2017 NIC Annual-Report

2017
ANNUAL REPORT
& FINANCIAL STATEMENTS
National Insurance Commission
2017 | Annual Report
National Insurance
NATIONAL INSURANCECommission
COMMISSION
Appiah-Ampofo House
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Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
Foreword 6
Chairman’s Report 8
The National Insurance Commission

Corporate Information 12
Operations 18

Ghana Insurance Market Report
Economic Review 27
Ghana Insurance Market Report (2013 – 2017) 30
Financial & Ratio Analysis 56
Appendices
2017 Financial Reports 91
Fire Maintenance Fund 104
List of Registered Insurance Companies 112
List of Registered Reinsurance Companies 121
List of Registered Broking Companies 122
FOREWORD
There are two common measures that are usually used to assess the
relevance of insurance in a country. They are insurance penetration and
insurance coverage. Insurance penetration is the ratio of premium to the
Gross Domestic Product of the Country, whilst Insurance Coverage is the
proportion of lives with insurance cover.
These two measures paint a different picture the growth of the insurance industry. These
of the relevance of insurance in Ghana. Whilst factors are discussed in turns below:
the insurance penetration rate is 1.2% as at
the end of 2017, insurance coverage was Improving Economic Conditions
30%. This apparent disparity is due to the fact
that many Ghanaians are covered by micro- It is well known that there is a strong
insurance products, whose premiums are not correlation between the growth of the
significant enough to affect the insurance insurance industry and economic conditions.
penetration rate. According to World Bank estimates, the GDP per
capita of Ghana has increased from USD1,312
It is evident from the information under the in 2010 to USD1,707 in 2016.This points to
Ghana Insurance market report that the an increasing middle class population in Ghana.
insurance industry in Ghana has enjoyed The implication of this is that there are greater
steady growth in recent years. One of the key number of households that now understand
objectives of the Commission is to work with the need for insurance and are able to afford
key stakeholders to ensure an even greater insurance.
level of growth. In order to do this, there is
the need to assess the factors that affect Growing Population
the growth of insurance in the country. It is
instructive to note that some of these factors In general, there is a positive relationship
are beyond the control of the insurance between a growing population and the
industry. However, there is the need for uptake of insurance. Ghana has a relatively
concerted effort by all stakeholders, to address healthy population growth rate of 2.2%. The
these factors that can be influenced by the 2.2% growth in population and the youthful
stakeholders, such that they inure to the structure of Ghana’s population is good for the
benefit of the insurance industry. uptake of insurance. More than 50% of Ghana’s
population are under 25 years. This means that
Factors affecting the prospects of the there are a crop of tech-savvy individuals that
insurance industry insurance can be sold to using non-traditional
distribution channels.
The Commission is very bullish about the
prospects of the insurance industry in Ghana. In Ghana, all vehicles must be insured and over
Of course some of these factors are positive the years, the usage of vehicles increases
whiles others if not addressed, will hinder as the population grows. The motor class of
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insurance is the leading contributor by the use of mobile phones in Ghana. To help address this Buffet Lunch
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of insurance premiums in the non- as a distribution channel. The the Commission will continue to Note Pad, Folder And Pen
life industry in Ghana contributing combination of a young, tech- sanction firms who are engaged
40% of the premiums for the savvy population offers a fertile in such unethical and bad market
sector. There is the need for all market to sell insurance. Online practices.
stakeholders to work to identify and Mobile phone offers a useful
the best distribution channel to avenue to distribute products. Not customer focused
meet the different segments of The use of mobile phones and
Ghana’s young and increasing cyber technology also introduces The insurance market in Ghana is
population. new risks and there is a growing largely not research-driven. This
market in cyber insurance in other implies that, during the formulation
Another issue remotely related insurance jurisdictions. There is the and development of an insurance
to increasing population is need for all stakeholders to work product,0302 insurers
238300 | 0302 may ignore the
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financial provision for the aged very
300/1target market they intend | Website:
on making this product availableTel:in233 302 238 | Fax: 233 302 237 248 | Email: info@nicgh.Org
or pensioners. The breakdown Ghana. to sell to. The balance sheet of

www.nicgh.Org
in the external family system as most insurance companies do not

well as the introduction of the Poor Public Perception have a component for research
Tiered Pension schemes in Ghana and development. Thus there may
offers an avenue for the insurance Whilst public perception of be insurance needs of the public
industry to offer annuities as a insurance is improving, the image as well as companies that are not
vehicle to cater for the financial of the insurance industry to the being catered for by the insurance
well-being of the retirees. This is ordinary Ghanaian is not very industry.
an important avenue that needs favourable. This reputation has
to be carefully harnessed by the not help in the efforts to increase The Impact of Technology
insurance industry. the patronage of insurance.
Some reasons attributed to this Technology has already made
Urbanization are, but not limited to; delayed significant impact on the Ghanaian
and inadequate claims payment, insurance industry. The advent
Urbanization makes it easier to insurance agents’ inability to of mobile phone as a distribution
reach a large part of the population explain policy terms and conditions channel has helped greatly in
who are located in the urban to the satisfaction of a potential the uptake of microinsurance.
areas. This explain the reason policyholder, the use of insurance However, there are a number of
for a positive relationship that jargons in policies statements etc. other emerging technologies that
exists between urbanization The Commission has therefore will further change the manner by
and insurance. Urban areas are begun working actively with which insurance is transacted in
largely characterized by increased the industry to improve claims Ghana.
economic activities which provides payment.
greater avenue for the uptake of Some of these emerging
insurance. Urbanization in Ghana is Competitive Market technologies are Artificial
usually characterised by increased Intelligence, Big Data, Internet
number of Medium and Small Scale There are currently over fifty of Things, Cloud Computing and
enterprises. There is the need for direct insurers operating in Ghana Block Chain. The research and
the insurance industry to focus resulting in a very competitive development activities of industry
on the insurance needs of these insurance market. One of the should consider how it can use
enterprises. unfortunate features of the market these emerging technologies
is underpricing. This phenomenon to reduce cost and provide
High Mobile Phone has resulted in some insurers better coverage and services to
Penetration selling products at inadequate policyholders.
premiums and eventually when it
Mobile phone penetration rate in is time for claims payments, they
Ghana is over 100%. The growth are unable to fulfil their obligation.
experienced in microinsurance in This, if not addressed, will further
Ghana has been primarily driven worsen the image of insurance
7
CHAIRMAN’S REPORT
Mr. Emmanuel Ray Ankrah
GETTING STARTED
The current Board of the National Insurance Commission was sworn into office
on 18th August, 2017. The Board swung into action immediately to work on the
challenges inhibiting the effectiveness of the Commission and the growth of the
insurance sector. Working with a vision to ensure that the Commission excels in
its mandate as stated in the Insurance Act, 2006 (Act 724), the Board begun to
chart a path to improve the efficiency of the industry and set the stage for the
transformation and growth of the industry.
Prevailing challenges GHS 5.4 billion in 2017. Total Gross Premiums
for the year under review was GHS 2.4 billion
As at December 2017, there were 139 up by 26% from about GHS 2 billion in 2016.
regulated entities made up of 24 life insurance The figures also indicated that the industry
companies, 28 non-life insurance companies, 3 employed about 12,500 people and also paid
reinsurance companies, 81 broking companies, corporate taxes of about GHS 50 million to the
and 3 insurance loss adjusters. It is obvious government in 2017.
that there are too many players compared to
the size of the market and indeed the entire
economy. Besides, there are so many small 12,500
inefficient loss making players which don’t Number of people
seem to have the requisite capacity to pay employed in the
claims promptly and adequately. This further Insurance Industry
worsens the already low trust the insuring is about 12,500.
public has in insurance. This is made up of
insurance agents,
In addition to the above, the recent challenges brokers, insurance and
in the Micro Finance and Banking sectors reinsurance staff.
affected the insurance sector. A number
of insurance companies lost considerable
investments held with poorly managed Micro Insurance Penetration
Finance Institutions and with UT Bank and
Capital Bank. It must however be pointed out that the
contribution of insurance to GDP is still around
Performance of the insurance sector in 1.2%. Raising or increasing the penetration
2017 rate will therefore be the main focus of the
activities of the Board going forward. It will
The above notwithstanding, the industry had also be the overarching objective throughout
some growth in 2017. The industry’s total our tenure, and the single most important
assets grew from GHS 4.31 billion in 2016 to
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yardstick. The growth of the insurance penetration will industries were found to be the weakest links. Urgent Note Pad, Folder And Pen
also be the major objective of the four-year strategic action therefore needed to be taken to improve the
plan of the Commission which is nearing completion. situation in order to forestall a possible blacklisting
This growth is expected to be achieved by addressing by the international financial system. Specifically, the
constraints on both the demand and supply side of the following steps were taken by the NIC to address the
insurance service delivery. situation:
• An AML/CFT Unit has been created at the

