N/S 12. Millennium 1,621,823 601,201 (155,221) 1,828,426 13. NEM 261,515 329,888 542,667 N/A
14. NSIA (2,816,023) (3,623,029) 602,653 1,202,744 15. Phoenix (91,960) 2,011,860 1,701,742 5,752,775 16. Prime (1,204,301) (6,135,082) (889,655) 745,706 17. Priority 881,056 1,317,602 2,680,385 1,628,931 18. Provident 9,119,943 3,174,096 5,839,491 5,514,311 19. Quality 1,137,964 140,242 650,405 2,937,363 20. RegencyNem 784,781 2,135,023 529,167 2,725,976 21. Saham 173,203 123,209 414,546 (4,290,683)
31 2016 Annual Report National Insurance Commission
No. Company 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS)
22. SIC 594,652 (8,303,403) 10,035,509 3,646,458 23. Star Assurance 5,610,573 1,129,093 14,016,260 19,600,192 24. Unique (1,335,826) (209,695) 17,762 4,238,056 25. Vanguard 4,429,673 906,791 5,914,810 7,777,244 26. Wapic (660,618) 2,501,595 (2,190,904) (3,967,022) Total 35,921,086 5,145,876 61,338,759 88,640,553
Source: Data Submitted licensed Non-Life companies
*Note: The 2013- 2015 figures of RegencyNem belong to Regency Alliance Insurance Company Limited before the merger. Heritage Energy had not submitted its reports as at the time of finalising this report.
Table 4: Premium Income for Reinsurance companies (2012-2016)
Market Non-life Total Growth Market Year Life (GHS) share Rate share Life (GHS) (GHS) Non-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 NIC. Included in 2016 is a draft Annual data for Ghana Reinsurance
Table 5 Premium Distribution by Class of Business (2014-2016)
Non-Life Class 2014 2015 2016 Contribution Contribution Contribution per class per class per class of Business (GHS) (GHS) (GHS) Fire, Theft and 154,236,365 23.4% 198,072,421 23.2% 221,506,349 28% property Motor 267,658,809 40.6% 355,227,506 41.6% 518,257,208 48% Personal Accident, 59,493,539 9.0% 84,671,194 9.9% 68,659,141 6% Health and Medical Marine and Aviation 58,261,326 8.8% 62,446,511 7.3% 68,497,311 6% Liability 22,609,439 3.4% 28,707,779 3.4% 34,083,134 3% Bonds/Financial 30,075,314 4.6% 41,777,399 4.9% 54,654,670 5% Guarantees Engineering 36,031,308 5.5% 61,571,738 7.2% 90,035,148 8% Other Approved 30,896,869 4.7% 22,351,277 2.6% 14,364,090 1% Products Total Non-Life 659,262,969 100% 854,825,825 100% 1,070,057,051 100% Premiums
32 2016 Annual Report 2016 Annual Report National Insurance Commission National Insurance Commission
Market Market LIFE AND NON-LIFE 2014 2015 2016 share Share Total Non-Life 659,262,969 53% 854,825,825 55% Premiums 1,070,057,051 55% Life Business (All the 580,590,473 47% 705,853,361 45% classes) 858,781,522 45% Grand Total 1,239,855,456 100% 1,560,681,201 100% 1,928,838,573 100% (Life and Non-Life)
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.
Table 6: Brokerage Commission for 2012 – 2016 expressed in Cedis
No. COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS) 1. AG & Assoc. 48,850 146,423 220,709 326,800 N/S 2. Akoto Risk 458,838 542,781 630,740 960,550 1,203,754 3. All Risks 742,283 689,827 721,166 763,677 879,618 4. AllStar - 415,953 538,093 5. Allied 59,645 52,343 134,279 75,579 110,051 6. Alpha 352,147 352,147 474,200 554,134 701,662 7. Apex 78,316 64,457 318,336 374,483 628,716 8. ARB 264,395 494,090 800,266 9. ARK 118,399 162,741 254,695 311,321 347,425 10. Arrowclass 774,653 999,791 1,324,991 11. Ascoma Ghana 416,587 679,537 1,225,130 1,134,591 1,401,987 12. Asterix 108,911 131,319 192,507 129,207 197,194 13. Baobab 9,682 36,185 103,687 188,203 14. Boaitey & Associates - 264,810 542,177 15. Byllwych - 3,694 N/S 16. Cardinal Brokers * - 193,340 363,280 273,582 17. Ceris Int’l 251,312 325,020 801,849 577,793 N/S 18. CLAIM Ltd. 354,390 242,468 511,109 483,781 340,547 19. Corporate Trust 162,367 542,789 249,279 982,734 N/S 20. Crown 1,016,883 1,165,184 1,611,389 1,874,542 2,089,394 21. Danniads 837,503 981,531 1,367,910 1,369,603 1,458,624 22. Dezag Insurance Brokers 190,253 48,958 171,380 Limited 23. Double D & M 15,561 20,907 - 62,906 N/S
33 2016 Annual Report National Insurance Commission
No. COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS) 24. Dynamic 281,379 270,994 402,873 461,250 444,832 25. Edward Mensah, Wood & 6,031,736 3,472,549 3,718,846 4,060,201 6,596,403 Associates. 26. Eureka 51,289 84,015 - N/S 27. Felin Brokers 147,350 427,251 592,832 905,780 28. First Anchor 588,822 638,421 1,195,548 1,478,209 1,424,594 29. Functions Risk 27,657 144,511 202,619 30. GBL Insurance Brokers Ltd. 3,694 23,270 31. Ghana Int’l Brokers 41,105 118,096 N/A N/A N/S 32. Global Impact 96,336 91,763 125,550 113,395 129,673 33. Goldlink 40,140 46,708 95,300 34. Goodwill - 2,704 73,442 35. Gras Savoye 1,618,102 2,091,824 2,229,774 3,232,346 5,230,618 36. Horizon 1,046,989 1,544,717 2,143,062 2,721,601 2,749,823 37. Insurance Centre 102,167 124,892 189,745 280,919 376,241 38. Insurance Consult. 380,056 232,232 204,661 193,349 295,054 39. Insurance Solutions 252,466 385,187 723,412 1,053,551 1,466,311 40. KAV 60,261 130,216 114,770 98,677 224,683 41. KEK 6,812,012 8.272,563 10,909,117 13,265,860 14,921,591 42. KEK Reins. 1,020,834 1,450,312 2,507,054 3,293,701 3,678,527 43. Khols & Hols 23,301 272,412 44. Liberty Brokers 78,117 171,056 191,365 277,784 229,930 45. Lordship 272,579 327,665 470,040 531,091 669,372 46. M & G Ins. Brok. 436,770 478,626 758,816 928,308 1,090,259 47. Maxpal Interm. 162,498 152,932 63,166 83,574 143,009 48. Metrix 90,330 218,222 328,624 49. Midas 664,353 1,034,889 1,474,030 1,802,416 2,054,216 50. Multinational 65,266 211,036 362,427 51. NDL Consult 69,400 206,702 230,157 232,442 52. Novelty - 144,950 152,198 53. OAK Brokers - 40,161 - 54. Premier Brokers 14,715 31,697 129,152 137,180 230, 211 55. Progressive 507,379 881,760 924,358 1,126,622 1,418,800 56. Prudent Ins. Brokers 301,714 320,226 324,768 270,249 302,425 57. Riscovery Ltd. 40,108 181,171 682,218 722,401 840,990
34 2016 Annual Report 2016 Annual Report National Insurance Commission National Insurance Commission
No. COMPANY 2012 (GHS) 2013 (GHS) 2014 (GHS) 2015 (GHS) 2016 (GHS) 58. Risk Mgt. & Adv. 516,566 930,215 1,519,347 2,287,277 2,013,409 59. Safeguard - 31,290 1,119,123 60. Safety 1,012,457 1,510,646 2,034,626 2,557,076 3,019.912 61. Saviour 67,945 68,121 10,561 194,240 N/S 62. Shield 505,956 1,145,922 1,530,327 2,102,993 2,597,133 63. Trans-National 222,366 354,437 470,585 420,156 473,070 64. Trinity - - 88,699 112,900 158,523 65. Tri-Star 1,481,263 1,604,359 2,095,376 2,612,467 2,766,881 66. UGroup Ltd. 23,501 36,115 43,652 62,325 67. Universal 123,944 130,016 - 101,896 93,446 68. VISAL 1,160,472 1,244,939
Total 27,651,046 26,901,161 48,623,536 64,722,972 73,144,221, Earnings of top 10 cos. 19,060,875 23,539,265 30,640,273 40,544,266 45,138,831 Percentage of top 10 68% 67% 63% 62.6% 62%
N/S – These companies had not submitted their reports as at the time of finalising this report.
35 2016 Annual Report National Insurance Commission
PERFORMANCE INDICATORS
LIFE COMPANIES The Life sector grew by 21% in 2016 in terms of gross premium income. The analyses below do not include Adamas Life, First Insurance, Capital Express and Millennium Life Insurance Company. Companies with ratios out of range have not been included in determining the industry averages for the periods under review.
Key Income Statement Figures (2013-2015) 2016 2015 2014 2013 (GHS’m) (GHS’m) (GHS’m) Gross Premium 858,781,522 705,853,360 578,927,147 469,825,330 Reinsurance 20,759,532 15,873,558 8,663,319 6,212,561 Net Premiums 838,021,990 688,003,933 571,818,794 462,612,769 Transfer to Life Fund (277,458,482) (268,854,540) (182,727,720) (210,035,111) Underwriting Results (261,652,225) (312,247,111) (139,587,727) (23,352,153) Net Policyholder Benefits Paid 443,544,001 392,832,147 305,093,314 213,783,081 Commissions 98,572,197 85,751,897 63,568,911 48,832,669 Management Expenses 253,938,737 252,806,835 169,075,741 114,070,306 Other Income 14,340,046 34,539,660 25,352,347 6,403,376 Investment Income 378,305,473 283,663,463 176,907,615 172,877,282 Net Profit after tax 98,237,141 (5,831,749) 54,648,759 46,298,727
Key Industry Average Ratios (2012-2016) Life Ratios (%) 2012 2013 2014 2015 2016 Change in policyholder inflows 32 31 35 22 21 Policyholder Coverage (TP/ 2.7x 2.6x 1.9x 1.8x 1.6x Equity) Investment to Total Asset 70 70 78 84 84 Policyholder Benefits Cover 168 138 154 144 253 (Inv./TP) Retention Ratio 97 97 95 91 91 Investment Yield 12 19 18 17 16 Return on Equity 7.5 20 18 17 6
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Key Industry Average Ratios (2012-2016) Life Ratios (%) 2012 2013 2014 2015 2016 Return on Assets 3 5 6 -1 0.04 Expense Ratio 57 57 61 65 65 Change in Capital and Surplus 93 7 180 18 57
CHANGE IN POLICYHOLDER INFLOWS
This ratio measures growth or contraction of a life insurer’s total premium (both risk and savings components) inflows from policyholders. The Average Policyholder inflow for 2016 (21%) is a point drop in the growth rate of long-term insurers’ premium(s) compared to the 2015 results. Generally the companies recorded lower growth rates compared to previous years. Unique Life and Donewell Life were the only Life Companies that actually experienced contraction in growth. A-Plus ratio is out of range mainly because it is a start-up and does not have a base year premium to compare with.
CHANGE IN POLICYHOLDER INFLOWS Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 32 38 35 22 21 Life Companies: 1 A-Plus Life Assurance Company Limited 1,079 2 Capital Express Assurance Ghana Limited 65 -18 3 Donewell Life Insurance Company Limited 0 14 1 -7 -8 4 Enterprise Life Assurance Company Limited 44 40 26 25 16 5 Esich Life Assurance Company Limited 511 51 6 Ghana Life Insurance Company Limited * 34 27 20 16 19 7 Ghana Union Assurance Life Company Limited * 53 78 -5 45 27 8 Glico Life Insurance Company Limited 5 49 10 8 27 9 GN Life Assurance Company Limited 553 10 Met Life Insurance Ghana Company Limited 40 9 22 10 5 11 Old Mutual Assurance Ghana Limited -2 -3 7 38 48 12 Phoenix Life Assurance Company Limited 64 18 7 3 28 13 Prudential Life Insurance Ghana Limited 53 202 113 73 64 14 Quality Life Assurance Company 25 20 21 6 5 15 Saham Life Insurance Ghana Limited 213 584 186 78 29 16 SIC Life Company Limited 39 27 24 15 18 17 StarLife Assurance Company Limited 46 34 28 21 28 18 Unique Life Assurance Company Limited 5 11 2 -27 19 UT Life Company Limited 158 80 31 20 3 20 Vanguard Life Assurance Company Limited -7 -10 36 10 23.09
Companies suffixed with * had their 4th quarter result used.
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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 the actuarial liabilities 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 161% shows an improvement in the capacity of long-term insurers to meet unforeseen shocks. This is however subject to the detail capital adequacy assessment.
POLICYHOLDER COVERAGE
Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 280 260 191 180 161 Life Companies: 1 A-Plus Life Assurance Company Ltd 2 2 Capital Express Assurance Ghana Limited 45 -814 3 Donewell Life Insurance Company Limited 0 -538 14532 -15011 179.52 4 Enterprise Life Assurance Company Limited 208 255 235 262 282 5 Esich Life Assurance Company Limited -217 125 6 Ghana Life Insurance Company Limited * 0 298 97 111 101 7 Ghana Union Assurance Life Company Ltd * 89 127 209 78 36 8 Glico Life Insurance Company Limited 102 115 125 147 125.54 9 GN Life Assurance Company Limited 5 8 10 Met Life Insurance Ghana Company Limited 678 556 392 336 376 11 Old Mutual Assurance Ghana Limited 450 1233 199 128 134 12 Phoenix Life Assurance Company Limited 302 310 96 59 70 13 Prudential Life Insurance Ghana Limited 49 153 25 50 58 14 Quality Life Assurance Company 368 344 294 339 377 15 Saham Life Insurance Ghana Limited 11 19 31 6 10 16 SIC Life Company Limited 551 535 539 570 702 17 StarLife Assurance Company Limited 569 600 271 311 329 18 Unique Life Assurance Company Limited 248 -3593 -566 141 19 UT Life Company Limited 91 81 91 157 81 20 Vanguard Life Assurance Company Limited 411 241 75 147 28.52
Companies suffixed with * had their 4th quarter result used.
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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 84%, same as in 2015. The higher the ratio, the better the quality of the company’s asset base. In 2016, Ghana Life, UT Life and Vanguard Life all had ratios below the industry average of 84%.
PROPORTION OF INVESTMENT TO ASSETS
Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 70 70 78 84 84 Life Companies: 1 A-Plus Life Assurance Company Ltd 38
2 Capital Express Assurance Ghana Limited 69 0 76 3 Donewell Life Insurance Company Limited 78 79 91 95 88
4 Enterprise Life Assurance Company Limited 87 86 87 93 93
5 Esich Life Assurance Company Limited 89 91
6 Ghana Life Insurance Company Limited * 48 60 63 64 61 Ghana Union Assurance Life Company 7 88 68 72 86 73 Limited * 8 Glico Life Insurance Company Limited 87 91 80 87 93
9 GN Life Assurance Company Limited 96 89
10 Met Life Insurance Ghana Company Limited 96 96 93 98 98
11 Old Mutual Assurance Ghana Limited 63 61 80 92 96
12 Phoenix Life Assurance Company Limited 65 66 81 85 84
13 Prudential Life Insurance Ghana Limited 2 64 35 89 90
14 Quality Life Assurance Company 86 88 85 89 91
15 Saham Life Insurance Ghana Limited 58 76 65 94 92
16 SIC Life Company Limited 77 78 80 86 92
17 StarLife Assurance Company Limited 86 82 85 96 94
18 Unique Life Assurance Company Limited 55 71 66 87
19 UT Life Company Limited 63 54 64 68 77
20 Vanguard Life Assurance Company Limited 70 63 53 46 73
Companies suffixed with * had their 4th quarter result used.
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POLICYHOLDER BENEFIT COVER This is a measure of investment adequacy with respect to an insurer’s liability. 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 253% in 2016. This is the best in five 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. A-Plus and GN Life ratios are out of range because it is a start-up.
