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Annual Report& Financial Statements NA TIONAL INSURANCE COMMI 2 18 ANNUAL REPORT & FINANCIAL STATEMENTS SS IO N 2018 ANNUAL REPORT www.nicgh.org National Insurance Commission 2018 | ANNUAL REPORT 2018 Annual Report National Insurance Commission CONTENTS Welcome 4 Foreword 5 Chairman’s Report 9 Key Facts 12 The National Insurance Commission Corporate Information 14 Ghana Insurance Market Report Economic Review 31 Ghana Insurance Market Report (2014 – 2018) 34 Financial & Ratio Analysis 64 Appendices 2018 Financial Reports 109 Fire Maintenance Fund 123 List of Registered Insurance Companies 132 List of Registered Reinsurance Companies 133 List of Registered Broking Companies 134 2018 Annual Report National Insurance Commission Welcome The 2018 Annual Report of the National Insurance Unless otherwise stated, all the information in this Commission (NIC) provides an overview of the report is based on the audited financial statements insurance sector in Ghana as well as the activities of the of the National Insurance Commission, the Insurance Commission. The purpose of this report is to provide Companies and the Intermediary Firms as at the end of detailed market information about the insurance 2018. The following firms did not submit their audited industry in Ghana, as at 2018, to help stakeholders information within the time specified and as such the make informed decisions in relation to the industry. information related to them are based on unaudited financial statements: TABLE 1: FIRMS WHOSE INFORMATION ARE BASED ON UNAUDITED FINANCIAL STATEMENTS Non-Life Best Assurance Company Limited Millennium Insurance Company Limited Glico General Insurance Company Limited Saham Insurance Company Limited GN Insurance Company Limited SIC Insurance Company Limited Heritage Insurance Company Limited Vanguard Assurance Company Limited Imperial General Assurance Company Limited Wapic Insurance Ghana Limited Life Hollard Life Insurance Company Limited Vanguard Life Assurance Company Limited GN Life Assurance Company Limited Metropolitan Life Insurance Ghana Limited SIC Life Insurance Company Limited First Insurance Company Limited Glico Life Insurance Company Limited Brokers AG & Associates Horizon Insurance Brokers Ceris International Lordship Insurance Brokers First Anchor Insurance Brokers Oak Insurance Brokers The appropriate regulatory actions have been applied on the firms above. Beige Assure Limited and Esich Life Insurance Company the insurance industry. Another set of information Limited were placed under enforcement action for the that the Commission publishes is a quarterly update year 2018. African Life Insurance Company Limited and on the insurance industry, which is published on the Avance Life Insurance Company Limited voluntarily Commission’s website www.nicgh.org. suspended their operations. The statistics for these firms may be incomplete. As opposed to the Annual Report which is based on audited financial statements, the quarterly summaries It is worth pointing out that this publication is part of are based on unaudited quarterly information the suite of information produced by the NIC about submitted by insurance companies and brokers. | 4 | 2018 Annual Report National Insurance Commission Foreword On average, Africa contributes about 1.5% of the global 2. Economic development. When companies total Gross Written Premium. In 2017, the Gross Written have insurance, they are able to transfer risks Premium in Africa was about USD 67billion. The figure and undertake productive risk. The aggregate for 2018 is not expected to be significantly different from effect of this is increase in investment and this. South Africa alone, accounts for more than 60% economic development in the country. The of the premium generated in Africa. Excluding South ability of insurance to pool resources and Africa, the average insurance penetration rate in Africa invest for the long-term makes the insurance is about 1%, this compares very poorly, to a global sector a key stakeholder in the Capital Markets. insurance Penetration Rate of about 5%. These figures This is the reason why in most countries with paint a picture of an under-developed Insurance market a developed insurance market, there is also a in Africa. developed Capital Market. The benefits of a well-developed Insurance market to Given the relatively underdeveloped state of the a country is well researched and documented. These insurance market in Africa, the benefits of insurance as benefits can be grouped into: described above have not accrued to African countries. 