GHS 245m NIC and the number of staff working on AML
Total Profit after tax of the supervision increased from one to four. The
entire insurance industry capacity of the AML supervision staff was
also developed with 0302a Technical
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| 0302 238301
from the IMF to enable the staff carry out
effective off-site and on-site Risk Based AML
www.nicgh.Org
On the supply side, the main measures will be to
Supervision
ensure that:
• A strict sanctions regime to ensure compliance
• the new Insurance Bill is passed into an Act to with AML/CFT requirements has been
tighten some of the loop holes in the current developed and will be implemented after due
Act and introduce new provisions that will consultations with the relevant stakeholders
promote the growth of the sector
• The NIC AML/CFT Guidelines have also been
• projects funded by Donor and Development revised to adequately reflect revisions to
Partners are locally insured the FATF recommendations and the AML
• the compulsory fire insurance is extended to Act. Again, these will be implemented after
cover all properties and public places appropriate consultations with the relevant
stakeholders.
• there is effective implementation of the
exhaustion of local insurance capacity and Mobile Insurance Market Conduct Rules
• agricultural insurance is revamped. The Commission in 2017 issued the Mobile Insurance
Market Conduct Rules to regulate the sale and
On the demand side, we plan to significantly improve distribution of insurance through the mobile phone.
claims management and payment practices to boost Currently, the mobile phone is the
confidence in the sector and embark on effective and biggest distribution channel for
methodical consumer education. microinsurance products. This was
the first ever regulation of such
nature in the entire world. The
This is an estimate of the project, which was implemented
proportion of Ghanaians
with Insurance cover
30% with Technical Assistance from the
German Development Cooperation
(GIZ), began in 2014. After several GHS50m
rounds of consultations with
stakeholders, the Rules were Total
Anti-Money Laundering and Combating the
finally issued for implementation corporate tax
Financing of Terrorism
in 2017. paid by the
insurance
In 2016, Ghana underwent another round of mutual
Risk Based Supervision industry, this
evaluation by the Inter-Governmental Action Group
does not
against Money Laundering in West Africa (GIABA)
In furtherance of the include VAT
against the Financial Action Task Force (FATF)
implementation of its Risk Based and income
recommendations on Anti Money Laundering and
Supervisory Framework, the NIC tax.
Combating the Financing of Terrorism (AML/CFT). In
the Financial sector, the insurance and the securities in 2017 undertook Risk Based
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On-site inspections of a number of companies to to groups of companies. Even though belonging Buffet Lunch
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enable it determine their Risk Ratings in order to to a group of companies is not wrong per se, such Note Pad, Folder And Pen
prudently allocate supervisory resources. To this end, companies are usually exposed to significant related
the Commission is working earnestly to determine the party and contagion risks which if not well managed,
risk ratings of at least 10 insurance companies and can cause serious problems. The new Insurance Bill
communicate the same to the respective companies will therefore contain comprehensive Group-Wide
before the end of 2018. Supervision provisions to facilitate the mitigation of
such risks.
1.2%
Insurance penetration. GHS 5.4bn
This is ratio of gross
insurance premium to GDP Total Assets of the
Insurance Location:
industry in 0302 238300 | 0302 238301
Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
2017 is GHS 5.4bn, made
www.nicgh.Org
The Commission also provided feedback on the up of 2.9bn in the life
Financial Condition Reports (FCR) required to be sector, 1.9bn in the non-
submitted annually by all insurance companies. The life sector and 0.6bn in the
Commission subsequently issued a directive that set reinsurance sector
out the minimum set of stress and scenario testing
that companies are required to undertake as part
of the FCR reports. The NIC also held two major Claims Culture
workshops; one on Data Management and another on
Financial Reporting to build the capacity of insurance As part of efforts to improve trust and confidence of
companies to improve the quality and reliability of the public in insurance, the Commission will take steps
regulatory and other statutory reports. in 2018 and beyond to improve the claims culture.
This will mainly involve improving the promptness with
which claims are paid, the adequacy of the claims paid
GHS 266m
as well as stepping up the monitoring of compliance
Total amount of motor with the NIC Claims Guidelines.
claims incurred in 2017
is GHS 266m. This is The NIC is also planning to introduce a “Treating
about average motor Customers Fairly” framework and significantly improve
claim of GHS 0.7m per the customer complaint system.
day
GHS 2.4bn
Outlook for 2018 Total premium for 2017

was GHS 2.4bn made up
Insurance Bill of GHS 1.2bn for non-life,
GHS1.1bn for life and
The Commission has resumed work on the new GOGIP premium of GHS
Insurance Bill with technical assistance from the GIZ. 168m
Our target is to get the bill passed into an Act by
next year (2019), to help us improve our regulatory
environment and improve compliance with IAIS Motor Insurance Database
Core Insurance Principles. The bill will also contain
appropriate provisions to promote the growth of the The Commission has also noted with concern the
insurance penetration rate. To this end, the bill will alarming proliferation of fraudulent motor insurance
address such issues as agricultural and index-linked stickers especially with commercial vehicles. This
insurances, micro and compulsory insurances. is very dangerous because it exposes innocent
passengers to high risk of not being eligible for
A major observation on the Ghanaian insurance market any compensation should they be involved in any
is the emergence of insurance companies belonging
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accidents whilst travelling on such vehicles. The Conclusion Buffet Lunch
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Commission has come to the conclusion that the Note Pad, Folder And Pen
most effective solution to this is an electronic motor The insurance industry currently faces significant
insurance database. Preparatory work has therefore challenges which tend to inhibit its effectiveness,
already started and the Commission looks forward to profitability and growth. These challenges have been
implementing this database in 2019. identified and appropriate strategies as enumerated
above have been designed to address these.
These solutions are expected to culminate in the