POLICYHOLDER BENEFIT COVER
Percentage (%)
Year: 2012 2013 2014 2015 2016
Industry Average: 121 138 144 144 253
Life Companies: 1 A-Plus Life Assurance Company Ltd 1,796
2 Capital Express Assurance Ghana Limited 240 0 106
3 Donewell Life Insurance Company Limited 59 68 96 99 142
4 Enterprise Life Assurance Company Limited 138 132 134 135 134
5 Esich Life Assurance Company Limited 93 211
6 Ghana Life Insurance Company Limited * 72 91 146 135 135 Ghana Union Assurance Life Company 7 206 128 115 204 283 Limited * 8 Glico Life Insurance Company Limited 183 180 150 158 194
9 GN Life Assurance Company Limited 2407 1353
10 Met Life Insurance Ghana Company Limited 121 128 122 135 131
11 Old Mutual Assurance Ghana Limited 77 69 132 175 178
12 Phoenix Life Assurance Company Limited 99 102 183 256 234
13 Prudential Life Insurance Ghana Limited 7 99 191 313 272
14 Quality Life Assurance Company 112 116 117 119 117
15 Saham Life Insurance Ghana Limited 815 702 393 1883 1,059
16 SIC Life Company Limited 96 97 99 103 109
17 StarLife Assurance Company Limited 104 101 123 134 131
18 Unique Life Assurance Company Limited 77 72 59 155
19 UT Life Company Limited 151 159 161 127 185
20 Vanguard Life Assurance Company Limited 89 96 145 103 407
Companies suffixed with * had their 4th quarter result used.
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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.
RETENTION RATIO
Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 97 97 95 91 91 Life Companies: 1 A-Plus Life Assurance Company Ltd 100 2 Capital Express Assurance Ghana Limited 100 100 3 Donewell Life Insurance Company Limited 98 99 99 83 82 4 Enterprise Life Assurance Company Limited 98 99 99 97 96 5 Esich Life Assurance Company Limited 88 99 6 Ghana Life Insurance Company Limited * 100 100 99 100 98 Ghana Union Assurance Life Company 7 79 74 67 63 79 Limited * 8 Glico Life Insurance Company Limited 100 100 99 98 98 9 GN Life Assurance Company Limited 87 92 10 Met Life Insurance Ghana Company Limited 99 98 98 75 84 11 Old Mutual Assurance Ghana Limited 99 98 99 98 96 12 Phoenix Life Assurance Company Limited 97 97 97 80 82 13 Prudential Life Insurance Ghana Limited 100 100 98 94 94 14 Quality Life Assurance Company 100 99 98 96 97 15 Saham Life Insurance Ghana Limited 100 98 100 99 96 16 SIC Life Company Limited 99 100 100 100 100 17 StarLife Assurance Company Limited 100 100 100 100 99 18 Unique Life Assurance Company Limited 100 100 90 84 19 UT Life Company Limited 94 96 90 88 63 20 Vanguard Life Assurance Company Limited 94 91 83 89 91
Companies suffixed with * had their 4th quarter result used.
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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 2016 with an average ratio of 16%. 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% within the same period.
INVESTMENT YIELD
Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 12 19 18 17 16 Life Companies: 1 A-Plus Life Assurance Company Ltd - - - - 22 2 Capital Express Assurance Ghana Limited 1 23 3 Donewell Life Insurance Company Limited 15 18 22 21 12 4 Enterprise Life Assurance Company Limited 15 27 15 16 16 5 Esich Life Assurance Company Limited - - - 10 16 6 Ghana Life Insurance Company Limited * 17 11 38 21 10 Ghana Union Assurance Life Company 7 17 20 24 20 13 Limited * 8 Glico Life Insurance Company Limited 22 11 9 23 26 9 GN Life Assurance Company Limited - - - 18 17 10 Met Life Insurance Ghana Company Limited 14 22 18 16 19 11 Old Mutual Assurance Ghana Limited 12 15 13 18 20 12 Phoenix Life Assurance Company Limited 30 21 12 13 22 13 Prudential Life Insurance Ghana Limited 1 6 3 9 11 14 Quality Life Assurance Company 14 20 21 22 24 15 Saham Life Insurance Ghana Limited 3 19 21 3 7 16 SIC Life Company Limited 10 15 16 20 21 17 StarLife Assurance Company Limited 7 29 12 19 20 18 Unique Life Assurance Company Limited 9 16 30 12 19 UT Life Company Limited 10 27 27 21 3 20 Vanguard Life Assurance Company Limited 18 22 25 1 14
Companies suffixed with * had their 4th quarter result used.
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RETURN ON EQUITY
This ratio calculates the return on shareholders’ fund over a period, usually, one year. A negative ratio implies the company experienced a loss or has a negative equity base or both during the period. Five companies recorded operational losses.
RETURN ON EQUITY
Percentage (%)
Year: 2012 2013 2014 2015 2016
Industry Average: 18 20 18 17 6
Life Companies: 1 A-Plus Life Assurance Company Ltd -10
2 Capital Express Assurance Ghana Limited -15 0 -1,480
3 Donewell Life Insurance Company Limited 9 -14 1076 -31 4
4 Enterprise Life Assurance Company Limited 57 59 51 39 42
5 Esich Life Assurance Company Limited -168 51
6 Ghana Life Insurance Company Limited -29 8 21 -1 -1 Ghana Union Assurance Life Company 7 41 61 34 63 11 Limited * 8 Glico Life Insurance Company Limited 35 18 8 8 30
9 GN Life Assurance Company Limited 6 23
10 Met Life Insurance Ghana Company Limited -65 36 22 18 4
11 Old Mutual Assurance Ghana Limited 31 -487 -60 -75 6
12 Phoenix Life Assurance Company Limited 7 15 -34 -4 3
13 Prudential Life Insurance Ghana Limited -31 -118 -15 -23 -8
14 Quality Life Assurance Company 29 31 17 8 8
15 Saham Life Insurance Ghana Limited -30 -12 0 1 2
16 SIC Life Company Limited 20 25 25 26 6
17 StarLife Assurance Company Limited 215 30 18 12 16
18 Unique Life Assurance Company Limited 33 812 -161 -48
19 UT Life Company Limited 7 18 5 -28 -31
20 Vanguard Life Assurance Company Limited -14 4 -8 -95 2.4 Companies suffixed with * had their 4th quarter result used.
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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. Market performance for this ratio is on the decline in last three years. This can be attributed to the increasing volume of assets in the industry and the low profit base of the companies.
RETURN ON ASSET
Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 3 7 6 -1 0.04 Life Companies: 1 A-Plus Life Assurance Company Ltd -0.09 2 Capital Express Assurance Ghana Limited -10 0 -131 3 Donewell Life Insurance Company Limited 3 7 -0.2 0.01 4 Enterprise Life Assurance Company Limited 17 15 14 10 0.10 5 Esich Life Assurance Company Limited -73 0.58 6 Ghana Life Insurance Company Limited 2 9 -0.3 -0.01 Ghana Union Assurance Life Company 7 20 25 10 34 0.08 Limited * 8 Glico Life Insurance Company Limited 16 8 3 3 0.12 9 GN Life Assurance Company Limited 4 0.19 10 Met Life Insurance Ghana Company Limited -8 5 4 4 0.01 11 Old Mutual Assurance Ghana Limited 6 -35 (18) -31 0.02 12 Phoenix Life Assurance Company Limited 1 3 (16) -2 0.02 13 Prudential Life Insurance Ghana Limited -20 -39 (11) -13 -0.05 14 Quality Life Assurance Company 6 7 4 2 0.02 15 Saham Life Insurance Ghana Limited -20 -6 0 1 0.02 16 SIC Life Company Limited 3 4 4 4 0.01 17 StarLife Assurance Company Limited 31 4 5 3 0.04 18 Unique Life Assurance Company Limited 2 -22 (9) -32 -0.19 19 UT Life Company Limited 3 8 2 -10 -0.16 20 Vanguard Life Assurance Company Limited -3 1 (4) -29 0.02
Companies suffixed with * had their 4th quarter result used.
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EXPENSE RATIO This ratio calculates total management expenses as a percentage of total net inflows received from policyholders. It serves as a check on efficiency. 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. Unique Life and UT life spent more than their net premium written.
EXPENSE RATIO
Percentage (%)
Year: 2012 2013 2014 2015 2016
Industry Average: 57 57 61 65 65
Life Companies: 1 A-Plus Life Assurance Company Ltd 4,358
2 Capital Express Assurance Ghana Limited 116 0 326
3 Donewell Life Insurance Company Limited 89 37 51 59 62
4 Enterprise Life Assurance Company Limited 40 36 36 37 36
5 Esich Life Assurance Company Limited 350 76
6 Ghana Life Insurance Company Limited * 61 58 62 67 58 Ghana Union Assurance Life Company 7 66 68 80 60 70 Limited * 8 Glico Life Insurance Company Limited 28 25 29 44 33
9 GN Life Assurance Company Limited 265 80
10 Met Life Insurance Ghana Company Limited 51 50 41 47 53
11 Old Mutual Assurance Ghana Limited 23 33 95 113 77
12 Phoenix Life Assurance Company Limited 57 57 67 56 75
13 Prudential Life Insurance Ghana Limited 140 146 136 134 93
14 Quality Life Assurance Company 39 38 41 42 47
15 Saham Life Insurance Ghana Limited 609 170 102 88 79
16 SIC Life Company Limited 23 22 23 27 28
17 StarLife Assurance Company Limited 34 31 37 45 43
18 Unique Life Assurance Company Limited 67 79 97 108
19 UT Life Company Limited 67 68 71 73 104
20 Vanguard Life Assurance Company Limited 49 54 51 60 54
Companies suffixed with * had their 4th quarter result used.
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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’s. 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 actuarial liabilities valuation policies and assumptions and regulatory enforcement to inject capital.
CHANGE IN CAPITAL AND SURPLUS
Percentage (%)
Year: 2012 2013 2014 2015 2016
Industry Average: 93 7 180 18 57
Life Companies: 1 A-Plus Life Assurance Company Ltd 43
2 Capital Express Assurance Ghana Limited 487 -104
3 Donewell Life Insurance Company Limited 8 -28 -102 -207 -8595
4 Enterprise Life Assurance Company Limited 53 46 42 21 19
5 Esich Life Assurance Company Limited -246 -279
6 Ghana Life Insurance Company Limited * 4 11 253 7 21 Ghana Union Assurance Life Company 7 12 7 -21 167 463 Limited * 8 Glico Life Insurance Company Limited 51 20 5 5 43
9 GN Life Assurance Company Limited 6 31
10 Met Life Insurance Ghana Company Limited 14 57 75 36 4
11 Old Mutual Assurance Ghana Limited 110 -47 749 102 7
12 Phoenix Life Assurance Company Limited 7 19 242 83 3
13 Prudential Life Insurance Ghana Limited 13671 -53 959 -19 28
14 Quality Life Assurance Company 62 38 42 3 5
15 Saham Life Insurance Ghana Limited 137 -10 0 782 2
16 SIC Life Company Limited 20 41 30 21 -3
17 StarLife Assurance Company Limited 29 48 185 17 27
18 Unique Life Assurance Company Limited -10 -143 -269 -556
19 UT Life Company Limited 410 84 41 -8 137
20 Vanguard Life Assurance Company Limited 8 25 0.1 -49 426
Companies suffixed with * had their 4th quarter result used.
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AGGREGATED LIFE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016 ASSETS
2016 2015 GHS GHS 1. Cash 109,773,267 113,170,636 2. Investments: Government of Ghana Securities 234,138,916 208,532,460 Bank of Ghana Securities 122,220,569 71,594,672 Statutory Deposits 21,026,008 11,096,574 Term deposits held at a licensed bank 938,217,992 674,016,790 Other term deposits 66,192,291 62,167,489 Corporate Debt 3,645,055 2,460,735 Securities listed on Ghana Stock Exchange 63,462,029 65,741,458 Other Securities 30,854,716 17,258,385 Equity backed mutual funds 59,019 2,379,928 Money market mutual funds 34,064,539 25,745,138 Land & building held as investment 363,313,109 266,855,868 Investments in, and subordinated loans to, connected persons 51,866,619 36,143,815 Other Investments 10,500,500 -
Total Investments 1,939,561,361 1,443,993,311 3. Receivables: Policy Loans 49,082,582 65,473,120 Premium Debtors 5,194,420 1,308,882 Staff Loans and Advances 1,508,341 2,075,840 Due from reinsurers less than 3 months old 463,618 - Due from reinsurers more than 3 months old 1,390,853 1,387,993 Due from other Insurers 93,997 - Due from Agents and Brokers 2,442,070 1,414,214 Due from Connected Persons 4,888,174 9,366,955 Reinsurance Share of Insurance liabilities 847,691 703,144 Deferred Tax Assets 3,343,054 1,809,165 Other Receivables 27,261,181 27,743,977
Total Receivables 96,515,981 111,283,290 4. Property, Plant and Equipment Lands and Buildings 45,141,749 36,663,852 Plant and Equipment 2,683,807 1,602,075
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AGGREGATED LIFE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016 ASSETS
2016 2015 GHS GHS Computer Hardware and Software 4,221,114 5,721,084 Motor Vehicles 14,703,789 12,100,669 Furniture and Fittings 7,602,201 7,334,957 Other Assets 16,959,025 10,649,496
Total Property, Plant & Equipment 91,311,686 74,072,134 5. Intangible Assets Goodwill, unless otherwise deducted 9,239 - Other assets shown as intangible assets 3,217,216 1,388,451
Total Intangible Assets 3,226,455 1,388,451 6. Other assets Capitalized research and development costs - - Deferred acquisition costs - 37,108 Corporate stationery 563,133 211,014 Other assets not included above 89,563 16,000 Capitalized research and development costs 652,696 264,122 Deferred acquisition costs - -
TOTAL ASSETS 2,241,041,446 1,744,171,943
AGGREGATED LIFE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016 LIABILITIES AND EQUITY 2016 2015 GHS GHS 1. Technical Provisions Actuarial Liabilities 1,434,015,816 1,164,899,813 Investment Contracts Liabilities 2,158,476 2,990,771
Other Provisions 239,088 310,562 Total Technical Provisions 1,436,413,380 1,168,201,146 2. Payables Bank Overdrafts and Loans 6,328,963 3,426,881
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AGGREGATED LIFE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016 LIABILITIES AND EQUITY 2016 2015 GHS GHS Due to Reinsurers 3,806,279 2,195,238 Due to Agents and Brokers 5,149,729 3,342,505 Taxation 13,544,861 2,752,594 Deferred Taxation 37,061,128 22,065,638 Due to Related Parties 8,339,180 13,114,018 Other Accruals & Payables 80,363,164 62,184,367
Total Payables 154,593,304 109,081,242 3. Long Term Liabilities Bank Loans 1,435,198 3,895,535 Debentures - Subordinated Debts - Other Borrowings -
Total Long-Term Liabilities 1,435,198 3,895,535 4. EQUITY Paid up perpetual cumulative preference shares held as treasury 457,148,815 344,410,996 Contingency Reserves 30,104,842 - Revaluation Reserves (Owned Land & Building) 0 - Revaluation Reserves (Investments excluding items to be deducted 0 - from core capital) Revaluation Reserves (Others) 0 - Other Reserves(please specify) 0 - Retained Earnings, as at end of previous financial year 30,104,842 21,132,218 Current year net earnings/deficit 23,342,261 16,251,865 “Others 15,130,512 42,819,092
Total Equity 648,599,561 462,994,020 TOTAL LIABILITIES AND EQUITY 2,241,041,444 1,744,171,943
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PERFORMANCE INDICATORS
NON-LIFE COMPANIES
INTRODUCTION The Non-Life business grew by 28% in terms of gross premium income. The various growth and performance indicators have been summarized in the tables below.