1. Improvement in the Well-being and Welfare of In the table below we set out some key statistics of some inhabitants. Insurance improves the well-being African countries to give an overview of the economic and welfare of the individuals and households environment and insurance market in these countries. of a country because of the peace of mind These are based on 2017 data. that having Insurance brings. This is further aided by the transfer of risk, greater access to financial services as well as the ability to undertake productive risk. | 5 | 2018 Annual Report National Insurance Commission TABLE 2: OVERVIEW OF ECONOMIC AND INSURANCE MARKET IN GHANA COMPARED TO OTHER AFRICAN COUNTRIES Sub- Saharan Theme Indicator Ghana Nigeria Kenya Rwanda Africa average Socio-economic context Population (millions) 29 189 50 12 - Demographic Urban population (%) 55 50 27 17 40 GDP per capita (USD) 1,641 1,994 1,508 748 1,573 Macroeconomy GDP growth rate (%) 9 0.8 4.9 6.1 2.5 Inflation (%) 12 16 6 7.2 5.4 Government debt (% of GDP) 72 16.1 56 40.2 49.2 65 48 59 64 Political economy Mo Ibrahim Index of African Governance (index out of - Rank: Rank: Rank: Rank: 100) 8/54 35/54 13/54 9/54 Access to accounts (%) 58 40 82 50 42.6 Mobile money account (%) 39 6 73 31 21 Financial inclusion Smartphone ownership (% 21 48 59 52 43 adults) Insurance market context Penetration (GWP % GDP) 1.14 0.3 2.6 1.6 2.81 GWP (USD, billions) 0.6 1 2 0.14 60 Insurer’s asset base (USD, 1 3.2 5.1 0.46 Size billions) Size of Life industry (% of total market 45 32 40 18 672 premiums) Claims Life N/A 45 N/A 69 Value ratio (%) Non-Life 39 30 63 64 Combined Life N/A 112 N/A 108 Performance ratio (%) Non-Life 133 125 102 114 Sources: Cenfri 2019 The current underdeveloped state of the insurance individual has a relatively low amount of disposable market in Africa, (excluding South Africa) can be income, the individual will not prioritise the purchase attributed to the following: of insurance. This is one of the main reasons why the purchase of insurance is low for the low-income Low Disposable Income segment of the population in most countries. A statement that is commonly made about insurance is that, “insurance is sold and not bought”. This statement Poor Public Perception captures the fact that insurance is not something that Delays in the payment of claims and the repudiation most people would ordinarily buy. It is one of the last of legitimate claims by insurance companies have led items that most people would buy, as such, when an to a situation in which the public does not trust the 1 This figure includes South Africa. When South Africa is excluded, penetration drops to 0.9% 2 This figure is for Africa as a whole | 6 | 2018 Annual Report National Insurance Commission insurance sector and has a poor perception in most help facilitate greater participation of local insurers, in African countries. Whilst public perception of insurance the Insurance of Oil and Gas business. The regulations is improving, the image of the insurance industry to governing the operations of Ghana Oil and Gas the ordinary Ghanaian is not very favourable. This Insurance Pool (GOGIP) have been amended to allow reputation has not helped the efforts to increase the for greater local participation. A circular to this effect patronage of insurance. has been sent to the industry. The Commission expects this change to lead to about $100m growth in the local Low Capacity of the Insurance Sector Oil and Gas written premium per annum effective 2019. In general, the greater the assets of an insurance company, the better its capacity to absorb risks. In most Tackle the Challenges Facing Motor Insurance African countries, the total amount of assets held by the insurance sector is less than 5%. This situation limits Motor Insurance accounts for circa 25% of the total the extent to which the insurance sector can underwrite premium in the Insurance industry. However, it is faced mega risks. with a number of challenges including: Initiatives to Grow the Insurance Sector - Significant number of uninsured vehicles. DVLA reports that it has registered over 2.2 million Due to the issues discussed above, one of the major vehicles and issues about 1.6 million road objectives of the Commission is to help facilitate worthy certificates each year. However, NIC the growth of the insurance industry in Ghana. The sells only 1 million motor stickers. This shows activities being undertaken by the Commission aimed that there is a large number of uninsured at achieving significant growth in the insurance sector vehicles or fake motor insurance stickers in are discussed below. circulation. Compulsory Insurance - Section 44 of the Insurance Act, requires that One of the key activities that the Commission is engaged the Commission together with the industry, in, is the introduction of a number of new compulsory sets out limits on third party injury claims. insurances as well as improving the enforcement of the However, this is yet to be done and has led to current compulsory insurance. The new compulsory relatively high awards in relation to third party insurance products being considered are: injury claims by the court. - Widespread undercutting / under-pricing in 1. Group Life: All firms with more than, say, four Motor Insurance Premiums. (4) employees will be required to have a group life policy of say five times annual basic salary To help address the challenges above, the Commission for its workers.
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