significant growth in the insurance penetration within
the next four years.
GHS 1.6m
An average of GHS 1.6m 0302 238300 | 0302 238301
is paid by the life sector as Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
benefit/claims each day to www.nicgh.Org
As at close of 2017,
Ghanaians
Bancasurance collaborations
had increased from 36 in
2016 to 41. Bancasurance
Minimum Capital Requirements partnerships continue to
facilitate financial inclusion
A major feature of the industry is the rather high with great growth potential
number of small inefficient companies. These as a distribution channel. This
companies tend to be inadequately capitalised. Also, channel contributed 13% of
their business volumes are usually too low to be able life premiums in 2017 up from
to cover the rather high fixed overheads. This results 8% the previous year
in weak controls and poor risk management, liquidity
challenges and hence the inability to pay claims. This is
often the reason for the very high expense ratios and
the low profitability of the industry.
Inadequate capitalization also restricts the retention

capacity of insurance companies. Low retention
of risks by insurance companies leads to premium
flights which weakens the cedi and the economy.
Adequate capital is therefore very necessary for
the improvement of the retention capacity of the
insurance companies. The Commission therefore plans
to announce new minimum capital requirements in
2018. Appropriate consultations on the modalities and
transitional arrangements will be held with relevant
stakeholders in due course.
11
CORPORATE INFORMATION
The National Insurance Commission (NIC) was established under

Insurance Law 1989 (PNDC Law 227) , but now operates under
Insurance Act, 2006 (Act 724). The object of the Commission,
as detailed in Act 724 is to ensure effective administration,
supervision, regulation, monitoring and control of the business
of insurance in Ghana.
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Board of Directors: Internet Connectivity
Mr. Ray Ankrah Chairman (Appointed 18/08/17)

Commissioner of Insurance (Appointed

Mr. Justice Ofori
12/07/17)
Mr. Kwame-Gazo Agbenyadzie Member (Appointed 18/08/17)
Mr. Sampson Akligoh Member (Appointed 18/08/17)
Mr. Emmanuel Amofa Member (Appointed 18/08/17)
Mrs. Geta Striggner-Quartey Member (Appointed 18/08/17)
Prof. Bill Buenar Puplampu Member (Appointed 18/08/17)
0302 238300 | 0302 238301
www.nicgh.Org
Mr. Lionel Molbila Chairman (Retired 06/01/17)
Commissioner of Insurance (Retired
Miss Lydia Lariba Bawa
25/08/17)
Mr. Samuel Amankwah Member (Retired 06/01/17)
Mr. Justin Amenuvor Member (Retired 06/01/17)
Dr. Albert Gemegah Member (Retired 06/01/17)
Ms. Sarah Fafa Kpodo Member (Retired 06/01/17)
Mr. Emmanuel Baba Mahama Member (Retired 06/01/17)
Mrs. Emma Ocran Secretary
Management Team:
Commissioner of Insurance (Appointed
Mr. Justice Ofori
12/07/17)
Commissioner of Insurance (Retired
Miss Lydia Lariba Bawa
25/08/17)
Dep. Commissioner of Insurance
Mr. Michael Kofi Andoh
(Appointed15/09/17)
Dep. Commissioner of Insurance (Retired
Mr. Simon N. K. Davor
15/09/17)
Mrs. Emma Ocran Director, Legal Services
Mr. Seth Eshun Head, Supervision
Mr. Moses Ackah-Jayne Ag. Head, Finance & Administration
Mrs. Esther Armah Head, Reinsurance & AML/CFT
Mr. Joseph Bentor Head, Marketing & External Relations
Mr. Martin Dornor Abayateye Head, Internal Audit
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Auditors: Mineral Water
Boateng, Offei & Co Internet Connectivity
Correspondent firm; Grant Thornton Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
International
Chartered Accountants
P.O. Box CT 718
Cantonments, Accra
Tel: 0302-779065 / 0573233718/9
Email-boc@africaonline.com.gh
0302 238300 | 0302 238301
Bankers: Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
Societé Generale Ghana www.nicgh.Org
Universal Merchant Bank (Ghana) Limited

Cal Bank Limited
GCB Bank Limited
HFC Bank (Ghana) Limited
Zenith Bank (Ghana) Limited
The Royal Bank Ghana Limited
Stanbic Bank (Ghana) Limited
Registered office: National Insurance Commission

No. 67 Independence Avenue
Appiah- Ampofo House
North Ridge
P. O. Box CT 3456
Cantonments, Accra
Digital Address GA-016-9180
Website: www.nicgh.org
Email Address: info@nicgh.org
Telephone Nos. 030 2 238300 / 030 2 238301
Branches :
Tamale Area Office 0372023394
Kumasi Area Office 0322081808
Takoradi Area
0278717974
Office:
Ho Area Office 0362026650
14
BOARD OF DIRECTORS
Mr. Emmanuel Ray Ankrah Mr. Justice Yaw Ofori

Chairman Member, Commissioner of Insurance
Prof. Bill Buenar Puplampu Mr. Kwame-Gazo Agbenyadzie

Member Member
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Mr. Sampson Akligoh Mr. Emmanuel Amofa

Member Member
Mrs. Geta Striggner-Quartey Mrs. Emma Ocran

Member Secretary
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SENIOR MANAGEMENT
0302 238300 | 0302 238301
www.nicgh.Org
1 2 3 4
5 6 7 8
1. Mr. Justice Yaw Ofori 5. Mr. Joseph Bentor

Commissioner of Insurance Head, Marketing & External Relations
2. Mr. Michael Andoh 6. Mr. Martin Dornor Abayateye

Deputy Commissioner of Insurance Head, Internal Audit
3. Mrs Emma Ocran 7. Mr. Moses Ackah-Jayne

Director, Legal Services Ag. Head, Finance & Administration
4. Mr. Seth Eshun 8. Mrs. Esther Armah

Head of Supervision Head, Reinsurance & AML/CFT
17
OPERATIONS
Licensing
In 2017, a total of six new companies were licenced by the