2016 (GHS’ m) 2015 (GHS’ m) 2014 (GHS’ m) 2013 (GHS’ m)
Gross Premium 1,070 854 659, 582, Reinsurance 402 355 272 204, Net Written Premium 668 509 396 366 Net Earned Premium 597 475 394 325 Gross Claims Incurred 329 555 237 173 Management Expenses 445 273 274 210 Commissions 124 103 80 64 Underwriting Results (25) (65) (89) (24) Investment Income 160 118 89 53 Other Income 25 30 22 20 Profit After Tax 88 61 22 73
Key Industry Average Ratios (2012 – 2015) RATIO 2012 2013 2014 2015 2016 Change in Gross Written Premium (%) 38 18 13 32 28 Change in Net Written Premium (%) 43 14 13 43 41 Gross Insurance Risk Ratio 2.1x 2.2x 1.7x 1.7x 1.4x Net Insurance Risk Ratio 1.4x 1.4x 1.1x 1.1x 0.7x Change in Capital and Surplus (%) 12 25 76 48 45 Claims Reserve Ratio (%) 31 39 24 36 32 Retention Ratio (%) 71 71 68 68 68 Investments Yield (%) 10 16 16 16 16
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Key Industry Average Ratios (2012 – 2015) RATIO 2012 2013 2014 2015 2016 Return on Assets (%) 5 5 4 3 4 Return on Equity (%) 12 11 6 16 9 Claims Ratio (%) 33 37 37 46 39 Expense Ratio (%) 78 75 92 89 94 Combined Ratio (%) 111* 112* 129* 135 133 Investments to Total Assets Ratio (%) 49 51 72 60 66 Technical Reserve Cover 160 141 70 76 64
CHANGES IN GROSS WRITTEN PREMIUMS This measures growth or contraction in a company’s current gross premium relative to the prior year. In 2016 the industry recorded a ratio of 28%, a dip compared to 2015 growth rate of 32%. Nevertheless, the market continues to witness positive growth notwithstanding the cash requirement of the “No Premium No Cover” directive. While 11 insurance companies experienced some increase in growth, Activa, Ghana Union,Glico, Hollard and Saham saw their growth plummeting. Prime Insurance continue to show positive growth potential with ratios significantly above industry average in two years. Meanwhile Saham experienced contraction in growth to settle at -13%.
CHANGES IN GROSS WRITTEN PREMIUMS
Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 38 18 13 32 28 Non-life Companies: 1. Activa International Insurance Company Limited 66 36 24 42 7 2. Allianz Insurance Company Limited 42 17 60 -18 24 3. Best Assurance Company Limited N/A N/A N/A N/A 0 4. Donewell Insurance Company Limited 6 16 3 36 50 5. Enterprise Insurance Company Limited 25 42 15 43 34 6. Equity Assurance Company Limited 66 17 24 36 48 7. Ghana Union Assurance Company Limited* 60 51 2 41 6 8. Glico General Insurance Company Limited 26 24 17 48 1 9. Heritage Insurance Company Limited -4 5 N/S N/S N/S 10. Hollard Insurance Company Limited 39 21 17 22 9 11. Imperial General Insurance Company Limited 0 0 420 20 42 12. Millennium Insurance Company Ltd 0 76 -9 23 58 13. NSIA Ghana Insurance Company 19 13 -33 46 38 14. Phoenix Insurance Company 45 16 4 38 33 15. Prime Insurance Company Limited 0 448 148 147 142 16. Priority Insurance Company Limited 0 7586 22 49 118
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CHANGES IN GROSS WRITTEN PREMIUMS
Percentage (%) Year: 2012 2013 2014 2015 2016 17. Provident Insurance Company Limited 24 1 7 43 36 18. Quality Insurance Company Limited 45 11 13 19 34 19. RegencyNEM Insurance Ghana Ltd 62 33 49 43 61 20. Saham Insurance Company Limited 206 137 23 26 -13 21. SIC Insurance Company Limited 34 2 1 20 15 22. Star Assurance Company Limited 76 -6 25 29 31 23. Unique Insurance Company Ltd 7 14 5 32 42 24. Vanguard Assurance Company Limited 30 27 10 25 33 25. Wapic Insurance (Gh.) Limited 21 -4 -15 19 36 Reinsurers: 1. Ghana Reinsurance Company Limited 38 10 21 34 13 2. Mainstream Reinsurance Company Limited 15 2 -4 20 35 3. GN Reinsurance N/A N/A - 1024 132
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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 appear to be positively correlated to the gross premium growth rate may indicate significant changes in the companies’ reinsurance covers. Thus, any ratio greater or less than +or-33% reflects significant changes in reinsurance policy or volatility in premiums.
CHANGES IN NET WRITTEN PREMIUM Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 43 40 13 43 41 Non-life Companies: Activa International Insurance Company 1. 32 17 29 15 31 Limited 2. Allianz Insurance Company Limited 59 34 54 36 18 3. Best Assurance Company Limited N/A N/A N/A N/A 0 4. Donewell Insurance Company Limited -10 22 20 29 51 5. Enterprise Insurance Company Limited 32 45 14 45 30 6. Equity Assurance Company Limited 68 14 23 30 49 7. Ghana Union Assurance Company Limited* 36 35 -7 46 36 8. Glico General Insurance Company Limited 21 43 -25 114 -9 9. Heritage Insurance Company Limited 0 4 N/S N/S N/S 10. Hollard Insurance Company Limited 46 38 -2 68 22 11. Imperial General Insurance Company Limited 68 79 361 22 53 12. Millennium Insurance Company Ltd 0 71 -15 24 47 13. NSIA Ghana Insurance Company 18 10 -34 27 32 14. Phoenix Insurance Company 35 21 0 34 22 15. Prime Insurance Company Limited 0 360 88 197 156 16. Priority Insurance Company Limited 0 7904 28 46 156 17. Provident Insurance Company Limited 26 -2 6 57 29 18. Quality Insurance Company Limited 77 16 6 22 36 19. RegencyNEM Insurance Ghana Ltd 51 35 42 36 87 20. Saham Insurance Company Limited 200 65 44 5 -22 21. SIC Insurance Company Limited 36 -9 -11 -8 40 22. Star Assurance Company Limited 70 2 14 37 33 23. Unique Insurance Company Ltd 8 17 -5 62 32 24. Vanguard Assurance Company Limited 35 41 9 14 22 25. Wapic Insurance (Gh.) Limited 16 -5 -11 17 28 Reinsurers: 1. Ghana Reinsurance Company Limited 33 6 41 10 21 2. Mainstream Reinsurance Company Limited 64 6 -14 30 19 3. GN Reinsurance N/A N/A - 706 115
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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 2016, the ratio improved to 92%, the best performance so far over the last 5 years. Donewell, Enterprise, Equity, Hollard, Prime, RegencyNEM, SIC and Vanguard appear quite aggressive with higher level of risks relative to their capital or equity base.
NET INSURANCE RISK RATIO Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 130 134 104 98 92 Non-life Companies: Activa International Insurance Company 1. 109 93 89 56 64 Limited 2. Allianz Insurance Company Limited 127 242 80 155 80 3. Best Assurance Company Limited N/A N/A N/A N/A 24 4. Donewell Insurance Company Limited 158 138 116 101 127 5. Enterprise Insurance Company Limited 105 117 124 144 168 6. Equity Assurance Company Limited 297 150 157 135 120 7. Ghana Union Assurance Company Limited* 32 22 12 27 28 8. Glico General Insurance Company Limited 107 145 111 205 102 9. Heritage Insurance Company Limited 666 -146 N/S N/S N/S 10. Hollard Insurance Company Limited 164 178 151 129 125 11. Imperial General Insurance Company Limited 0 0 33 49 86 12. Millennium Insurance Company Ltd 68 79 63 79 56 13. NSIA Ghana Insurance Company 83 131 68 81 33 14. Phoenix Insurance Company 138 264 72 99 103 15. Prime Insurance Company Limited 0 48 -117 68 173 16. Priority Insurance Company Limited 0 21 23 27 37 17. Provident Insurance Company Limited 102 83 54 32 39 18. Quality Insurance Company Limited 235 242 153 143 83 19. RegencyNEM Insurance Ghana Ltd 184 199 185 230 209 20. Saham Insurance Company Limited 132 202 125 45 49 21. SIC Insurance Company Limited 129 108 95 83 119 22. Star Assurance Company Limited 139 114 78 84 87 23. Unique Insurance Company Ltd -184 271 146 80 62 24. Vanguard Assurance Company Limited 195 219 230 160 166 25. Wapic Insurance (Gh.) Limited 271 325 74 48 77 Reinsurers: 1. Ghana Reinsurance Company Limited 50 37 41 44 48 2. Mainstream Reinsurance Company Limited 97 86 63 38 32 3. GN Reinsurance N/A N/A 1 12 15
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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, Hollard and Glico. However, their high risk appears to be managed through reinsurance as evidenced by relatively lower net retentions.
GROSS INSURANCE RISK RATIO Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 241 215 168 159 142 Non-life Companies: Activa International Insurance Company 1. 304 303 278 216 200 Limited 2. Allianz Insurance Company Limited 496 923 316 370 203 3. Best Assurance Company Limited N/A N/A N/A N/A 32 4. Donewell Insurance Company Limited 227 189 137 126 156 5. Enterprise Insurance Company Limited 166 181 191 219 264 6. Equity Assurance Company Limited 340 176 186 167 146 7. Ghana Union Assurance Company Limited* 80 59 36 78 64 8. Glico General Insurance Company Limited 218 257 305 389 216 9. Heritage Insurance Company Limited 831 -184 N/S N/S N/S 10. Hollard Insurance Company Limited 431 412 422 261 224 11. Imperial General Insurance Company Limited 0 0 45 64 104 12. Millennium Insurance Company Ltd 78 93 79 99 76 13. NSIA Ghana Insurance Company 94 152 80 110 47 14. Phoenix Insurance Company 193 352 100 141 160 15. Prime Insurance Company Limited 0 57 -184 88 215 16. Priority Insurance Company Limited 0 26 27 33 40 17. Provident Insurance Company Limited 124 113 73 40 51 18. Quality Insurance Company Limited 293 287 193 175 101 19. RegencyNEM Insurance Ghana Ltd 217 234 228 297 232 20. Saham Insurance Company Limited 227 354 187 82 101 21. SIC Insurance Company Limited 163 153 152 171 202 22. Star Assurance Company Limited 237 178 133 136 138 23. Unique Insurance Company Ltd -234 336 200 88 74 24. Vanguard Assurance Company Limited 287 291 307 235 266 25. Wapic Insurance (Gh.) Limited 270 310 81 63 109 Reinsurers: 1. Ghana Reinsurance Company Limited 55 42 23 30 60 2. Mainstream Reinsurance Company Limited 115 90 73 41 37 3. GN Reinsurance N/A N/A 1 17 28
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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 2016, the ratio declines marginally from 48% to 45%. 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.
CHANGE IN CAPITAL AND SURPLUS Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 25 24 76 48 45 Non-life Companies: Activa International Insurance Company 1. 37 36 35 83 16 Limited 2. Allianz Insurance Company Limited 18 -20 366 -30 127 3. Best Assurance Company Limited N/A N/A N/A N/A 0 4. Donewell Insurance Company Limited -9 52 42 44 21 5. Enterprise Insurance Company Limited 19 15 9 25 11 6. Equity Assurance Company Limited 22 126 18 52 68 7. Ghana Union Assurance Company Limited* 30 103 67 -34 30 8. Glico General Insurance Company Limited 20 5 -2 16 83 9. Heritage Insurance Company Limited 116 -573 N/S N/S N/S 10. Hollard Insurance Company Limited 23 25 15 97 26 11. Imperial General Insurance Company Limited 0 0 3 1 -12 12. Millennium Insurance Company Ltd 15 47 8 -2 106 13. NSIA Ghana Insurance Company 30 -30 27 6 227 14. Phoenix Insurance Company 32 -1 265 8 17 15. Prime Insurance Company Limited 0 36 -177 -615 6 16. Priority Insurance Company Limited 0 11 16 29 87 17. Provident Insurance Company Limited -12 20 64 185 5 18. Quality Insurance Company Limited 72 13 203 31 153 19. RegencyNEM Insurance Ghana Ltd 104 23 53 10 96 20. Saham Insurance Company Limited 113 8 133 191 -28 21. SIC Insurance Company Limited -22 9 2 9 -2 22. Star Assurance Company Limited 94 25 66 26 29 23. Unique Insurance Company Ltd -222 -179 76 198 7 24. Vanguard Assurance Company Limited 37 25 4 64 17.76 25. Wapic Insurance (Gh.) Limited 11 -21 293 82 -21.28 Reinsurers: 1. Ghana Reinsurance Company Limited 49 27 23 3 9 2. Mainstream Reinsurance Company Limited 29 19 30 216 42 3. GN Reinsurance N/A N/A - -12 18
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report.
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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 2016 the average ratio reduced to 32% from 36% in 2015. Glico, Millennium, Star, Unique Wapic, improved their ratios. The ratios for Activa, Hollard and Saham have improved relative to the 2015 high ratios. Allianz, Equity, Imperial, Phoenix, Prime, Priority, Quality, RegencyNem have their ratios being far below the thresholds.
CLAIMS RESERVE RATIO Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 32 38 24 36 32 Non-life Companies: Activa International Insurance Company 1. 128 97 109 308 60 Limited 2. Allianz Insurance Company Limited 13 29 12 63 6 3. Best Assurance Company Limited N/A N/A N/A N/A 4 4. Donewell Insurance Company Limited 46 42 35 23 19 5. Enterprise Insurance Company Limited 4 11 14 70 21 6. Equity Assurance Company Limited 6 12 21 26 10 7. Ghana Union Assurance Company Limited* 86 74 67 290 176 8. Glico General Insurance Company Limited 45 49 42 32 44 9. Heritage Insurance Company Limited 12 48 N/S N/S N/S 10. Hollard Insurance Company Limited 31 32 42 149 75 11. Imperial General Insurance Company Limited 0 17 15 10 12. Millennium Insurance Company Ltd 35 15 15 26 40 13. NSIA Ghana Insurance Company 64 96 104 98 66 14. Phoenix Insurance Company 5 14 7 15 13 15. Prime Insurance Company Limited 80 86 14 13 16. Priority Insurance Company Limited 350 96 22 24 19 17. Provident Insurance Company Limited 65 46 43 62 50 18. Quality Insurance Company Limited 33 22 11 12 10 19. RegencyNEM Insurance Ghana Ltd 31 24 15 24 5 20. Saham Insurance Company Limited 17 34 13 148 75 21. SIC Insurance Company Limited 14 15 19 54 17 22. Star Assurance Company Limited 14 14 19 28 38 23. Unique Insurance Company Ltd 71 24 35 18 28 24. Vanguard Assurance Company Limited 15 9 13 22 17 25. Wapic Insurance (Gh.) Limited 26 41 34 86 100 Reinsurers: 1. Ghana Reinsurance Company Limited 24 36 42 45 36 2. Mainstream Reinsurance Company Limited 10 10 5 34 10 3. GN Reinsurance N/A N/A - 47 18
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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 68% in 2016, representing a two-percentage point increase compared to 2015.
RETENTION RATIO Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 68 71 68 66 68 Non-life Companies: Activa International Insurance Company 1. 36 31 32 26 32 Limited 2. Allianz Insurance Company Limited 26 26 25 42 40 3. Best Assurance Company Limited N/A N/A N/A N/A 77 4. Donewell Insurance Company Limited 69 73 85 80 81 5. Enterprise Insurance Company Limited 64 65 65 66 64 6. Equity Assurance Company Limited 87 86 85 81 82 7. Ghana Union Assurance Company Limited* 40 36 33 34 44 8. Glico General Insurance Company Limited 49 57 37 53 47 9. Heritage Insurance Company Limited 80 79 N/S N/S N/S 10. Hollard Insurance Company Limited 38 43 36 49 55 11. Imperial General Insurance Company Limited 71 74 76 82 12. Millennium Insurance Company Ltd 88 85 79 80 74 13. NSIA Ghana Insurance Company 88 86 80 74 70 14. Phoenix Insurance Company 72 75 72 70 64 15. Prime Insurance Company Limited 0 84 64 76 81 16. Priority Insurance Company Limited 78 81 85 83 92 17. Provident Insurance Company Limited 75 74 73 81 76 18. Quality Insurance Company Limited 80 84 79 81 83 19. RegencyNEM Insurance Ghana Ltd 85 85 81 77 90 20. Saham Insurance Company Limited 58 57 67 55 49 21. SIC Insurance Company Limited 79 71 63 49 59 22. Star Assurance Company Limited 59 64 58 62 63 23. Unique Insurance Company Ltd 79 81 73 91 84 24. Vanguard Assurance Company Limited 68 75 75 68 63 25. Wapic Insurance (Gh.) Limited 101 95 91 76 71 Reinsurers: 1. Ghana Reinsurance Company Limited 92 88 90 147 88 2. Mainstream Reinsurance Company Limited 92 94 85 92 81 3. GN Reinsurance N/A N/A 1 72 66
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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. Over the past 3 years the industry average settled at 16% commensurate to the current general market condition. The ratios for Glico, Priority and Saham are all below the industry average. Donewell,Hollard, Imperial, Prime, Star and Wapic made significant yields .