Commission to operate in the insurance market in Ghana. These
were two Life companies, one Non-Life company, one Loss
Adjuster, one Insurance Broker and one Reinsurance Broker.
Two life companies lincenses were also revoked in the year.
The chart below sets out the number and categories of
regulated entities for 2016 and 2017. The total number
of regulated entities increased from 133 in 2016 to
139 in 2017.
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Figure 1: Analysis of Regulated Entities
The companies that were licenced in 2017 are: wholly owned subsidiary of Leapfrog Strategic African
Investments). This arrangement led to Black Star
• GN Insurance Company Limited (non-life Holdings Limited replacing Sanlam Emerging Markets
insurance company) as part owner of the Enterprise Group. It is worth
pointing out that Black Star Holdings has Prudential
• Hollard Life Insurance Company (life insurance Financial Inc., USA as a primary investor.
company)
Swiss Re Direct Investments Company Limited (part
• Allianz Life Insurance (life insurance company)
of the Swiss Re group) acquired an interest in Nsia
• Afro Asia Reinsurance Company (reinsurance Participation, the parent company of NSIA Insurance
broker) Ghana Limited.
• A P and L Consult i(nsurance broker) Cross Height Capital Limited also acquired an interest
in Capital Express (now Avance Life) in 2017. It is
• RCH Loss Adjuster Limited (loss adjuster) expected that these acquisitions and partnerships
RCH Loss Adjuster became the third licenced Insurance will bring about new synergies to further propel the
Loss Adjusting Company in Ghana, whilst Afro Asia growth of the insurance industry in Ghana.
Reinsurance Broker becomes the second reinsurance
broking firm in Ghana. Circulars and Guidelines Issued
The companies whose licenses were revoked are The NIC as part of its quest to ensure continuous
Adamas Life and Millenium Life. financial soundness of regulated entities, issued
a number of circulars and guidelines to regulated
Partnerships, Mergers, Acquisitions and entities. Fundamentally, these guidelines and circulars
Takeovers are targeted at improving ethical and fair market
conduct to deepen and broaden the coverage of
Enterprise Group, which is made up of Enterprise Life insurance in Ghana.
Assurance Company Limited, Enterprise Insurance
Company and other subsidiaries, entered into an
arrangement with Black Star Holdings Limited (a
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Some of the circulars that were issued to improve Encumbered Assets and Policyholder Buffet Lunch
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ethical market conduct and insurance penetration are Liabilities Note Pad, Folder And Pen
set out below:
One of the axioms of insurance is that in the case
Final Mobile Insurance Conduct Rules of winding up of an insurer, policyholder liabilities will
be the highest ranking liabilities. Unfortunately some
Insurance has evolved, and financial inclusion is one managers of insurers have collateralised the assets
of the buzz words across the globe. Financial inclusion backing policyholder liabilities to the detriment of
refers to making financial services available to those their respective companies. This circular was therefore
traditional under served by the financial industry, issued to set out 30th March, 2018 as the deadline for
mainly the poorer segment of a country. To meet firms to desist from this unethical market conduct.
these segment of the market, insurance companies
no longer rely solely on traditional mediums such as Industry wide Feedback on 0302 Year
238300 end| 0302 2016-
238301
direct sale, agents and brokers to reach the customers. Financial Condition Report
New alternative channels have been devised to drive www.nicgh.Org
growth and attract today’s digitally savvy consumer, As a way to strengthen the market the NIC in 2015
who now expect the same intuitive experience from required all companies to submit their Financial
their insurance providers as they do from their mobile Condition Report (FCR). The FCR report assesses
applications. Aside this, data security and privacy are the solvency condition of an insurer by taking into
of concern as the mobile telephony providers share account both the current financial status, as reflected
data with insurers. The NIC therefore issued this in the balance sheet, and an assessment of the ability
market conduct guideline to sanitise and create the of the company to survive future risk scenario. The NIC
enabling environment for mobile insurance to thrive. circular was intended to improve on the quality of the
submitted FCRs in both 2015 and 2016 in order that
Prohibitions on Shareholders, Directors, future reports will be of best quality. Thus the insurers
Officers, and Employees of Licenced were implored to improve on data quality, ensure
Insurers to be Associated with Insurance mandatory stress and scenario testing to be part of
Intermediaries the FCRs. Going forward, companies were also tasked
to take full ownership of the FCRs and to ensure that
One of the unethical market conduct that is at the it reflects their current operational conditions.
heart of governance is the dual role that some
practitioners of the market wants to play. Even though Other circulars issued in the course of 2017
sections 117 and 134 of the Insurance Act prohibits are as follows:
persons who are shareholders, Directors and Principal
Officers of insurers to participate as shareholders, • Letter of Introduction - Actuarial capacity
Directors and Principal officers of insurance demand assessment
intermediaries, we have experienced this unethical
market conduct in the last decade. The NIC’s circular • Review of SDRs by Insurance Intermediaries
was therefore to serve warning to persons with such • Submission of 2017 Annual and 4th Quarter
unethical conduct to desist or face sanctions. Returns – Reminder
Invitation to a Stakeholders’ workshop on the • Submission of Draft Reinsurance Treaty
development of Annuity Market in Ghana Programmes for 2018
A stakeholders workshop was held to help improve • Submission of Fire Returns and Payment of
insurance penetration and to use annuity products Fire Maintenance
as an effective savings vehicle to improve economic
growth in the country. • PUBLIC NOTICE – International Insurance
(Ghana) Company (IIC)
• Re- Revocation of UT Bank Limited and Capital

Bank Limited Licences
• New Reinsurance Guidelines
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Compulsory Fire Insurance Enforcement The NIC was in 2015 joined in the above named case Buffet Lunch
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at the Human Rights High Court. A private individual Note Pad, Folder And Pen
The National Taskforce made up of officers from the sued the Driver and Vehicle Licensing Authority
National Insurance Commission, the Ghana Police (DVLA) for licensing VIP Yutong buses with one
Service and the Ghana National Fire Service set up exit point. In the course of the hearing following
to enforce the Compulsory Fire Insurance continued an understanding between the plaintiff and the
to work in 2017. The team undertook several defendants an application was filed before the court
enforcement exercises in Accra, Kumasi, Tamale for an out of court settlement.
and Ho during the period under consideration. They
inspected a total of 408 Commercial Buildings to GARNISHEE ORDER AGAINST ECOBANK, GCB
derive evidence of compulsory fire insurance. BANK & NATIONAL INSURANCE COMMISSION
Out of the 408 buildings inspected, the owners of This case was between 0302 E&E238300 Platinum | 0302investments
238301 as
105 buildings had procured compulsory fire insurance plaintiff Location:
against SIC Insurance Company as defendant.
policies while the remaining 303 had not procured as The plaintiff having obtained judgement www.nicgh.Org
in its favour
required under the Law. filed an application for a garnishee order against
Ecobank, GCB Bank and NIC, custodians of SIC’s
Penalties and Fines accounts.
The Commission levied penalties against 10 non-life At the hearing of the case, the High court Commercial
insurance companies, 3 life companies, and 23 brokers Division granted the order against ECOBANK, GCB
for various infractions as part of efforts to ensure Bank and NIC.
compliance with the provisions of the Insurance Act
2006, (Act 724) and NIC Directives. Complaints
Area Offices One hundred and ninety six complaints were resolved
out of the total of 256 complaints received in the year
The intention of the Area Offices is to bring the 2017.
activities of the NIC closer to the public and to
encourage public patronage of insurance business. Out of the total number, 188 were brought against
There are four Area Offices. non-life insurance companies and the remaining 68
were against life companies. For non-life, majority of
The Kumasi office caters for Ashanti and Brong-Ahafo the complaints were related to motor claims. These
Regions; Tamale, the Northern and Upper Regions; Ho, were in the areas of repudiation of claims, delay in
the Volta and Eastern parts of the country; whereas settlement of claims, dispute over quantum, and delay
Takoradi office serves the Western and Central in payments of settled claims.
Regions of the country. The offices carried out their
core activities of receiving complaints from the public Unauthorised premium deductions, payment of low
and resolving them. Where the complaints were surrender values, delay in processing matured policies
beyond their capacity they referred them to the Head for payment and delay in returning refund of wrongful
Office in Accra. deductions were among the complaints filed by life
insurance policy holders. Other areas of complaints
Court Cases included insurance company’s failure to cease
deductions after insurance policy is surrendered and
REPUBLIC VS. DRIVER & VEHICLE LICENSING also benefits promised by insurers differ from benefits
AUTHORITY AND OTHERS contained in policy documents.
An out of court settlement was reached in 2017 and

the terms of settlement was duly adopted by the
court.
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COMPLAINTS Mineral Water
Companies 2013 2014 2015 2016 2017
Non-life insurance companies 199 193 217 258 188
Life insurance companies 113 327 222 94 68
Total 312 520 439 352 256
Others (uninsured vehicles) 68 35 47 2 35
The tables below show the distribution of complaints by companies.

COMPLAINTS AGAINST NON-LIFE INSURANCE COMPANIES
Location:
0302 238300 | 0302 238301
Year
www.nicgh.Org
Companies
2013 2014 2015 2016 2017
1. Activa International Insurance Co. Ltd 1 1 1 - 11
2. Allianz Insurance Co. Ltd - 1 1 - 2
3. Best Assurance Co. Ltd - - - - 0
4. Donewell Insurance Co. Ltd 21 19 15 16 8
5. Ecowas Brown Card 3 0
6. Enterprise Insurance Co. Ltd 2 3 8 6 4
7. Equity Assurance Co. Ltd 6 10 11 20 17
8. Ghana Union Assurance Co. Ltd 2 - - 1 2
9. Glico General Insurance Co. Ltd 1 - 1 5 8
10 Hollard Insurance Co. Ltd (formerly MET) 4 3 4 7 6
11. Heritage Energy Insurance Co. Ltd (formerly IEI) - 3 4 3 1
12. IGI (Ghana) Insurance Co. Ltd* - - - - 1
13. Millennium Insurance Co. Ltd - - 1 2 1
14. NEM Insurance (Ghana) Co. Ltd 1 8 15 - NA
15. NSIA Insurance (Ghana) Co. Ltd 2 5 3 2 1
16. Phoenix Insurance Co. Ltd 3 7 4 7 2
17. Provident Insurance Co. Ltd 12 2 13 8 8
18. Prime Insurance Co. Ltd 2 - 3 1 2
19. Priority Insurance Co. Ltd - - - - 4
20. Quality Insurance Co. Ltd 9 10 11 16 12
21. Regency Alliance Insurance Co. Ltd 2 2 1 NA NA
22. RegencyNem Insurance Co. Ltd** 17 20
23. Saham Insurance Ghana Ltd 2 8 6 2 5
24. SIC Insurance Co. Ltd 70 45 60 59 20
25. Star Insurance Co. Ltd 24 28 25 46 24
26. Unique Insurance Co. Ltd 16 20 15 11 13
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27. Vanguard Assurance Co. Ltd 14 16 14 14 Mineral Water 10
28 Wapic Insurance Co. Ltd 5 2 1 12 6
TOTALS 199 193 217 258 188
* Under liquidation
** merger Regency Insurance and NEM Insurance
COMPLAINTS AGAINST LIFE INSURANCE COMPANIES

Year
0302 238300 | 0302 238301
Companies Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
2013 2014 2015
www.nicgh.Org 2016 2017
1 Adamas Life Insurance Co. Ltd - - - 1 0
2 A-Plus Assurance Co. Ltd - - - 1 1
Avance Life (formerly Capital Express Insurance
3 2 8 4 5 5
Co. Ltd)
Beige Life (formerly Unique Life Insurance Co.
4 2 10 13 5 4
Ltd)
5 Donewell Life Insurance Co. Ltd 1 5 3 0 3
6 Esich Life Insurance Co. Ltd - - 3 8 12
7 Enterprise Life Assurance Co. Ltd 25 31 18 20 9
8 Ghana Life Insurance Co. Ltd 10 3 4 2 4
9 Glico Life Insurance Co. Ltd 18 29 10 2 3
10 IGI Life Insurance Co. Ltd - - - 0 0
11 Metropolitan Life Insurance Co. Ltd 17 45 19 5 3
12 Old Mutual Life Insurance Co. Ltd* 2 9 3 13 2
13 Phoenix Life Insurance Co. Ltd 2 11 - 3 1
14 Prudential Life Insurance Co Ltd 7 84 65 5 1
15 Quality Life Insurance Co. Ltd 2 8 4 3 1
16 Saham Life Insurance Co. Ltd - 9 4 6 0
17 SIC Life Insurance Co. Ltd 18 42 52 6 9
18 Star Life Insurance Co. Ltd 5 16 12 3 1
19 UT Life Insurance Co. Ltd 2 4 3 4 1
20 Vanguard Life Insurance Co. Ltd - 13 5 2 8
TOTAL 113 327 222 94 68
*previously Provident Life
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Motor Compensation Fund applications from persons or relations of persons who Buffet Lunch
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were injured or died in motor accidents involving Hit Note Pad, Folder And Pen
The Motor Compensation Fund (MCF) Committee and Run and Uninsured Vehicles. Other applications
intensified its operations in the year 2017. The received stemmed from Breach of Policy Conditions,
Committee also continued to pursue as one of its such as Change of Ownership, inappropriate drivers
objectives, Publicity and Public Education on Motor licence and driving without license which results in the
Insurance in particular. repudiation of claims by insurers.
The operations of the MCF was overseen by a The Awards Sub-Committee held nine sittings during
Committee made up of officers from the Commission which it interviewed 78 applicants. All 78 applicants
and insurance companies which underwrite motor received approval from the Committee and were
insurance business. The Committee received awarded a total of GHS 1,276,772.31
0302 238300 | 0302 238301
2013 2014 2015
Tel: 233 302 238 300/1 | 2016 2017 | Website:
Fax: 233 302 237 248 | Email: info@nicgh.Org
www.nicgh.Org
No. of awards 115 107 128 105 78

Total amount (GHS) 282,816 551,900 682,764 606,241 1,276,772.31
Avg. claim per award (GHS) 2,459 5,158 5,334 5,774 16,369
Client Rescue Fund • REVIEW OF THE 2015 NATIONAL RISK