INVESTMENT YIELD Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 10 15 16 16 16 Non-life Companies: Activa International Insurance Company 1. 9 12 10 9 12 Limited 2. Allianz Insurance Company Limited 5 22 18 30 19 3. Best Assurance Company Limited N/A N/A N/A N/A 9 4. Donewell Insurance Company Limited 9 12 13 9 20 5. Enterprise Insurance Company Limited 7 26 18 20 14 6. Equity Assurance Company Limited 12 12 11 16 13 7. Ghana Union Assurance Company Limited* 10 3 4 7 4 8. Glico General Insurance Company Limited 6 11 16 8 9 9. Heritage Insurance Company Limited 4 58 N/S N/S N/S 10. Hollard Insurance Company Limited 27 20 20 12 20 11. Imperial General Insurance Company Limited 0 3.77 23 27 21 12. Millennium Insurance Company Ltd 13 20 24 23 18 13. NSIA Ghana Insurance Company 26 22 14 19 19 14. Phoenix Insurance Company 9 13 14 14 18 15. Prime Insurance Company Limited 0 18 30 2 22 16. Priority Insurance Company Limited 5 26 26 28 8 17. Provident Insurance Company Limited 4 15 22 17 16 18. Quality Insurance Company Limited 15 15 16 10 14 19. RegencyNEM Insurance Ghana Ltd 9 11 15 17 19 20. Saham Insurance Company Limited 11 16 8 3 9 21. SIC Insurance Company Limited 12 10 11 17 15 22. Star Assurance Company Limited 6 8 10 20 23 23. Unique Insurance Company Ltd 8 10 8 13 17 24. Vanguard Assurance Company Limited 12 10 12 24 11 25. Wapic Insurance (Gh.) Limited 8 17 21 15 22 Reinsurers: 1. Ghana Reinsurance Company Limited 14 30 21 18 13 2. Mainstream Reinsurance Company Limited 8 6 33 9 20 3. GN Reinsurance NA N/A 6 14 20
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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RETURN ON ASSET (ROA) 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 2016 gaining a percentage point to settle at 4% from 3% in the prior year. With respect to 2016, Allianz, Imperial, Saham, and Wapic recorded negative ROAs. As indicated, Donewell, Enterprise, Equity, RegencyNem, Star and Unique attained higher return on assets.
RETURN ON ASSET (ROA) RATIO Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 5 6 4 3 4 Non-life Companies: Activa International Insurance Company 1. 6 8 3 3 4 Limited 2. Allianz Insurance Company Limited 5 -5 -6 -12 -5 3. Best Assurance Company Limited N/A N/A N/A N/A 2 4. Donewell Insurance Company Limited -2 7 11 11 12 5. Enterprise Insurance Company Limited 7 20 12 7 14 6. Equity Assurance Company Limited 12 9 6 8 11 7. Ghana Union Assurance Company Limited* 8 2 2 4 1 8. Glico General Insurance Company Limited 4 2 -10 -3 6 9. Heritage Insurance Company Limited 5 -66 N/S N/S N/S 10. Hollard Insurance Company Limited 7 7 3 3 7 11. Imperial General Insurance Company Limited 0 2 2 1 -9 12. Millennium Insurance Company Ltd 8 13 5 -1 6 13. NSIA Ghana Insurance Company 8 -15 -18 3 3 14. Phoenix Insurance Company 10 0 9 3 8 15. Prime Insurance Company Limited -17 -215 -4 2 16. Priority Insurance Company Limited -1 8 11 16 6 17. Provident Insurance Company Limited -7 34 13 11 9 18. Quality Insurance Company Limited 13 6 1 3 6 19. RegencyNEM Insurance Ghana Ltd 8 9 17 3 10 20. Saham Insurance Company Limited 1 2 1 1 -18 21. SIC Insurance Company Limited -6 0 -5 5 2 22. Star Assurance Company Limited 10 8 1 10 11 23. Unique Insurance Company Ltd -44 -16 -3 0 19 24. Vanguard Assurance Company Limited 6 7 1 7 8 25. Wapic Insurance (Gh.) Limited 3 -4 13 -7 -12 Reinsurers: 1. Ghana Reinsurance Company Limited 11 11 13 5 7 2. Mainstream Reinsurance Company Limited 6 7 9 5 9 3. GN Reinsurance N/A N/A 3 6 10
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report.
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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 since 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. 2015 showed a high claim ratio over the five year period, particularly because of the huge flood claims recorded in the period. The 2016 ratio of 39% is reflective of the industry claim ratio, though short of what is considered acceptable. All insurers with the exception of Donewell, Equity,NSIA, Saham Star,Unique and Wapic did not record any improvement in their claims ratio in 2016 compared to 2015. The ratios for Priority is unacceptably low while that of Best Assurance is low because it is a start-up.
CLAIMS RATIO
Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 31 37 37 46 39 Non-life Companies: Activa International Insurance Company 1. 38 12 37 34 24 Limited 2. Allianz Insurance Company Limited 25 63 31 100 44 3. Best Assurance Company Limited N/A N/A N/A N/A 13 4. Donewell Insurance Company Limited 58 29 25 16 30 5. Enterprise Insurance Company Limited 52 48 62 63 53 6. Equity Assurance Company Limited 14 23 24 25 32 7. Ghana Union Assurance Company Limited* 52 60 54 53 63 8. Glico General Insurance Company Limited 46 52 51 62 58 9. Heritage Insurance Company Limited 15 57 N/S N/S N/S 10. Hollard Insurance Company Limited 48 53 64 55 46 11. Imperial General Insurance Company Limited 0 0 32 30 20 12. Millennium Insurance Company Ltd 27 27 26 67 46 13. NSIA Ghana Insurance Company 27 61 70 24 32 14. Phoenix Insurance Company 31 38 34 54 44 15. Prime Insurance Company Limited 7 97 24 29 16. Priority Insurance Company Limited 350 38 14 18 12 17. Provident Insurance Company Limited 44 37 27 36 28 18. Quality Insurance Company Limited 27 27 21 34 30 19. RegencyNEM Insurance Ghana Ltd 27 19 -3 43 35 20. Saham Insurance Company Limited 23 37 16 52 63 21. SIC Insurance Company Limited 34 32 71 58 25 22. Star Assurance Company Limited 22 25 29 42 45
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CLAIMS RATIO
Percentage (%) Year: 2012 2013 2014 2015 2016 23. Unique Insurance Company Ltd 37 30 28 43 51 24. Vanguard Assurance Company Limited 33 35 42 58 40 25. Wapic Insurance (Gh.) Limited 32 51 15 76 81 Reinsurers: 1. Ghana Reinsurance Company Limited 20 46 56 67 30 2. Mainstream Reinsurance Company Limited 31 31 27 28 15 3. GN Reinsurance N/A N/A - 93 23
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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 2016, the industry average worsened from 90% in 2015 to 94%. Activa, Allianz, Imperial, NSIA, Prime, Saham, SIC and Wapic all recorded ratios above 100%. Best is a start-up.
TOTAL EXPENSE RATIO Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 78 82 92 90 94 Non-life Companies: 1. Activa International Insurance Company Limited 68 95 107 117 118 2. Allianz Insurance Company Limited 124 91 139 97 114 3. Best Assurance Company Limited N/A N/A N/A N/A 138 4. Donewell Insurance Company Limited 74 78 72 64 68 5. Enterprise Insurance Company Limited 56 55 50 51 43 6. Equity Assurance Company Limited 78 68 74 78 66 7. Ghana Union Assurance Company Limited* 78 74 74 72 72 8. Glico General Insurance Company Limited 69 62 103 68 58 9. Heritage Insurance Company Limited 82 189 N/S N/S N/S 10. Hollard Insurance Company Limited 87 80 86 81 76 11. Imperial General Insurance Company Limited 160 220 136 133 12. Millennium Insurance Company Ltd 70 67 112 118 81 13. NSIA Ghana Insurance Company 70 117 115 116 144 14. Phoenix Insurance Company 66 113 88 83 97 15. Prime Insurance Company Limited 0 357 495 109 100 16. Priority Insurance Company Limited 0 137 117 91 88 17. Provident Insurance Company Limited 67 106 113 105 80 18. Quality Insurance Company Limited 67 81 83 75 76 19. RegencyNEM Insurance Ghana Ltd 68 76 92 75 71 20. Saham Insurance Company Limited 118 91 99 89 158 21. SIC Insurance Company Limited 100 100 87 79 133 22. Star Assurance Company Limited 79 83 106 88 83 23. Unique Insurance Company Ltd 132 120 91 85 68 24. Vanguard Assurance Company Limited 67 66 76 73 73 25. Wapic Insurance (Gh.) Limited 72 79 91 121 121 Reinsurers: 1. Ghana Reinsurance Company Limited 37 46 62 67 57 2. Mainstream Reinsurance Company Limited 62 60 90 64 69 3. GN Reinsurance N /A N/A 531 124 84
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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. Donewell, Enterprise and Equity reported a combined ratio of 99%, 96% and 99% respectively, all falling below 100%. Industry average declined by three percentage points to 133% in 2016 from 136% in 2015. Industry players must strive to improve their underwriting efficiencies to be more profitable.
COMBINED RATIO Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 111 119 124 136 133 Non-life Companies: Activa International Insurance Company 1. 106 107 143 151 142 Limited 2. Allianz Insurance Company Limited 149 154 170 196 158 3. Best Assurance Company Limited N/A N/A N/A N/A 151 4. Donewell Insurance Company Limited 132 107 97 80 99 5. Enterprise Insurance Company Limited 108 103 111 114 96 6. Equity Assurance Company Limited 92 91 97 103 99 7. Ghana Union Assurance Company Limited* 130 134 129 125 135 8. Glico General Insurance Company Limited 115 114 153 130 116 9. Heritage Insurance Company Limited 98 246 N/S N/S N/S 10. Hollard Insurance Company Limited 135 133 150 136 122 11. Imperial General Insurance Company Limited 0 160 252 166 153 12. Millennium Insurance Company Ltd 98 94 139 185 127 13. NSIA Ghana Insurance Company 96 178 185 140 176 14. Phoenix Insurance Company 96 150 122 138 141 15. Prime Insurance Company Limited 0 364 593 132 129 16. Priority Insurance Company Limited 0 175 131 109 100 17. Provident Insurance Company Limited 111 142 140 142 108 18. Quality Insurance Company Limited 94 108 104 109 105 19. RegencyNEM Insurance Ghana Ltd 95 95 90 117 106 20. Saham Insurance Company Limited 142 128 115 141 221 21. SIC Insurance Company Limited 134 131 158 137 158 22. Star Assurance Company Limited 100 108 135 130 128 23. Unique Insurance Company Ltd 168 151 119 128 119 24. Vanguard Assurance Company Limited 100 101 117 131 113 25. Wapic Insurance (Gh.) Limited 104 130 106 197 202 Reinsurers: 1. Ghana Reinsurance Company Limited 57 92 118 134 87 2. Mainstream Reinsurance Company Limited 93 91 117 92 84 3. GN Reinsurance N/A N/A 531 217 107
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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. Hollard, Saham, and SIC reported ratios above 100%. GUA is too high because most of its investment are not considered as generally liquid. 2016 recorded a ratio of 64%, the best in five years. This also shows that the industry continues to improve on its liquidity and solvency position.
TECHNICAL RESERVE COVER Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 160 141 70 76 64 Non-life Companies: Activa International Insurance Company 1. 147 111 104 224 90 Limited 2. Allianz Insurance Company Limited 47 195 27 207 85 3. Best Assurance Company Limited N/A N/A N/A N/A 7 4. Donewell Insurance Company Limited 220 127 92 118 59 5. Enterprise Insurance Company Limited 54 50 37 112 59 6. Equity Assurance Company Limited 105 112 91 97 52 7. Ghana Union Assurance Company Limited* 676 527 137 429 657 8. Glico General Insurance Company Limited 120 141 95 111 96 9. Heritage Insurance Company Limited 157 297 N/S N/S N/S 10. Hollard Insurance Company Limited 86 80 55 195 111 11. Imperial General Insurance Company Limited 3 38 51 60 12. Millennium Insurance Company Ltd 36 35 24 35 27 13. NSIA Ghana Insurance Company 142 205 95 79 27 14. Phoenix Insurance Company 66 97 55 52 57 15. Prime Insurance Company Limited 0 66 521 42 69 16. Priority Insurance Company Limited 0 23 15 18 61 17. Provident Insurance Company Limited 280 65 45 47 43 18. Quality Insurance Company Limited 191 209 153 128 53 19. RegencyNEM Insurance Ghana Ltd 113 90 68 88 72 20. Saham Insurance Company Limited 58 144 53 91 123 21. SIC Insurance Company Limited 198 240 97 147 101 22. Star Assurance Company Limited 152 125 36 61 68 23. Unique Insurance Company Ltd 518 311 138 43 41 24. Vanguard Assurance Company Limited 78 70 61 72 50 25. Wapic Insurance (Gh.) Limited 78 81 36 40 69 Reinsurers: 1. Ghana Reinsurance Company Limited 54 43 34 35 37 2. Mainstream Reinsurance Company Limited 331 78 69 41 42 3. GN Reinsurance N/A N/A 2 15 18 Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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PROPORTION OF INVESTMENT TO 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 2016, the industry average recorded 66% from 60% in 2015.
PROPORTION OF INVESTMENT TO ASSETS
Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 49 51 72 60 66 Non-life Companies: Activa International Insurance Company 1. 36 42 66 36 56 Limited 2. Allianz Insurance Company Limited 51 17 75 31 43 3. Best Assurance Company Limited N/A N/A N/A N/A 83 4. Donewell Insurance Company Limited 41 53 72 64 71 5. Enterprise Insurance Company Limited 76 73 87 46 67 6. Equity Assurance Company Limited 36 46 55 52 62 7. Ghana Union Assurance Company Limited* 77 86 96 60 54 8. Glico General Insurance Company Limited 60 58 83 83 71 9. Heritage Insurance Company Limited 21 24 N/S N/S N/S 10. Hollard Insurance Company Limited 50 63 80 42 53 11. Imperial General Insurance Company Limited 0 91 50 46 53 12. Millennium Insurance Company Ltd 66 69 88 82 87 13. NSIA Ghana Insurance Company 47 44 64 66 85 14. Phoenix Insurance Company 33 60 73 84 79 15. Prime Insurance Company Limited 0 35 28 66 64 16. Priority Insurance Company Limited 75 67 78 79 74 17. Provident Insurance Company Limited 39 48 65 46 60 18. Quality Insurance Company Limited 23 21 22 32 54 19. RegencyNEM Insurance Ghana Ltd 45 54 68 65 62 20. Saham Insurance Company Limited 45 28 48 43 25 21. SIC Insurance Company Limited 45 47 61 50 62 22. Star Assurance Company Limited 56 61 88 77 79 23. Unique Insurance Company Ltd 60 58 83 93 96 24. Vanguard Assurance Company Limited 58 47 63 65 78 25. Wapic Insurance (Gh.) Limited 57 60 83 83 68 Reinsurers: 1. Ghana Reinsurance Company Limited 78 78 96 69 74 2. Mainstream Reinsurance Company Limited 12 46 57 62 83 3. GN Reinsurance N/A N/A 99 95 91
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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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 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 inadequacy can boost the ratio.