ASSESSMENT REPORT
The objective of the Fund as prescribed by the Law
is to compensate clients of insurance companies that A National Risk Assessment (NRA) report on the
become bankrupt. The Committee did not meet in insurance sector was prepared in 2015 towards
2017. the Mutual Evaluation (ME) of the country.
Ghana was evaluated by the regional regulatory
Fire Maintenance Fund body on AML/CFT - Inter-Governmental Action
Group Against Money Laundering in West Africa
As required under section 185 of the Insurance (GIABA), which is based in Senegal. GIABA
Act of 2006, (Act 724) the NIC established the Fire made recommendations after Ghana was taken
Fund under the Compulsory Insurance for Private through its second Mutual Evaluation exercise
Commercial Buildings and those Under Construction. in 2016.
The NIC continued to create public awareness of the NIC in collaboration with the Financial
Compulsory Fire Insurance through its public education Intelligence Centre (FIC) and representatives of
activities. the Industry were tasked to review the report
after which a final report was forwarded to the
The Fund generated an income of GHS 345,456 and FIC for onward submission to GIABA.
incurred an expenditure of GHS 29,649 for the year
2017. The accumulated fund as at the end of 2017 • ISSUES RAISED DURING THE MUTUAL EVALU-
was GHS 2,166,430.00. ATION (ME) OF GHANA ON THE INSURANCE
SECTOR
Anti-Money Laundering and Combating the
Financing of Terrorism (AML/CFT) In 2016, Ghana became the first West
African country to be evaluated by the Inter-
The operations of the AML/CFT Unit are anchored Governmental Action Group Against Anti-Money
on the Anti-Money Laundering (Amendment) Act, Laundering in West Africa (GIABA) with its head
2014 (Act 874), Anti-Money Laundering Regulations, office in Senegal. The evaluation was aimed
2011 (L.I 1987) and Insurance Act, 2006 (Act 724). at identifying technical deficiencies as well as
The focus of the unit is to ensure that all insurance Ghana’s progress in implementing the Financial
institutions are in compliance with AML/CFT Laws. Action Task Force’s (FATF) recommendations.
Evaluated countries are expected to address
all identified technical compliance deficiencies
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within three years. A follow-up assessment is The table below shows some of the identified Buffet Lunch
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done annually to analyse progress made and deficiencies and progress made. Note Pad, Folder And Pen
may result in re-ratings of outcomes.
Deficiency Progress Made
The absence of specific provisions in Law or

Regulations on Money Laundering/Financing of
A new Insurance Bill is being discussed and will
Terrorism (ML/FT) issues.
address legal concerns to a large extent.
No provision in Law that requires companies within a
Issues have been addressed in the new Draft
group to implement a group-wide programme against
Insurance
ForBill.
More Information And Reservation, Please Call The Following Numbers
ML/FT. 0302 238300 | 0302 238301
A review of the National
Tel: 233 302 238 300/1Risk Assessment
| Fax: 233 (NRA) | Website:
302 237 248 | Email: info@nicgh.Org
www.nicgh.Org
showed that ML/TF risks largely come from the
products and services provided by Life Insurance
NIC has not done enough to identify the ML/FT risks Companies.
inherent in the insurance sector.
With the technical assistance of the IMF, the NIC has
identified Structural and Business risks as the two
main indicators.
A Risk assessment matrix has been deployed. Data
templates have been developed for Life Insurance
The approach adopted for determining the frequency
Companies. Data from these templates (quarterly) and
and intensity of supervision by NIC do not appear
Self-assessment control questionnaires (bi-annually)
robust enough.
is analysed in order to build an institutional profile to
guide inspections.
ML/CT guidelines to include sanctions to ensure An administrative sanctions document has been
compliance. developed.
Lack of cooperation among Regulators to enhance the A regulators forum has been set up and two meetings
sharing of supervisory information. have been held.
• REVIEW OF ANTI-MONEY LAUNDERING from the insurance industry to review that

AND COMBATING THE FINANCING OF guidelines. A Revised Guidelines document was
TERRORISM (AML/CFT) GUIDELINES drafted for discussion.
Following the review of Financial Action Task The NIC will engage its stakeholders
Force (FATF) 40 recommendations in 2012 extensively before the document is finalised
and the subsequent amendment of the Anti- and implemented.
Terrorism and Anti-Money Laundering (AML)
Acts in 2012 and 2014 respectively, it became • ADMINISTRATIVE SANCTION
necessary that the insurance industry revised
its guidelines which were issued in 2012 to It was observed during the GIABA Mutual
reflect the changes and additions in these laws. Evaluation held in 2016 that, the absence of
FATF is a global regulatory body on AML/CFT AML/CFT Administrative Sanctions for the
which is based in France. insurance sector had impeded the effective
enforcement of the sector’s AML/CFT regime.
Consequently, the NIC constituted a team made GIABA therefore recommended the introduction
up of members from the Financial Intelligence of Administrative Sanctions to enforce
Centre (FIC), the NIC and representatives compliance in the sector.
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A committee was set up by the NIC and an • REGULATORS FORUM Buffet Lunch
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Administrative Sanctions document was drafted Note Pad, Folder And Pen
for discussion. The provisions are punitive In furtherance of cooperation and facilitation Internet Connectivity
enough to check compliance. Again, the NIC will of the efforts at combating the menace of
engage its stakeholders extensively before the money laundering and terrorist financing in
document is finalised and implemented. the sector, the four regulators in the financial
sector made up of Bank of Ghana (BoG), NIC,
• TECHNICAL ASSISTANCE Securities and Exchange Commission (SEC) and
National Pensions Regulatory Authority (NPRA)
The NIC AML/CFT unit received technical constituted a forum to serve as a platform for
assistance from the International Monetary collaboration and sharing of information.
Fund (IMF) during the period under
consideration. The IMF team trained staff The forum
For Moreheld two meetings
Information And Reservation, in the yearCall The Following Numbers
Please
0302 238300 | 0302 238301
of the unit on a risk based methodology in under review. The forum
Location: Appiah-Ampofo has been
House, Independence Ave,very
Nationaluseful
Insurance Commission ,GA-016-9180
identifying and assessing risks inherent in the as a result of the high level of interaction,
www.nicgh.Org
sector and also assisted the unit to develop a collaboration and information sharing.
risk based methodology in assessing the risk
levels. • AML/CFT INPUTS FOR THE NEW
INSURANCE BILL
The unit with the help of the IMF developed
various tools for collecting and analysing data Part of GIABA’s recommendations during
from insurance institutions. the Mutual Evaluation exercise was that the
Insurance Act, 2006 (Act 724) did not make
Currently, the NIC uses the Risk Based any explicit provisions on AML/CFT matters as
Supervision approach in assessing AML/CFT part of the NIC’s core functions. For instance,
risks of all regulated entities. For now, the the NIC was not specifically empowered to
methodology applies to only Life Insurance carry out inspection on insurance institutions
Companies due to their perceived exposure to regarding Money Laundering (ML) and Terrorist
AML/CFT risks. Financing (TF). The NIC was therefore
requested to take steps to amend its laws to
• AML/CFT STATUTORY REPORTS include provisions on AML/CFT.
Insurance institutions are required by the AML/ In view of that the unit in collaboration with
CFT Guidelines to submit reports periodically the FIC and IMF have made some proposals for
to the NIC and the FIC. These reports assist consideration in the new Insurance Bill.
the NIC to determine the level of compliance of
each insurance institution.
During the year under consideration, insurance

institutions were required to submit the under
listed reports for review:
a. Board Approved Internal Guidelines

b. AML/CFT Compliance Programmes
c. AML/CFT Operational Compliance Reports
d. AML/CFT Independent Audit Reports
e. Politically Exposed Persons (PEPs) Lists
f. Employee Conduct Monitoring Reports
g. Quarterly Returns for Life Insurance Companies
h. Completed Bi-Annual Self-Assessment Control
Questionnaire
26
GHANA INSURANCE MARKET REPORT
Economic Review
Global growth reached 3.0 percent in 2017, a notable recovery from a post-
crisis lacklustre growth of 2.4 percent in 2016, with the projected growth
targeted at 3.1 percent in 2018. The great improvement reflected in an
investment-led pickup in advanced economies and growth acceleration
in Emerging Markets and Developing Economies (EMDEs), where there
was a rebound in commodity export. Generally, half of the world’s
economies experienced growth in 2017, highlighting the broad-
based nature of the recovery.
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Global trade growth strengthened significantly in On the international trade market, the country Buffet Lunch
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2017, benefiting from a cyclical upturn in global recorded a trade surplus of $1.07billion with total Note Pad, Folder And Pen
capital spending. While global financing conditions exports coming up to $13.75 billion whilst imports
remained benign throughout 2017, these are more stood at $12.68 billion. In terms of the exports, gold,
likely to tighten up in 2018, as monetary policies cocoa and oil contributed $5.79 billion, $2.71 billion
gradually normalizes in major advanced countries. and $3.02 billion respectively. Oil imports during the
year 2017 was $2.03billion representing 16 percent
The USA economy by the close of the fourth quarter of the total import bill.
of 2017 had growth of 2.9 percent, while China had
a growth of 6.9 percent. The Euro Zone economy The public debt has been on ascendency right from
expanded at a faster rate in 2017 in a decade with an the year 2015 with the total debt as at December
overall growth of 2.5 percent since a 3.0 percent rise 2017 standing at GHS138.8 billion (68.7 percent
in 2007. of GDP). The total public debt 0302 split238300
into external
| 0302 238301 and
domestic debts, has the
Tel: 233 302 external
238 300/1 | Fax:debt being
233 302 237 GHS
248 | Email: 74.7 | Website:
info@nicgh.Org
This came from the backdrop of loose monetary billion (37 percent of GDP), whilst the domestic was
www.nicgh.Org
policy and tightening labour markets finally pushing GHS 64.2 billion (SediTalk, 2018).
consumption growth upwards (Reuters Business
News, 2018). South Asia overall regional economy Fiscal reforms implemented through an International
grew by 6.8 percent compared to a growth of 6.7 Monetary Fund (IMF) programme in 2015 to improve
percent in 2016; while East Asia and the Pacific had fiscal management by containing expenditure and
a growth of 6.4 percent in 2017, which is 0.2 percent making structural reforms to strengthen public
higher than the projected figure for the year, compared finances reduced the debt level and spending in 2017.
to 6.3 percent in 2016 (The World Bank, 2018). Sub- The IMF predicted debt-to-GDP of 70.5 percent by
Saharan Africa economy rebounded to 2.8 percent the close of 2017, however, the actual achieved
growth in 2017, after slowing sharply to 1.3 percent at the end of 2017 was 68.7 percent, indicating
in 2016. It is projected that Sub-Saharan Africa will efficiency and effectiveness of the IMF fiscal reforms
see a modest growth of 3.4 percent in 2018 from the programme.
2.8 percent in 2017.
Weak economic growth squeezed by tight monetary
The high rise in the growth reflects a modest recovery policy and lower oil production in 2016 led to a decline
in Angola, Nigeria and South Africa – the region’s in government revenues resulting in a budget deficit
largest economies supported by an improvement of 8.9 percent. However, the budget deficit dropped
in commodity prices, favourable global financing to 4.7 percent in 2017 due to increased oil production
conditions and slowing inflation. Fiscal deficits and tight expenditure control.
narrowed slightly in 2017, while government debt
continued to rise across the region compared to 2016 Import cover at December 2016 was 3.5 months, but
(Global Economic Prospects: Sub-Saharan Africa, Jan. 9, went up to 3.7 months in January, 2017 and got to the
2018). peak in April 2017 at 4.8 months. However, there was
a marginal decline from June closing at 4.3 months
The Ghanaian economy grew by 8.5 percent in 2017 in December, 2017 (BoG Monetary Policy Summary,
being the fastest growth rate achieved by the country 2018).
in five years as against 3.7 percent recorded in 2016.
The high recovery growth of the economy came about Inflation
mainly from rising industrial and increased oil and gas
production (discovery of new hydrocarbon wells in Inflation dropped from December 2016, with headline
the Tweneboa, Enyenra, Ntomme and Sankofa oil and inflation going down from 15.40 percent in December
gas fields) in the country with the net-of-oil growth 2016 to 13.30 percent in January 2017 and, closing
coming up to 4.9 percent; and also along with the the year at 11.8 percent after going down to 11.6
steady declines in inflation and debt levels. percent in October, the lowest since August 2013
(BoG Monetary Policy Summary, January 2018).
Apart from oil and gas, other sectors also contributed Headline lower consumer inflation was supported by
greatly with industry recording 16.7 percent and a relatively steady rise in the producer price index,
agriculture recording 8.4 percent growths. with wholesale prices up 8.2 percent year-on-year
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in October. The steady fall in inflation, coupled with for the US Dollar at the close of December 2017 was Buffet Lunch
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increased oil production and growth in industry and GHS4.4/USD. The Ghanaian Cedi depreciated against Note Pad, Folder And Pen
agricultural sectors spurred up the economy in 2017 both the British Pound Sterling and the Euro ending
(Ghana: Year in Review, 2017). the year at GHS5.96/Pound Sterling and GHS5.25/
Euro respectively.
Interest Rates
Developments on the Ghana Stock Market
The Bank of Ghana’s Monetary Policy Committee
reduced the Monetary Policy Rate by 50 basis The Ghana Stock Exchange ended its trading session
points in November, 2017 bringing the rate to 25.5 on 29th December, 2017 with the GSE Composite
percent from 26.0 percent. In line with the decline Index which measures the entire performance of
in inflation, the policy rate closed the year at 20.0 the market increasing by 3.33 points to close at
percent in December after being reviewed downwards 2,579.72, as against a negative 0302 238300 15.33
| 0302 points
238301 in 2016.
in November. The average lending rate which began As a result, the GSE return for 2017 closed at 52.73
the year at 31.8 percent in January, experienced percent. Likewise, the GSE Financial Stocks Index went
www.nicgh.Org
marginal reductions to close the year at 29.3 percent up by 4.66 points to close at 2,310.58, indicating
in December. The short-term securities market a final return of 49.51 percent for the year. Market
experienced reductions in interest rates with the 91- capitalization went up by 11.48 percent to close at
Day and 182-Day Treasury bill rates which commenced GHS 58,803.96 million as against GHS 52,690.99
the year at 16.2 percent and 17.4 percent closed the million in 2016. Domestic capitalization also went up
year at 13.3 percent and 13.8 percent respectively in to GHS 16,244.34 million in 2017 coming from GHS
December, 2017. Both the 1-Year Treasury and 2-Year 10,877.03 million in 2016. The significant increase in
Treasury notes had seen some major reductions by the domestic capitalization indicates a strong performance
close of the year. The 1-Year note closed the year at of Ghanaian companies listed on the local bourse.
15.0 percent from 19.50 percent in January, while the There was an upsurge in fixed income bond, both
2-Year note went down to 17.18 percent in December corporate, and GoG Notes and Bonds in 2017 with the
after commencing the year at 21.0 percent. combined value closing at GHS 28,716.69 million from
GHS 12,510.74 million in 2016.
Exchange Rates
The two insurance companies (Enterprise Insurance
At the foreign exchange front, the Ghanaian cedi Co. Ltd and SIC Insurance Co. Ltd) listed on the Stock
showed resilience against the US Dollar in 2017 as Exchange had a combined trade volume of 10.54
compared to the year 2016. The Cedi depreciated by million shares with a total value of GHS 14.66 million
4.9 percent by the end of December 2017 compared and a market capitalization of GHS 512.03 million (GSE
to 9.66 percent in December 2016. The exchange rate Market Report, 2017).
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Ghana Insurance Market Report (2013 – 2017) The aggregate assets of the insurance industry at Buffet Lunch
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the end of 2017 stood at GHS 5.45bn compared to Note Pad, Folder And Pen
Assets and Liabilities GHS 4.31bn in 2016. This represents a 26% growth in
the assets of the insurance industry. The Life sector
In this section, we set out the assets and liabilities recorded a growth in assets of 28% (from GHS 2.24bn
of the life, non-life and reinsurers. We first provide in 2016 to GHS 2.89bn in 2017), the Non-Life sector
an overview of the assets of the industry and then grew by 24% from a 2016 figure of GHS1.5bn to
compare them with the liabilities. GHS 1.86bn in 2017. The reinsurance sector grew by
17% from a GHS 694million in 2017 compared to GHS
591million in 2016.
Figure 2(a): Analysis of Industry Total Assets