RETURN ON EQUITY Percentage (%) Year: 2012 2013 2014 2015 2016 Industry Average: 12 10 6 6 9 Non-life Companies: Activa International Insurance Company 1. 27 26 8 15 13 Limited 2. Allianz Insurance Company Limited 15 -26 -9 -43 -12 3. Best Assurance Company Limited N/A N/A N/A N/A 3 4. Donewell Insurance Company Limited -9 20 30 21 26 5. Enterprise Insurance Company Limited 12 40 23 20 33 6. Equity Assurance Company Limited 46 20 15 17 19 7. Ghana Union Assurance Company Limited* 14 3 2 8 2 8. Glico General Insurance Company Limited 8 5 -23 -8 12 9. Heritage Insurance Company Limited 54 121 N/S N/S NS 10. Hollard Insurance Company Limited 20 22 10 15 22 11. Imperial General Insurance Company Limited 0 2 2 1 -14 12. Millennium Insurance Company Ltd 13 21 7 -2 11 13. NSIA Ghana Insurance Company 21 -53 -53 8 5 14. Phoenix Insurance Company 24 -1 17 7 20 15. Prime Insurance Company Limited 0 -35 230 -6 5 16. Priority Insurance Company Limited -1 11 14 23 7 17. Provident Insurance Company Limited -14 105 22 15 14 18. Quality Insurance Company Limited 46 19 1 5 10 19. RegencyNEM Insurance Ghana Ltd 20 22 39 9 22 20. Saham Insurance Company Limited 3 7 2 3 -39 21. SIC Insurance Company Limited -13 1 -11 12 5 22. Star Assurance Company Limited 25 17 2 21 23 23. Unique Insurance Company Ltd 103 -78 -7 0 28 24. Vanguard Assurance Company Limited 20 24 5 19 21 25. Wapic Insurance (Gh.) Limited 13 -26 25 -12 -28
Reinsurers:
1. Ghana Reinsurance Company Limited 12 18 18 8 12 2. Mainstream Reinsurance Company Limited 9 10 12 6 12 3. GN Reinsurance N/A N/A 4 7 15
Companies suffixed with “*” had the 4th Quarter results used. N/A : Company was not licenced in the year of reporting. N/S : Company had not submitted report
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AGGREGATE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016. ASSETS 2016 2015 GHS GHS
1 Cash 114,311,650.71 128,104,329.00 2. Investments: Government of Ghana Securities 144,292,271.00 42,574,435.00 Bank of Ghana Securities 15,995,301.00 56,652,669.00 Statutory Deposits 23,267,410.00 10,685,458.00 Term deposits held at a licensed bank 385,864,880.01 279,961,227.00 Other term deposits 98,152,297.00 43,773,805.00 Corporate debt 0.00 300,617.00 Securities listed on Ghana Stock Exchange 49,051,781.00 62,832,514.00 Other securities 65,081,283.32 42,632,328.00 Equity backed mutual funds 168,142.00 134,525.00 Money market mutual funds 242,360.00 226,520.00 Land & buildings held as an investment 73,446,909.00 48,157,459.00 Investments in, and subordinated loans to, connected persons 29,978,228.00 37,971,238.00 Other Investments 500,000.00 617,375.00
Total Investments 886,040,862.33 626,520,170.00 3. Receivables: Staff Loans and Advances 8,489,546.68 8,471,703.00 Due from reinsurers less than 3 months old 26,840,465.70 83,677,936.42 Due from reinsurers more than 3 months old 56,613,968.18 26,505,044.58 Due from Other Insurers 10,261,985.00 15,575,170.00 Due from Agents and Brokers 141,155.00 153,547.00 Due from Connected Persons 10,623,458.00 4,039,109.00 Reinsurance Share of Insurance liabilities 177,161,407.91 262,506,667.27 Deferred Tax Asset 5,010,520.00 6,070,861.00 Other Receivables 49,455,691.61 35,820,192.00
Total Receivables 344,598,198,08 442,820,230.27 4. Property, Plant and Equipment Lands and Buildings occupied by insurer for own use 89,478,832.00 71,751,455.00 Plant and Equipment 9,591,784.00 8,512,365.00 Computer Hardware and Software 8,456,892.56 7,924,803.00 Motor Vehicles 21,115,279.13 13,031,836.00
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AGGREGATE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016. ASSETS 2016 2015 GHS GHS Furniture and Fittings 9,172,932.94 7,555,676.00 Other Assets 8,729,361.00 6,787,476.00
Total Property, Plant & Equipment 146,545,081.63 115,563,611.00 5. Intangible Assets Goodwill, unless otherwise deducted 0 Other assets shown as intangible assets 669,290.00 250,973.00
Total Intangible Assets 669,290.00 250,973.00 Other assets Capitalized research and development costs 0 Deferred acquisition costs 9211996 5,613,610.00 Corporate stationery 582276 47,289.00 Other assets not included above 3717108 1,450,000.00
Total Others Assets 13511380 7,110,899.00 TOTAL ASSETS 1,505,676,463 1,320,370,212.00
AGGREGATED LIFE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016 EQUITY AND LIABILITIES 2016 2015 GHS 1. Technical Provisions Unearned Premiums 353,964,447 279,973,905.00 Unexpired Risk Provision - 0
Outstanding Claims 159,203,971 256,205,229.04 IBNR Provision 34,427,842 30,307,869.07 Other Provisions 214,393 0
Total Technical Provisions 547,381,866 566,487,003.11 2. Payables Bank Overdrafts and Loans 6,940,861 7,018,006.0 Due to Reinsurers 70,675,656 62,225,651.9 Due to Other Insurers 6,936,875 8,190,655.0 Due to Agents and Brokers 14,306,330 17,166,768.0 Taxation 20,977,063 10,087,811.0
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AGGREGATED LIFE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2016 EQUITY AND LIABILITIES Deferred Tax 15,005,778 10,133,732.0 Due to Related Parties 9,807,927 12,719,946.0 Other Accruals & Payables 91,822,637 67,966,095.0
Total Payables 236,473,127 195,508,664.9 3. Long Term Liabilities Bank Loans - 14,881 Debentures 11,812,416 13,454,193 Unsecured Subordinated Debts - Perpetual - - More than 4 years to maturity - - More than 3 but 4 years or less to maturity - - More than 2 but 3 years or less to maturity - - More than 1 but 2 years or less to maturity - - Other Borrowings 5,829,453 49,647
Total Long -Term Liabilities 17,641,869 13,518,721 4. EQUITY Paid up ordinary shares 389,525,994 274,052,673 Ordinary shares held as treasury shares - 0 Paid up perpetual non-cumulative preference shares - 0 Paid up perpetual non-cumulative preference shares held as - 0 treasury shares Paid up perpetual cumulative preference shares 9,313,328 3,591,290 Paid up perpetual cumulative preference shares held as treasury - 0 shares Contingency Reserves 147,375,195 124,433,586 Revaluation reserve (owned land & buildings) 73,084,269 59,072,908 Revaluation reserve (investments - excluding items to be 16,562,917 43,290,260 deducted from core Revaluation reserve (other) -1,249,346 1,451,740 Other reserves (please specify) -560,857 -8,041,090 Retained earnings, as at end of previous financial year 31,303,503 -2,138,469 Current year net earnings/deficit 38,497,064 39,274,184 Others (please specify) 327,535 9,868,740
Total Equity 704,179,602 544,855,822 TOTAL LIABILITIES AND EQUITY 1,505,676,463 1,320,370,212
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APPENDICES 1. 2016 NIC Financial Reports
2. 2016 Fire Maintenance Fund Financial Reports
3. List of Registered Insurance Companies
4. List of Registered Reinsurance Companies
5. List of Registered Broking Companies
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NATIONAL INSURANCE COMMISSION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016
Report of the Directors The Directors submit their report together with the audited Financial Statements of the National Insurance Commission (the Commission) for the year ended 31st December, 2016.
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 Reporting 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).
Financial Results (Highlights) The Financial results of the Commission are as summarized below:
2016 2015 (GHS) (GHS) Excess of Income over Expenditure 5,745,343 3,089,930 Total Assets 34,544,357 29,156,242 Accumulated Fund 15,515,137 9,769,794
By order of the Board Dated June 20, 2017
………………………………………. ……………………………………….
DIRECTOR DIRECTOR
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NATIONAL INSURANCE COMMISSION Independent Auditor’s Report to the Honourable Minister of Finance
Directors either intends to liquidate the Fund or to cease Opinion operations, or has no realistic alternative but to do so. We have audited the financial statements of the NIC The Board of Directors are responsible for overseeing the which comprise the statement of financial position as Fund’s financial reporting process. at 31 December, 2016 Income and Expenditure Accounts and cash flow statement for the year then ended, and notes to the financial statements, including a summary Auditor’s responsibility of significant accounting policies and other explanatory Our objectives are to obtain reasonable assurance about notes as set out on pages 8 to 10. whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, In our opinion, the accompanying financial statements and to issue an auditor’s report that includes our opinion. give a true and fair view of the financial position of Reasonable assurance is a high level of assurance, but is the Fund as at 31 December, 2016 and of its financial not a guarantee that an audit conducted in accordance performance and its cash flows for the year then ended in with ISAs will always detect a material misstatement accordance with Ghana National Accounting Standards when it exists. Misstatements can arise from fraud or and in the manner required by the Insurance Act 2006 error and are considered material if individually or in (Act 724). the aggregate, they could reasonably be expected to influence the economic decision of users taken on the Basis for Opinion basis of these financial statements. We conducted our audit in accordance with International As part of an audit in accordance with ISAs, we exercise Standards on Auditing (ISAs). Our responsibilities under professional judgement and maintain professional those standards are further described in the Auditor’s skepticism throughout the audit. We also; 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 ■ Identify and assess the risks of material Board for Accountants’ Code of Ethics for Professional misstatement of the financial statements, whether Accountants (IESBA Code), and we have fulfilled our due to fraud or error, design and perform audit other ethical responsibilities in accordance with the procedures responsive to those risks, and obtain IESBA Code. We believe that the audit evidence we have audit evidence that is sufficient and appropriate to obtained is sufficient and appropriate to provide a basis provide a basis for our opinion. for our opinion. ■ The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting Responsibilities of the Board of Directors from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the for the Financial Statements override of internal control. The Board of Directors are responsible for the preparation ■ Evaluate the appropriateness of policies used and of the financial statements in accordance with Ghana the reasonableness of accounting estimates and National Accounting Standards and in the manner related disclosures made by the Board of Directors. required by the Insurance Act 2006 (Act 724) and for such internal control as the Board of Directors determines ■ Conclude on the appropriateness of the Board is necessary to enable the preparation of financial of Director’s use of the going concern basis of statements that are free from material misstatement, accounting and, based on the audit evidence whether due to fraud or error. obtained, whether a material uncertainty exists related to events or conditions that may cast In preparing the financial statements, the Board of significant doubt on the Fund’s ability to continue Directors are responsible for assessing the Fund’s as a going concern. If we conclude that a material ability to continue as a going concern, disclosing, as uncertainty exists, we are required to draw applicable, matters related to going concern and using attention in our auditor’s report to the related the going concern basis of accounting unless the Board of disclosures in the financial statements or, if such
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disclosures are inadequate, to modify our opinion. The engagement Partner on the audit resulting in this Our conclusions are based on the audit evidence independent auditor’s report is Emmanuel Offei – obtained up to the date of our auditor’s report. ICAG/P/1102. 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. For: Boateng, Offei & Co. – [ICAG/F/2017/108]
We communicate with the Board of Directors regarding, Chartered Accountants among other matters, the planned scope and timing of the audit and significant audit findings, including any Correspondent firm; Grant Thornton International significant deficiencies in internal control that we identify 9 Bissau Avenue, East Legon during our audit. Accra-Ghana
June 20, 2017
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NATIONAL INSURANCE COMMISSION INCOME AND EXPENDITURE ACCOUNTS YEAR ENDED 31ST DECEMBER, 2016
2016 2015 Notes (GHS) (GHS) INCOME 2 22,070,775 16,426,079
EXPENDITURE 3 (16,325,432) (13,336,149)
Excess of Income over Expenditure 5,745,343 3,089,930
ACCUMULATED FUNDS
Balance as at 1st January 9,769,794 6,679,864
Excess of Income over Expenditure for year 5,745,343 3,089,930
Balance as at 31st December 15,515,137 9,769,794
The accompanying notes form an integral part of these Financial Statements.
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NATIONAL INSURANCE COMMISSION STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2016
2016 2015 Notes (GHS) (GHS) Non-Current Assets Property, Plant & Equipment 4a 17,732,302 18,445,455 Equity Shares 5 40,000 40,000 17,772,302 18,485,455
Long Term Security 6 1,727,605 1,520,000
Current Assets Accounts Receivable 7 2,839,230 2,138,313 Short Term Investments 8 6,796,711 4,078,590 Cash & Bank Balances 9 5,408,509 2,933,884 15,044,450 9,150,787
Total Assets 34,544,357 29,156,242
Accumulated Fund and Deferred Grant Accumulated fund 15,515,137 9,769,794 Revaluation Reserve 4b 17,111,280 17,111,280 Deferred Grant 10b 249,449 274,884 32,875,866 27,155,958 Current Liabilities Accounts Payable and Accounts 11 1,668,491 2,000,284
Total Liabilities, Accumulated Fund & Grant 34,544,357 29,156,242
The Financial Statements on pages 75 to 85 were approved by the Board of Directors on June 20, 2017 and were signed on its behalf by:
………………………………………. ……………………………………….
DIRECTOR DIRECTOR
The accompanying notes form an integral part of these Financial Statements.
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NATIONAL INSURANCE COMMISSION CASHFLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2016
2016 2015 Notes (GHS) (GHS) Operating Activities Cash Generated from Operations 13 3,619,762 4,241,187 Interest Received 421,080 164,449 Net Cash Generated from Operating Activities 4,040,842 4,405,636
Cash flow from Investing Activities Purchase of Property, Plant and Equipment (401,820) (925,704) Proceed from the Sale of Assets 2,771 5,450 Purchase of Investment (2,925,726) (2,840,395) Investment Income Received 1,758,558 1,020,344 Net Cash used Investing Activities (1,566,217) (2,740,305)
Net increase/(decrease) in Cash and Cash Equivalents 2,474,625 1,665,331
Movement in Cash and Cash Equivalents Cash and Cash Equivalents at the beginning of the year 2,933,884 1,268,553 Increase/(Decrease) in Cash and Cash Equivalents 2,474,625 1,665,331
Cash and Cash Equivalents at the end of the year 5,408,509 2,933,884
The accompanying notes form an integral part of these Financial Statements.
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NATIONAL INSURANCE COMMISSION NOTE FORMING PART OF THE FINANCIAL STATEMENTS
YEAR ENDED 31ST DECEMBER, 2016
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 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 and 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 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 GHS500 are written off in the year of purchase.
c. Cash and Cash Equipment For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand and Bank Balances.
d. Investment Investment securities are in the form of Treasury Bills, Fixed Deposits and Non-Negotiable Certificates of Deposit. 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.
g. Stock Stock 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.
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NATIONAL INSURANCE COMMISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016
2. INCOME This is made up as follows:
2016 2013 Notes (GHS) (GHS) Levies on Life Insurers 2,685,025 2,082,335 Levies on Non-Life Insurers 5,982,605 4,771,200 Levies on Reinsurance 1,044,700 785,500 Levies on Brokers 579,866 448,616 Licensing/Renewal Income 1,214,680 1,193,864 Investment Income 1,758,558 1,020,344 Interest Received 2a 421,080 164,449 Motor Contribution 5,045,639 2,498,677 Sale of Fire Certificates 16,350 60,627 Grant Income 9a Deferred Grant Income 9b 25,435 25,435 Rent Income/Fees - IITC 78,670 92,240 Mega Risk Income 2,230,961 2,902,062 Penalties 594,623 201,490 Exchange Gains 199,581 73,926 Training Fees 75,813 54,077
Other Income 2b 117,189 51,237 22,070,775 16,426,079
2a. Interest Received:
2016 2015 (GHS) (GHS) Call Accounts 420,875 163,526 Current Accounts 205 923 421,080 164,449
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2b. Other Income:
2016 2015 Notes (GHS) (GHS) Year Book Sales 22,894 12,666 Interest on Loans 18,207 27,943 Gains on Sales of Assets 14 2,646 Insurance Claims 1,473 9,426 Others 2c 71,969 1,202 117,189 51,237
2c. This represents refund of utilities from tenants of the Commission
3. EXPENDITURE Expenditure is made up as follows:
2016 2015 Notes (GHS) (GHS) Training/workshop/conferences/seminars 748,453 843,230 Directors’ Emoluments 1,548,012 767,615 Electricity & Water 333,163 218,715 General office expenses 1,262,473 1,169,753 Medical Expenses 94,316 122,263 Public Education 72,678 58,404 Repairs & Maintenance 241,509 388,682 Staff Cost 8,740,115 6,793,384 Staff Terminal Benefit Cost 1,046,020 745,645 Sticker & Adhesive Cost 229,848 232,832 Vehicle Running Cost 483,943 419,086 Telephone 75,036 88,092 Audit fees 23,500 17,500 25th Anniversary/Rebranding - 119,635 Depreciation 1,114,848 1,101,905 Insurance Premium 146,508 110,320 Internet Services/Subscription 71,353 58,546 Loss on Disposal of Assets - 1,950 Security services 93,657 78,592 16,325,432 13,336,149
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NATIONAL INSURANCE COMMISSION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016
4a PROPERTY, PLANT & EQUIPMENT Office Bungalow Office Furniture Motor Office Computers & Furniture Building & Fittings Vehicle Equipment Accessories & Fittings Total
At 1st January 2016 17,632,000 423,233 1,530,957 531,164 372,180 326,883 20,816,417 Additions 164,978 - 35,299 107,543 94,000 401,820 Disposals - (53,589) - (10,161) (46,574) (39,310) (149,634) 31st December, 2016 (A) 17,632,000 534,622 1,530,957 556,302 433,149 381,573 21,068,603
Depreciation At 1 January 2016 528,960 262,692 849,996 323,414 242,879 163,021 2,370,962 Charge for the year 528,960 73,397 230,634 83,233 122,329 76,295 1,114,848 Disposals - (53,546) - (10,148) (46,531) (39,284) (149,509) 31st December, 2016 1,057,920 282,543 1,080,630 396,499 318,677 200,032 3,336,301
Net Book Value 31st December, 2016 16,574,080 252,079 450,327 159,803 114,472 181,541 17,732,302
31st December, 2015 17,103,040 160,541 680,961 207,750 129,301 163,862 18,445,455
Cost Fully Depreciated (B) - 178,543 377,777 150,243 112,652 39,310 858,525 Depreciable Value (A-B) - 356,079 1,153,180 406,059 320,497 342,263 20,210,078
Disposal of Property & Equipment Cost - 53,589 - 10,161 46,574 39,310 149,634 Accum. Depreciation - (53,546) - (10,148) (46,531) (39,284) (149,509) Net Book Value - 43 - 13 43 26 125 Proceeds on Sale - - - - - 2,771 2,771 Profit/(Loss) on Disposal - (43) - (13) (43) 2,745 2,646
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4b. REVALUATION RESERVE This represent surplus arising on the revaluation of the Commission’s property, plant and equipment
5. EQUITY SHARES – GHS40,000 This represents 40% National Insurance Commission’s shareholding in the Ghana Insurance College (GIC). The book value of the investment on their balance sheet is GHS882,930 as at 31/12/2015.
6. LONG-TERM SECURITIES Long-Term Securities are Eurobonds held-to-maturity with a coupon of 8.5% maturing in 2017
7. ACCOUNTS RECEIVABLE AND PREPAYMENTS
2016 2015 (GHS) (GHS) Levies Due from Insurers and Brokers 1,078,837 594,010 West African Insurance Institute 155,083 20,318 IITC Debtors 75,679 59,140 Staff Advances 506,906 627,569 Sundry Debtors 85,735 138,400 Accrued Investment Income 631,882 325,921 Prepaid Insurance Expense 109,775 91,612 Penalties Receivable 185,290 186,200 Rent Prepaid 10,043 95,143 2,839,230 2,138,313
8. SHORT TERM INVESTMENTS
2016 2015 (GHS) (GHS) Treasury Bills 5,153,196 2,785,800 Fixed Deposits 1,643,515 1,292,790 6,796,711 4,078,590
Balance as at 1st January 4,078,590 2,758,195 Additions 2,718,121 1,588,852 6,796,711 4,347,047 Withdrawal (268,457) Balance as at 31st December 6,796,711 4,078,590
Net Movement in Investments 2,718,121 1,320,395
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9. CASH AND CASH EQUIVALENT
2016 2015 (GHS) (GHS) Cash 40,937 37,305 Bank 5,367,572 2,896,579 5,408,509 2,933,884
10 a. GRANTS Grant income represents EMCB/FINSSP Grants received from the World Bank and Government of Ghana through the Ministry of Finance & Economic Planning for capacity building
2016 2015 (GHS) (GHS) Grants Received
b. DEFERRED GRANTS Deferred Grant Income represents grants for the construction and furnishing of the Insurance Industry Training Centre (IITC) building, which is being written-off over their respective depreciable life.
2016 2015 (GHS) (GHS) Balance at 1st January 274,884 300,319 Transfer to Income and Expenditure Account (25,435) (25,435) Balance at 31st December 249,449 274,884
11. ACCOUNTS PAYABLE AND ACCRUALS This is made up as follows:
2016 2015 Notes (GHS) (GHS) Accrued Expenses 12 209,671 448,795 West Africa Insurance Institute Compensation Fund 141,616 189,860 Client Rescue Fund Payable Fire Maintenance Fund Payable 58,076 38,171 Motor Contributions Payable 868,818 478,369 Fire Certificate Payable PAYE Payable 189,914 94,558 SSF Payable 55,826 44,689 Occupational Pension Scheme Payable 15 113,441 684,335
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2016 2015 Notes (GHS) (GHS) VAT Payable 1,050 Withholding Tax Payable 15,164 8,988 Sundry Creditors 14,915 12,519 1,668,491 2,00,284
12. ACCRUED EXPENSES
2016 2015 (GHS) (GHS) Audit Fees 23,500 17,500 Consultancy - 172,966 Medicals 80 17,368 Repairs and Maintenance 23,513 86,010 Insurance Stickers 34,820 34,820 Telephone 13,771 15,793 Water & Electricity 40,639 39,135 Others 73,348 65,203 209,671 448,795
13. Reconciliation of excess of Income over Expenditure to Cash flow from Operating Activities
2016 2015 (GHS) (GHS) Excess of Income over Expenditure 5,745,343 3,089,930 Amortization of Capital Grant (25,435) (25,435) Depreciation 1,114,848 1,101,906 (Gain)/Loss on Disposal of Property & Equipment (2,646) 1,950 Interest Income (421,080) (164,449) Investment Income (1,758,558) (1,020,344) (Increase)/Decrease in Accounts Receivable and Prepayment (700,917) 135,361 Increase/(Decrease) in Accounts Payable and Accruals (331,793 1,122,268 Cash Generated from Operating Activities 3,619,762 4,241,187
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14. Gain / (Loss) on Disposal of assets
2016 2015 (GHS) (GHS) Cost 149,634 49,854 Accumulated Depreciation (149,509) (42,454) Net Book Value 125 7,400 Proceeds 2,771 5,450 (Loss) on Disposal 2,646 (1,950)
15. OCCUPATIONAL PENSION SCHEME The Occupational Pension Scheme is a pension plan that defines an amount of pension benefit 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.
16. Unused Stickers At the end of the year the stock of unused stickers out of the quantity printed during the year was 4,610 booklets, Cost - GHS20,054 (2015 : Booklets 5,162 - Cost GHS22,454)
17. CAPITAL COMMITMENT There were no Capital Commitments as at 31st December, 2016 (2015: Nil)
18. CONTIGENT LIABILITY There were no Capital Commitments as at 31st December, 2016 (2015 : Nil)
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NATIONAL INSURANCE COMMISSION FIRE MAINTENANCE FUND CORPORATE INFORMATION
Board of Directors: Mr. Lionel Molbila Chairman
Other Directors Miss. Lydia Lariba Bawa Commissioner of Insurance Mr. Emmanuel Baba Mahama Member Ms. Sarah Fafa Kpodo Member Mr. Justin Amenuvor Member Dr. Albert Gemegah Member Mr. Samuel Amankwah Member
Committee Members Mr. Simon N.K. Davor Chairman Mr. Leslie Sakeyfio Member Mrs. Esther Osei-Yeboah Member Ms. Aretha Duku Member DCFO Rev. Edward K. Ashon Member DOII Philip K. Amagnoh Member Mrs. Christina De-Youngster Secretary
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: GCB Bank Limited
Registered office: National Insurance Commission Appiah-Ampofo House No. 67 Independence Avenue, North Ridge P. O. Box CT 3456 Cantonments, Accra
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NATIONAL INSURANCE COMMISSION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016
FIRE MAINTENANCE FUND
REPORT OF THE DIRECTORS The Directors present herewith the audited Financial Statements of the National Insurance Commission (NIC) Fire Maintenance Fund for the year ended 31st December, 2016.
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 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 organizations as the Commission may determine for the purpose of fighting fires.
Financial Results The financial results of the NIC Fire Maintenance Fund are as summarized below:
2016 2015 (GHS) (GHS) Excess of Income over Expenditure 542,898 210,146 Total Assets 1,391,701 850,531 Accumulated Fund 845,066 634,920
By order of the Board Dated June 20, 2017
………………………………………. ……………………………………….
DIRECTOR DIRECTOR
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FIRE MAINTENANCE FUND Independent Auditor’s 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 position as at 31 December, 2016 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 8 to 10.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Fund as at 31 December, 2016 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.
Auditor’s 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.
■ Evaluate the appropriateness of policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
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■ Conclude on the appropriateness of the Board of Director’s use of the going concern basis of 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/2017/108] Chartered Accountants Correspondent firm; Grant Thornton International 9 Bissau Avenue, East Legon Accra-Ghana
June 20, 2017
89 2016 Annual Report National Insurance Commission
NATIONAL INSURANCE COMMISSION FIRE MAINTENANCE FUND
INCOME AND EXPENDITURE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2016
Notes 2016 2015 (GHS) (GHS) INCOME 2 716,387 608,444 EXPENDITURE 3 (173,489) (398,298) Excess of Income over Expenditure 542,898 210,146
ACCUMULATED FUND Balance as at 1st January 845,066 634,920 Excess of Income over Expenditure for year 542,898 210,146 Balance as at 31st December 1,387,964 845,066
The accompanying notes form an integral part of these Financial Statements.
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NATIONAL INSURANCE COMMISSION FIRE MAINTENANCE FUND
STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2016
Notes 2016 2015 (GHS) (GHS) Current Assets Accounts Receivable 4 158,673 123,045 Short Term Investments 5 649,363 500,000 Bank and Cash Balances 6 583,665 227,486 1,391,701 850,531
Accumulated Fund Accumulated fund 1,387,964 845,066
Current Liabilities Accounts Payable 7 3,737 5,465
Total Liabilities & Accumulated Fund 1,391,701 850,531
The Financial Statements on page 90 to 95 were approved by the Board of Directors of the NIC on June 20, 2017 and were signed on its behalf by:
………………………………………. ……………………………………….
DIRECTOR DIRECTOR
The accompanying notes form an integral part of these Financial Statements.
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NATIONAL INSURANCE COMMISSION FIRE MAINTENANCE FUND
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31ST DECEMBER, 2016
Notes 2016 2015 (GHS) (GHS) Operating Activities Cash Generated from Operations 8 337,997 (12,636)
Net Cash Generated from Operating Activities 337,997 (12,636)
Cash flow from Investing Activities Purchase of Investment (149,363) (68,833) Investment Income Received 167,545 137,330
Net Cash Inflow from Investing Activities 18,182 68,497
Net increase/(decrease) in Cash and Cash Equivalents 356,179 55,861
Movement in Cash and Cash Equivalents Cash and Cash Equivalents at the beginning of the Year 227,486 171,625 Increase in Cash and Cash Equivalents 7 356,179 55,861 Cash and Cash Equivalents at end of the Year 583,665 227,486
The accompanying notes form an integral part of these Financial Statements.
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NATIONAL INSURANCE COMMISSION FIRE MAINTENANCE FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016
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 accrual basis and comply with the Ghana Accounting Standards.
b. Investment
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 Equipment
For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand and deposits held at call with banks.
2. INCOME
2016 2015 (GHS) (GHS) Contribution from Insurance Companies 548,842 369,114 Investment Income 167,545 137,330 Penalties Income - 102,000 716,387 608,444
3. EXPENDITURE
2016 2015 (GHS) (GHS) Audit Fees 3,525 2,820 Bank Charges 965 2,676 Support to Ghana national Fire Services 100,000 326,772 Entertainment - 849 General Office Expenses 12,434 17,964 Public Education 37,817 42,687 Traveling & Transport 18,748 4,530 173,489 398,298
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4. ACCOUNTS RECEIVABLE
2016 2015 (GHS) (GHS) Penalties Receivable 25,000 25,000 Accrued Investment Income 75,717 57,534 Other Receivables (120) 2,340 National Insurance Commission 58,076 38,171 158,673 123,045
5. SHORT TERM INVESTMENT
2016 2015 (GHS) (GHS) Fixed Deposit 649,363 500,000
Balance as at 1st January 500,000 431,167 Additions 149,363 68,833 Balance as at 31st December 649,363 500,000 Net Investments 149,363 68,833
6. CASH & CASH EQUIVALENT
2016 2015 (GHS) (GHS) Bank and Cash 583,665 227,486
7. ACCOUNTS PAYABLE
2016 2015 (GHS) (GHS) Audit Fees 3,525 2,820 Accrued Expenses - 1,400 WHT Payables 211 1,244 National Insurance Commission 3,736 5,464
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8. RECONCILIATION OF EXCESS OF INCOME OVER EXPENDITURE TO CASH FLOW FROM OPERATING ACTIVITIES
2016 2015 (GHS) (GHS) Excess of Income over Expenditure 542,898 210,146 Investment Income (167,545) (137,330) (Increase)/Decrease in Accounts Receivable (35,629) (84,092) Increase/(Decrease) in Creditors (1,728) (1,360) Cash Generated from / (used in) Operating Activities 337,997 (12,636)
9. CONTINGENT LIABILITIES
There were no contingent liabilities at 31st December, 2016 (2015: Nil)
95 2016 Annual Report National Insurance Commission
LIST OF REGISTERED NON-LIFE INSURANCE COMPANIES
No. Company Contact Details Location
PMB KIA 85 Airport, Accra 3rd Floor, Heritage Activa International Insurance Tel: 686352/672145/685118 1 Tower, 6th Avenue, Company (Ghana) Limited Fax:685176 West Ridge. e-mail: [email protected]
PMB CT 353 Cantonments, Accra
Tel: 764893-4/764891 18, North Airport, adjacent Villagio Allianz Insurance Company Ghana 2 Fax : 765140 Apartments, West Limited Airport Residential e-mail : [email protected] Area www.allianz-ghana.com
P. O. Box CT 11022 Cantonments-Accra
Tel : +233(0)302541745 Opp. American House, 3 Best Assurance Company Limited Info : bestpointinsurance.com East Legon
www.bestpointinsurance.co
P. O. Box 1292, Accra Near Ghana Tel: 774771, 760639, 768351 Commercial Bank. La 4 Saham Insurance Limited Fax: 760568 Beach Road, Osu
e-mail: [email protected] #18 Dr. lsert Road, Ridge-Accra www.groupecolina.com
P. O. Box GP 2136, Accra
Tel: 763065, 763118, 763171, 7011560-1, F 33/1, Carl Quist Donewell Insurance Company 5 772778 Street, Kuku Hill, Osu Limited Fax: 763147 RE
e-mail: [email protected]
P. O. Box GP 50, Accra
Tel: 666856-8/666847-9 Enterprise Insurance Company Fax: 666186/670306/677677 Enterprise House, No. 6 Limited 11 High Street e-mail: info.insurance@enterprisegroup. com.gh
www.enterprisegroup.com.gh
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LIST OF REGISTERED NON-LIFE INSURANCE COMPANIES
No. Company Contact Details Location
P. O. Box 16235 KIA, Accra
Tel: 770548/7705542 48 Senchi Street, Off 7 Equity Assurance Company Limited Fax: 769592 Aviation Road, Airport, Accra. e-mail: [email protected]
www.equityassuranceltd.com
P. O. Box 1322, Accra
Tel: 780625/6, 780627/30/780634 Ghana Union Assurance Company F828/1Ring Road East, 8 Limited Fax: 780647 Osu e-mail:guaghanaunionassurancecompany. com
P. O. Box 4251, Accra
Tel: 0302253021/245235 Glico House No. 47, Glico General Insurance Company 9 Fax: 0302258211 Kwame Nkrumah Limited Avenue. e-mail: [email protected]
www.glicogeneral.com
PMB 163, KIA
Tel : 772606/773616/773609
Fax : 773749 35, Aviation Rd. Airport 10 Wapic Insurance Ghana Limited Residential Area e-mail:[email protected]. com
www.wapicinsuranceplc.com
P.O. Box CT 10686, Cantonments Accra Ring Road Central, Imperial General Assurance Tel : 0577667436-8/0577656170/0204653496 11 Accra, Adjacent Company Limited e-mail : [email protected] Paloma Hotel www.imperialgeneral.com
PMB 23, Accra-North, Accra
International Energy Insurance Tel: 770338/769365 C132/21, 11 Saflo Company Limited (Now Heritage 12 Fax: 768944 Street, Abelemkpe Energy Insurance Company Residential Area, Accra Limited) e-mail: [email protected]
www.heritageinsurancegh.com
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LIST OF REGISTERED NON-LIFE INSURANCE COMPANIES
No. Company Contact Details Location
P.O. Box YK1073, Kanda, Accra 3rd Floor, Ghana Shippers’ House Tel : +233(0)303978389 No.12, Cruickshank 13 Loyalty Insurance Company Limited e-mail : [email protected] Street, Ambassadorial Enclave, West Ridge, www.loyaltyinsurancegh.com Accra
P. O. Box 20084, Accra No. 11 Patrice Tel: 220966/227439/225296 Lumumba Road 14 Metropolitan Insurance Company Fax: 237872/3 Airport Residential Limited (Now Hollard) Area, Accra e-mail: hollard.com.gh
P. O. Box AT 128, Achimota, Accra No. 7th Street Millennium Insurance Company Tel : 766632/0544322144 15 Airport Residential Limited Fax : 763323 Area www.millenniuminsurancegh.com
P. O. Box 3114, Accra
Tel: 249500/249501-3/210180 NSIA Ghana Insurance Company 14/16 16 Fax: 249504 Limited Main street, Tesano e-mail:[email protected]
www.groupensia.com
P. O. Box 17753, Accra-North 224/3, 6th Ringway Link Estates, Accra. Phoenix Insurance Company Tel: 246319,246322,246644 17 Phoenix House, Kanda Limited Fax: 246311 Highway
e-mail: [email protected]
P. O. Box 782, Accra
Tel: 221096/229807/233964 Provident Towers, Ring 18 Provident Insurance Company Fax: 239463 Road Central Limited e-mail:[email protected]
P. O. Box AN 7644 Accra-North Gamel Abdul Nasser Tel: 229062, 233499, 234078,7012075 St., Ring Road Estates, 19 Prime Insurance Company Limited Osu, Accra. Fax: 224507
e-mail:
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LIST OF REGISTERED NON-LIFE INSURANCE COMPANIES
No. Company Contact Details Location
Priority Hs. No. 502/1, P. O. Box GP 13808, Accra-Ghana Avenor Junction, 20 Priority Insurance Company Limited Adjacent to C. Tel : 979498/979477 Woermann (Ghaana) Ltd. Nsawam Road
P. O. Box MP 1252, Mamprobi, Accra
Tel: 258125/258127/258129/30 Quality House 21 Quality Insurance Company Limited Fax: 220165/258135 Ring Rd. Central e-mail: [email protected]
www.qicghana.com
Tel: 769789, 768463, 778106 65 Patrice Lumumba Regency Alliance Insurance Ghana Fax: 782871 22 Road, Airport Limited (Now RegencyNem) e-mail:[email protected] Residential Area, Accra www.regencyallianceghana.com
P. O. Box 2363, Accra
Tel: 780600-9 Ring Road East, 23 SIC Insurance Company Limited Fax: 780615 (Nyemetei House)
e-mail: [email protected] Osu
www.sic-gh.com
P. O. Box 7532, Accra-North
Tel:242233/240632/247579 No. C551/4, Cola Street 24 Fax:237156 Kokomlemle, (Adj. Star Assurance Company Limited ATTC) e-mail: [email protected]
www.starassurance.com
P. O. Box AN 5721, Accra-North No. 86 North-Ridge, 248174-7/228176/241892/ Ring Road Central, Unique Insurance Company Limited Former Office of KLM, 25 Fax: 221430 behind Total Filing e-mail:enquires@ uniqins.com Station next to DHL Head Office www.uniqueinsurance-gh.com
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LIST OF REGISTERED NON-LIFE INSURANCE COMPANIES
No. Company Contact Details Location
P. O. Box 1868, Accra
Tel: 666485-7/782921-2 Vanguard Assurance Company Independence Avenue 26 Fax: 668610 Limited near CAL Bank e-mail: [email protected]
www.vanguardassurance.com
LIST OF REGISTERED LIFE INSURANCE COMPANIES
No. Company Contact Details Location
P. O. Box 16192, KIA
Accra 9 Cantonments African Life Assurance Company 1 Tel : +233(0)302769666/769615/769581 Crescent, Limited Cantonments, Accra e-mail :[email protected]
www.africanlifeghana.com
C618/3 Samosa P.O. Box AD 655, Adabraka-Accra Machel Road Asylum A-Plus Life Assurance Company 2 Tel : 0501450800 Down Limited [email protected] 9/1&9/2 Saxel Avenue Tesano, Accra
P. O. Box 5080, Accra
Tel: 240409, 0289546118/0289546151 House No. 865A/3, Capital Express Assurance (Gh) Tackie Tawiah Ave., 3 Fax: 247942 Limited (Now Avance Life) Kanda Highway, North e-mail: [email protected] Ridge
www.capitalexpressassurance.com
P. O. Box GP 3958, Accra
Tel: 763321, 763266, 772778 F333/1, Karl Quist Donewell Life Insurance Company 4 Fax: 763266 Street, Kuku Hill, Osu- Limited Re e-mail: donewelllife.com.gh
www.donewelllife.com.gh
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LIST OF REGISTERED LIFE INSURANCE COMPANIES
No. Company Contact Details Location
Private Mail Bag, General Post Office Accra, Ghana 3rd Floor Tel: 689940,689943/45 5 Enterprise Life Assurance Company Enterprise House, 11 Limited Fax: 677073 High Street, Accra
e-mail: [email protected]
P. O. Box CT 8309, Cantonments, Accra
Tel: 0302201980/201981 C939/3 2nd Ridge Link Esich Life Insurance Company 6 Fax: 250317 Limited North Ridge e-mail: [email protected] Residential Area
www.esichlife.com
P.O. Box CT 10536, Cantonments-Accra
Tel: 0302231520, 231521/2 #59 Ring Road Central, 7 First Insurance Company Limited e-mail: [email protected] Asylum Down, Accra
www.firstinsurance.net
P. O. Box 1322, Accra
Ghana Union Assurance Life Tel: 764674, 783021 F828/1Ring Road East, 8 Company Limited Fax: 780647 Osu
e-mail: [email protected]
P. O. Box 4251, Accra
Tel: 246140/246142 Glico House, No. 47 Glico Life Insurance company 9 Fax: 258210 Kwame Nkrumah Limited Avenue. e-mail: [email protected]
www.glicogroup.com
P. O. Box 8168, Accra 17 Aviation Rd. Tel: 781118, 780543,771298 10 Airport Residential, Ghana Life Insurance Company Fax: 769096 Accra e-mail: ghanalifeinsurance.com
101 2016 Annual Report National Insurance Commission
LIST OF REGISTERED LIFE INSURANCE COMPANIES
No. Company Contact Details Location
P.O. Box AN5879, Accra-North
Tel : 0302221885 No.62 Kinshaha 11 GN Life Assurance Company Limited Fax : 0302256344 Avenue, East Legon e-mail :[email protected]
www.gnlifeassurance.com
P. O. Box CT 456, Cantonments, Accra
Tel: 633933 1st & 2nd Floors, Omanye Aba Building, 12 MetLife Insurance Ghana Limited Fax: 685466, 685440 28th February Road, e-mail: [email protected] Osu, Accra.
www.metropolitan.com.gh
P.O. Box KA18210, Airport, Accra No.4, Dr. Paul Acquah Millennium Life Insurance Company Tel: 0302766633 street 13 Limited Fax: 0302763323 Airport Residential Area e-mail: millenniuminsurance.com
P.O. Box 782, Accra
Old Mutual Life Assurance Company Tel: 252132/233938/230646 Provident Towers, Ring 14 Limited e-mail: [email protected] Road Central
www.oldmutual.com.gh
P. O. Box 17753, Accra-North CDH Building, Opposite NIC, Phoenix Life Insurance Company Tel: 911023 15 Independence Avenue, Limited Fax: 222008 Accra
e-mail: [email protected]
P. O. Box 782, Accra Provident Towers, Ring 16 Tel: 252132/233938 Provident Life Assurance Company Road Central Limited e-mail: [email protected]
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LIST OF REGISTERED LIFE INSURANCE COMPANIES
No. Company Contact Details Location
P.O. Box AN10476, Accra
Tel : 252487/0289555580/03022208877
Fax 250317 House No. 35, North Prudential Life Insurance Company 17 St. Tesano, opposite Limited e-mail : [email protected]. gh Hobats Clinic
www.prudential.com.gh
P. O. Box AD 14, Adabraka, Accra Peters House, Off Quality Life Assurance Company Tel: 234016/258146-8/228833 18 Kwame Nkrumah Ave. Limited Fax: 258150 Adabraka Email: [email protected]
P. O. Box AD 190, Adabraka
Tel: 264552/224299 4th Floor, Sethi Plaza, 19 Saham Life Ghana Limited Fax: 260020 Kwame Nkrumah Avenue e-mail: [email protected]
www.groupecolina.com
P. O. Box CT 3242, Cantonments, Accra
Tel : 664756/666682/663431 No.1 Jones Nelson 20 SIC Life Company Limited Fax: 671072, 678125 Road, Adabraka/ Freetown, Accra e-mail: [email protected]
www.siclife-gh.com
P. O. Box AN 7532, Accra-North
Tel: 258943-6 Plot Z20B, Mankata 21 Starlife Assurance Company Limited Avenue Airport Fax: 258947 Residential Area, Accra e-mail: [email protected]
P. O. Box AN 5721, Accra-North
Unique Life Assurance Company Tel: 03022225572/0302225574 No.4 Samora Machel 22 Limited (Now Beige Assure) Fax: 248173 Road
[email protected] Asylum Down, Accra
www.beigeassure.com
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LIST OF REGISTERED LIFE INSURANCE COMPANIES
No. Company Contact Details Location
P. O. Box 3114, Accra
Tel : 249061, 245737, 228420 91 Saxel Avenue, 23 UT Life Insurance Company Limited Fax: 250343 Opposite Tesano Police Station, Tesano. e-mail: [email protected]
www.utlifeghana.com
PMB CT 455, Cantonments, Accra
Tel: 253242, 235434/5 Ako Adjei Interchange, Vanguard Life Assurance Company 24 Fax: 235437 No. 25 Osu Road, Limited North Ridge. e-mail : [email protected]
www.vanguardlife.com
LIST OF REGISTERED REINSURANCE COMPANIES
No. Company Contact Details Location
P. O. Box AN 7509, Accra-North.
Tel: 633733 Plot 24, Sudan 1. Ghana Reinsurance Company Road, Ambassador Fax: 633711 Hotel Area, Ridge, (next to Stanbic e-mail: [email protected] Bank Head Office)
P.O. Box AC17187, Accra House No. 350, Tel : 0302542413/0302542417 Ward E Block 2. 2, Nima Court GN Reinsurance Company Limited e-mail : [email protected] Avenue, Bridge ww.gnreinsurance.com Examination Loop Road, Accra
P. O. Box CT 3959, Cantonments, Accra
Tel: 788326/7011886/0244335711 3rd Kuku crescent 3. Mainstream Reinsurance Fax : 788325 Osu
Email: [email protected] Accra
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LIST OF REGISTERED REINSURANCE COMPANIES (CONTACT OFFICE)
No. Company Contact Details Location
P. O. Box GP 19389, Accra, Ghana
Tel: (0302) 507010 5th Floor, Gulf House 1. Munich Mauritius Re Fax: (0302) 507011 (Liaison Office/Contact Office East Legon e-mail: [email protected]
www.munichre.com
P.O. Box AN 5042, Accra-North
WAICA Re Corporation Plc. Tel : 0302631164, 0244734534 Suite No. 10, 2. (Liaison/Contact Office) The Emporium e-mail : [email protected] Ambassador Hotel, 2nd Floor [email protected]
LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P. O. Box SK 26 Sakumono, Comm. 13
1 AG Associates Limited Tel: 0244731209 Agbogba, Accra
e-mail: [email protected]
P. O. Box 953, Accra
Tel: 237573, 225330, 227813, 228905 90 Kwame Nkrumah 2 Akoto Risk Management Limited Fax:246543 Avenue
e-mail: [email protected] P. O. AN Box 11585, Accra
Tel: 2025544 2nd Floor, Caledonian 3. All Risks Consultancy Limited Fax: 789912 Kojo Thompson Road, Accra e-mail: [email protected]
www.alriskconsultancy.com
P.O. Box CT 6104, Cantonments-Accra Marbel Plaza, Behind 4. AllStar Insurance Brokers Hotel President, Tel: 0302243690, 0244362432 Asylum Down, Accra
P. O. Box RT 649, Accra Newtown, Accra 15 Hill Street, New 5. Allied Insurance Brokers Limited Tel: 233459, 027 2090137 Town, Accra
e-mail: [email protected]
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P. O. Box CT 6046, Cantonments, Accra
Tel: 661572, 681156 Annex ‘B’, Room 109, 6. Alpha Insurance Brokers Limited First Floor, Republic Fax: 661572 House, Accra e-mail: [email protected]
P.O. Box 05853, Osu, Accra Ghana Procurement Agency Building 7. Anchor Premier Brokers Limited Tel : 0243029337/0244356397/0244326326 Kokommlemle Main e-mail : [email protected] Road P.O. Box Box KN 4769, Accra 2nd floor of L’aine Arrow Class Insurance Brokers Tel : 433735/2330-3932005, 2330-3932006 Office, Kojo Thompson 8. Company Limited e-mail : [email protected] Road Complex, Adabraka-Accra www.arrowclassinsurance.com P.O. Box CT 138 Cantonments-Accra
Tel : 0244822342 B235/25, 13 Akorlu 9. ARB Insurance Brokers Limited Fax : 0302-308598 Close Darkuman e-mail : [email protected]/raman@ arbinsurancebrokers.com P. O. Box KN 3068, Kaneshie-Accra
Tel: 020 8226823/0277610368 House No. 58, Owusu 10. Apex Insurance Brokers Limited Kofi Street, Darkuman, Fax: 660650 Accra. e-mail: PZ Building, 15 Kwame Nkrumah Avenue, P. O. Box 1609, Mamprobi-Accra Behind Regency Alliance Insurance and 11. Tel./Fax: 662657 Ark Insurance Brokers Company Association Int. Sch. e-mail: 65 Patrice Lumumba Rd, Airport Residential Area P. O. Box 206, Tradefair Centre, Accra
Tel : 0243690363 Ascoma Ghana Management 33 Labone Crescent, 12. Fax : 304977 Limited North Labone e-mail: [email protected]
www.ascoma.com
P. O. Box AD 50, Adabraka-Accra No. 117, Lagos Avenue, 13. Asterix Brokers Limited Tel : 028 9523683/544060 East Legon
e-mail: [email protected] Opposite Zenith Bank
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P. O. Box CT 525 Cantonments, Accra
Tel: 291977/0509-387602 4th Floor, Total House, 14. Baobab Brokers Limited e-mail: [email protected] 25 Liberia Road, Accra
www.baobabbrokers.com
Darfuor House #47, Boaitey & Associates Insurance P.O. Box Tl 469, Taifa, Accra 15. Aflyee West Achimota, Brokers Limited Tel : 020-2018138/0302416853/0265155560 Nsawam Road
P.O. Box AD 200, Adabraka-Accra 1st Floor Ike Quartey House, B795/2 Oblogo 16. Byllwych Insurance Brokers Limited Tel : 0200114114/0269366666 Road, Kaneshie Zongo- e-mail : [email protected] Junction Accra P. O. Box 2225 Mamprobi, Accra
Tel: 316851, 313230 House No. 49, Nii 17. Cardinal Brokers Limited Fax: Mampong Okai Street, Dansoman e-mail: [email protected]
P. O. Box CT 3547 Cantonments-Accra
Tel: 680925, 671330, 0244319862, Hse. No. 657/4 2nd Floor (opposite City 18 Ceris International Limited 0208404264, 673778 Paints) Kojo Thompson Fax: 680926 Road, Accra e-mail:
P. O. Box CT. 1731, Cantonments,
Tel: 778829 Trade Fair Centre 19. Claim Limited Fax:760830 (Pavilion ‘V’) La, Accra
e-mail: [email protected]
P. O. Box AC 663
Accra Martco House, Kojo Corporate Trust Insurance Brokers 20. Tel : 234260, 263447 Thompson Road, Limited Adabraka Fax : 234321, 263214
e-mail : [email protected]
P. O. Box 15282 Accra-North
Tel: 237568-9 House No. C418/2 21. Crown Insurance Brokers Watson Avenue, Fax: 235739 Adabraka e-mail: [email protected]
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P.O. Box MP, 812, Mamprobi, Accra House No. A 1015/14 Delonix Street, 22. Dezag Insurance Brokers Tel: 0302329558/967188/0244984615 Dansoman, Last Stop e-mail:[email protected] (Ebenezer SHS)
P. O. Box 71, Trade Fair Centre, Accra House No. D325/4, Tel: 251623/251625/227908 Brewery Road 23. Danniads Limited Fax: 233380 Official Town, e-mail: [email protected], service@ Adabraka danniads.com
P. O. Box 117, Mamprobi-Accra Okoama Storey 24. Double D & M Limited Tel: 024-251167, 682414 Buildings 71 Ring Road, South Industrial Area e-mail:
P. O. Box PMB CT 98, Cantonments, Accra.
Tel: 713900, 713899 Brigade Bus Stop, Off 25. Dynamic Insurance Brokers the Nungua-Teshie Fax:713882 Road e-mail:[email protected]
P. O. Box 16882, Accra-North Marydee House C124/3 Tel: 229349/224670/233078 26. Edward Mensah, Wood & Associates Farrar Avenue Fax: 224809
e-mail: [email protected]
P. O. Box OS 1338
Accra
Tel : 0200798288, 967188, 2967189 A643/16,11th Damba 27. Eureka Insurance Brokers Limited Street, Dansoman, Fax : behind GCB e-mail:
www.eurekabrokers.com
P.O. Box AH 1361, Achimota-Accra Hs. No. 10 Afram Lane, Asylum Down, Accra 28. Felin Insurance Brokers Limited Tel: 0302901519/024462257/0248260963 near Delta Security e-mail: [email protected] Services
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P. O. Box AN 5042 Accra-North Christman House (formerly Aviation Tel: 770510/0244-94206 29. First Anchor Risk Management House) Fax: 770511 3rd Floor, suite 105, e-mail: [email protected] Airport-Accra
P.O. BoxWJ 952, New Wieja, Accra No. F872/15th Close Functions Risk Management Tel: 0244272066/0302201488/0244662370 30. Ringway Estate Osu, Limited e-mail: info@functionsriskmanagement Accra .com
P. O. Box GP 3470, Accra 2nd Floor Copeland House Ghana International Insurance Tel: 250384/0242759043/0242943450 31. ADB, Off Kojo Brokers Fax: 247633 Thompson Road, e-mail: info@[email protected] Adabraka, Accra
P. O. Box 7130, Accra-North Opposite Burkina Global Impact Insurance Brokers Tel. 0244625080/0245069626 32. Faso Embassy, Asylum (Gh) Ltd. Fax: 221869 Down e-mail:
P. O. Box CT AF 1347, 4th Floor Ghana Adenta-Accra House, behind 33 GBL Insurance Brokers Limited Tel: 0244438704 Barclays Bank, Atta Mills High Street e-mail: [email protected]
P. O. Box CT 9545 Cantonments-Accra
Tel: 0302244714/244715/244478 No. 32 Farrar Avenue Adabraka, 34 Goldlink Insurance Brokers Fax: 0302244713 Sikkins Paint Building e-mail: goldlinkinsurancebrokers@yahoo. com
P. O. Box KN 57 Kaneshie-Accra Virtues Trust Building, 35 Goodwill Insurance Brokers Limited Tel: 0244418495/0204330449 Off Burma Camp Road e-mail: [email protected]
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P. O. Box KIA 30708, Accra
Gras Savoye Ghana Limited (Now Tel: 674465, 681600, 0244318548, 686400 15th Floor, Heritage 36 Willis Tower, Watson Ghana Tower, Ambassadorial Limited) Fax: 675489 Enclave, Ridge, Accra. e-mail: [email protected]
P. O. Box CS 8409 Comm. 7 Tema 1st Floor, Suite No. 9 Tel: (0303) 208856, 208864, 208928, 200999 Kristal Plaza Comm. 4 37 Horizon Insurance Brokers Limited e-mail: [email protected] Tema, Near Evergreen Supermarket [email protected]
P. O. Box 30688, KIA-Accra Ghana
P. O. Box CT 6274, Cantonments Accra Location: H/No 14 Ridge Road, 38 Tel: 239 855/222427 Insurance Centre of Excellence NT Ridge (Opposite Fax: 234 128 Accra High School e-mail: [email protected]
P. O. Box 4648
Insurance Consultancies Tel: 231182-3, 0244320388, 054 5440763 Benefits Plaza, Ring 39 International Limited Fax: 231184 Road Central
e-mail: [email protected]
P. O. Box T89
Stadium Post Office, Accra First floor, Palma 40 House, Tudu, behind Inter-Africa Brokers Limited Tel: 027-7734385/255357 Catholic Book Centre e-mail: [email protected]
PMB CT 382
Cantonments-Accra Mariville Home, Manet 41 Insurance Solutions Limited Junction Spintex Road, Tel. 0302 938112, 0243574690 Accra. e-mail: [email protected]
P. O. Box CT 2488 Cantonments, Accra No. 14 Cairo Street, Tel. 420111, East Legon, Behind GT 42 KAV Insurance Brokers Limited Bank Fax : 420112
e-mail :[email protected]
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P. O. Box 6681, Accra-North Broking House Tel: 764023, 764573, 764390, 770614 No.40/41, Senchi St., 43 KEK Insurance Brokers Limited Fax: 764138, 764210 Aviation Road, Airport Residential Area, Accra e-mail:[email protected]
P. O. Box Nana Swiss House Plot Khols & Hols Insurance Brokers & Tel: 0266812600/0266335735 44 No. 14 Community 16 Management Consultants e-mail: [email protected] Lashibi, Tema www.kholsinsurancebrokers.com
P. O. Box CT 8092, Accra 4th Floor of Dufie Liberty Insurance Brokers Co. Tel : 020 8184215 45 Towers, 1st Junction, Limited Fax : Teshie-Nungua Estate e-mail : [email protected]
P. O. Box 1144 Achimota Market
Tel: 781435/781774 F&D Court, H/N C140 46 Lordship Insurance Brokers Fax: 770432 Motorway Extension, Abelemkpe e-mail: [email protected]
www.lorshipin.com
P. O. Box GP2913, Accra 5th Floor, Sethi Plaza Tel: 254647 47 M&G Insurance Brokers Limited 123 Kwame Nkrumah Fax: 254649 Avenue, Adabraka e-mail: [email protected]
P. O. Box SD 79, Stadium Post Office Accra
Tel: 232795/241216 B219/10 B10 street, 48 Maxpal Intermediaries Fax: 232795 Awudome
e-mail: [email protected] Kaneshie
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P. O. Box CT 3865 Cantonments
Tel: 0303932305/932308 Behind the Trade Fair 49 Metrix Brokerage Limited at the back of Goil e-mail: [email protected] Filling Station www.metrixbrokerage.com
P. O. Box AN 10554 Accra-North
Tel: 255168 Plot No. A10, Awudome 50 MIDAS Insurance Brokers Limited Fax: 258667 Roundabout, Kaneshie e-mail: [email protected]
P. O. Box KA 30223 Airport, Accra
Tel: 0289013928 No. 13 Star Avenue, 51 Multinational Insurance Brokers Kokomlemle e-mail: [email protected]. gh
P. O. Box GP 1388 Accra, Ghana
Tel: 0202019973/0302967330 F618/2 Anu Mensa 52 NDL Insurance Consult Street, Near VRA Clinic, Fax: 0302760404 Osu e-mail: [email protected]
P. O. Box AF 1383 Adenta Superior Oil Office 53 Novelty Insurance Brokers Limited Complex Ampomah Tel: 268002 Junction
House No. 6, Obutu P. O. Box KN, 5111 Kaneshie, Accra 54 Oak Insurance Brokers Road Tel: 0302230060 Accra New Town
P. O. Box DS 1632 Dansoman, Accra.
Tel: 915111, 918011, 028 9540270 Marble House, South 55 Premier Brokers & Consultants Fax: 224804 Industrial Area, Accra
e-mail:[email protected]
Progressive Insurance Brokers P. O. Box GP 14438 Accra Central Anum Yemoh Place, 56 Limited Tel: 237058, 020-2018102 East Legon, Accra
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P. O. Box AN 8118 Accra-North
Tel: 020-8157160,0244-767037, 0244- 883991, 240818 Hse. No. 520/4, 57 Prudent Insurance Brokers Limited Fax: 240882 Jones Nelson Street, Adabraka, Accra e-mail: [email protected]
info@prudentinsurancebrokersgh. com
P. O. Box GP 13596
Accra 309/17 Abavana 58 Riscovery Limited Tel : 0244269936 Junction, Kotobabi Fax : 0268089949
e-mail : [email protected]
P. O. AN 12331
Accra- North
Risk Management and Advisory Tel. 816390, 816389, 024415834, No. 120B Spintex Rd, 59 Services 0208128369 Industrial Area
e-mail :[email protected]
P. O. Box CT 1345 Cantonments, Accra Safeguard Insurance Brokers 6 Osu Duku Street, Osu, 60 Tel: 0302784829/784513/0206850886 Limited Accra e-mail: [email protected]
P. O. Box OS 2912 Osu, Accra
Tel. 761944, 786603, 024376965 2nd Floor, Blue Chip 61 Safety Insurance Brokers Ltd. Fax: 786602 Building
e-mail: [email protected]
P. O. Box GP 13197, Accra.
Tel: 0243761632, 0544356888, 953055, 519651 Kangaroo House, 62 Shield Insurance Brokers Limited Adjacent Fly over, Fax: - Manet Court e-mail: [email protected]. gh
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
P. O. Box 468, Accra Saviour Insurance Brokers & Kanda, East Ayawaso, 63 Tel: 224559 /0277426580 Consultants Accra e-mail:
P. O. Box 17841, Accra C154/19 Tesano Tel/Fax: 024 4272060, 0209420518 Business Centre 64 Trans-National Brokers Limited Fax : 235603, 949803 Opposite Santana Market, Tesano e-mail: [email protected]
P. O. Box GP 1800
Accra
Tel. 764117, 764018 Cantonments Rd. 65 Trinity Insurance Brokers Ltd. Opposite St Thomas Fax : 764130 School, Osu. e-mail : [email protected]
P. O. Box 12566, Accra-North
Tel: (233-21)244861, 256183, 220302 No. 14, Naa Ata Street, 66 Tri-Star Insurance Services Limited Fax: 220319 Tesano, Accra
e-mail: [email protected]
P. O. Box CT 117, Cantonments, Accra. 1st Floor, Standard Universal Insurance Consultants Tel: 222076/229362 Chartered Bank 67 Building Ltd. Fax: 233944 Adabraka e-mail:[email protected]
P. O. Box AN 16664
Accra-North House No. C352, Dome, 68 UGroup Insurance Brokers Tel : 02082453 Accra. e-mail :
www.ugroup.com
P. O. Box CT 4219 Plot No. 46, 48 Boundry Road, Near UBA Bank, 69 Visal Insurance Brokers Limited Tel : 0244644155 America House, East e-mail : [email protected] Legon
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LIST OF REGISTERED INSURANCE BROKING COMPANIES
No. Company Contact Details Location
Tel: +233245501301 1st Floor- QFS Building 70 World Wide Insurance Brokers e-mail: [email protected] Community II, Tema- Ghana. www.worldwidepartnersgh.com
Tel: +233244664540, +233235664540 Gicel Estates, Weija 71 Strategic Insurance Consult Ltd. e-mail: [email protected] DVLA Block A8/9.
P.O. Box 17366, Accra. No. 7 Fifth, Abbosey Okai Link, Mataheko, 72 K&A Insurance Brokerage Ltd. Tel: +233264310554 Prime Care Medical e-mail:[email protected] Block
Broking House No. Tel: +233501525704, 0302-234158 137/5- Ring Road 73 Ideal Insurance Brokers Limited e-mail: [email protected] Central (New Nima Police Station)
P.O. Box WY 1641, Kwabenya- Accra First Floor, RND Plaza, 74 Supreme Trust Insurance Brokers Tel No. +233247200483, 0312298033 Baatsona Spintex Road
C/O P.O. Box Gp 724, Accra.
Tel: 0303-967796 Goa House, 3 Afram 75 Insurance Management Service Road, Asylum Down- e-mail: [email protected] Accra. www.ims-gh.com
P.O. Box 561, Accra. Number 24, 5 Crescent, 76 Risk Partner Limited Tel: +233202011488, +233244848784 Asylum Down- Accra. e-mail: [email protected]
P.O. Box CT 521, Cantoments- Accra
77 Pacific Insurance Brokers Limited Tel: +233244788797
e-mail: [email protected]
P.O. Box AF 574, Adenta
Tel: 0302-500168 Christian Service 78 iRisk Management Limited Centre, 11 Jungle Road e-mail: [email protected] / A&C Road East Legon. www.iriskmanagement.net
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LIST OF REGISTERED LOSS ADJUSTING COMPANIES
No. Company Contact Details Location
P. O. Box GP, 22926 Accra-Central 3rd Floor, White House Plaza, Opposite Tel: 0261384828/0207960358/0249949311 Ebenezer Funeral 1. I AM Loss Adjusters (GH) Limited Fax: 304977 Home, Aigbe Town Bus Stop, After West Hill e-mail: [email protected] Mall, Accra
LIST OF REGISTERED REINSURANCE BROKERS
No. Company Contact Details Location
P. O. Box An 6681 Accra-North KEK Insurance Tel: 770617, 764210, 764273 Broking HouseNo. KEK Reinsurance Brokers (Africa) 40/41 Senchi Street 1. Limited Fax: 764138 @ Aviation Rd. Airport Residential. Area, e-mail: reinsurance@kekinsurancegroup. Accra com
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Notes
117 INSURANCE AND ITS BENEFITS
Insure them against fire,Do you burglary know thatand the house and properties you natural disasters. have acquired through much effort and over a period of time could be lost within a minute?
Insure them against fire, burglary and natural disaster.
Insurance brings the smiles back and helps you stand on your feet again when disaster strikes.
NATIONAL INSURANCE COMMISSION For More Information, Contact Any Licensed Insurance Company, Broker Or Agent.
27 NIC | THE INSURANCE SUPERVISOR design & print: Buck Press Ltd | +233-302 408061