0302 238300 | 0302 238301
I ndus tr y T ota l As s ets

www.nicgh.Org
591,726,586
Reinsurers
694,366,079
1,480,454,667
Non Life Insurers
1,863,667,705
2,241,395,275
Life Insurers
2,889,988,334
- 1,000,000,000 2,000,000,000 3,000,000,000 4,000,000,000
2016 2017
The growth in the assets of the insurance industry illustrates this by showing the assets of Life and Non-
in 2017 is part of a trend of increasing amount of Life insurers from 2014 to 2017 and the assets for
assets in the insurance industry. The next graph Reinsurers from 2016 to 2017.
Figure 2(b): Analysis of yearly aggregate Life and Non-Life contribution to Total Assets
Total Assets: Yearly Aggregate Life and Non Life Contribution

2,889,988,333
2,241,041,446
1,863,667,705
1,505,676,463
1,744,171,943
1,320,370,212
1,383,427,958
886,659,346
2017 2016 2015 2014

Life Non Life
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The assets of the Life and Non-Life insurers are asset category that makes up the total assets of Buffet Lunch
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made up of Cash, Investments, Property, Plant and insurers. This is done separately for life and non-life Note Pad, Folder And Pen
Equipment (PPE), Receivables, Intangibles and Other insurers.
Assets. The next chart shows the amount of each Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
Figure 2(c): Analysis of Assets by class for Non-Life Industry
Assets by Class for Non-life Industry (GHS'm)
Other As sets 12.7

14.1
Intangibles 0.7
2.4
PPE 141.0 0302 238300 | 0302 238301
167.6
Recievables 344.3 www.nicgh.Org
392.3
Investments 871.5
1,097.9
Cash 110.3
189.4
- 200.0 4 00.0 600.0 800.0 1,000.0 1,200.0
2016 2017
Figure 2(d): Analysis of Assets by class for Life Industry
Asset by Class for Life Industry (GHS'm)
Other As sets 0.6

0.4
Intangibles 0.5
2.7
PPE 103.4
103.3
Recievables 97.4
135.0
Investments 1,909.3
2,480.0
Cash 130.2
168.6
- 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0
2016 2017
It can be seen from the two charts above that The next sets of graphs focus on the investments
receivables are a more significant asset class for of the insurance industry. Again, this is presented
non-life insurers than for life insurers. Most of the separately for the life and non-life sectors. The graphs
receivables of the life insurers are policy loans. show that the main asset classes of the life sector are
However, most of the receivables in the non-life Term Deposits at licenced banks (33%), Investment
industry is due to reinsurance. About GHS 294m of Property (23%), and Government Securities (21%).
the GHS 392m receivables of the non-life insurers are Given the trend of falling returns on Government
amount due from reinsurers and reinsurers’ share of Securities, it is expected that the proportion of
technical provisions. investments in Government Securities may reduce
over time.
Most of the PPE in the insurance industry is land and
buildings occupied by the insurers. About 50% of the
PPE of both the life and non-life insurers are owner
occupied property.
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Figure 3(a): Analysis of investment mix of Life Industry for 2017 Buffet Lunch
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Investment mix of life industry as at end of 2017

3% 1%
Government Securities
21% Deposits at a licensed bank
23%
Other Deposits
Equities (listed & unlisted)
2% Mutual funds 0302 238300 | 0302 238301
7% Property investments (not PPE)

www.nicgh.Org
33% Related party in vestmen ts

10%
Other Investments
The next graph compares the investment mix of the growth from 2016 to 2017 is property. This is partly
life insurers at year end 2016 with that of 2017. It the results of new property investments as well as
shows that the asset class that has seen the most increase in the value of property.
Figure 3(b): Analysis of Life Industry Investments Split by class
Investments split by class for life Industry (GHS'm)
Other Investments 15
17
Related party investments 52
70
Property investments (not PPE) 364
573
Mutual funds 32
43
Equities (listed & unlisted) 93
169
Other Deposits 170
264
Deposits at a licensed bank 794819
Government Securities 390

525
- 100 200 300 400 500 600 700 800 900
2016 2017
The next sets of graphs are on Investments of the Deposits at licenced banks (42%), Government
non-life insurance industry. They show that the securities (21%) and Equities (14%).
main asset classes of the non-life industry are Term
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Figure 3(c): Analysis of Investment mix of the Non-Life Industry for 2017 Buffet Lunch
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Investment mix of the non-life industry as at end of 2017

1%
0% 3%
8% Government Securities
21%
Deposits at a licensed bank
Other Deposits
14%
Equities (listed & unlisted)
Mutual funds
11% Property investments (n ot PPE)

Related party investments
42% 0302 238300 | 0302 238301
Other Investments
www.nicgh.Org
The next graph compares the investment mix of the It shows the asset class that has seen the most
non-life insurers at year end 2016 with that of 2017. growth is Term Deposits.
Figure 3(d): Analysis of Non-Life Industry Investments Split by class
Investments by class for non-life Industry (GHS'm)
Property investments (n ot PPE) 76

87
Mutual funds 0
2
Other Equities 65
66
Listed Equities 49
87
Corporate debt -
14
Other term d eposits 119

119
Term depos its held at a licensed b an k 348

460
Government of Gh an a Secu rities 184

225
- 50 100 150 200 250 300 350 400 450 500
2016 2017
It can be seen from the two graphs that the insurance We now compare the assets and liabilities of the
industry has significant exposure to the banking insurers. We do this pictorially in the next chart, which
sector, through the term deposits that are held at shows the investments as well as the Technical
licenced banks. Provisions of the insurers.
Figure 4(a): 2017 Assets & Liabilities in GHS’m
2017 Assets & Liabilities (GHS'm)
643
890
Non-life
1,098
1,864
1,775
2,004
Life
2,480
2,890
- 500 1,000 1,500 2,000 2,500 3,000 3,500
Technical provisions Total Liab ilities Investments Total Assets
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It can be seen from the chart that the industry has The liabilities of the insurance industry is made Buffet Lunch
Mineral Water
sufficient investments and for that matter assets up of the Technical Provisions (liabilities due to Note Pad, Folder And Pen
to cover the liabilities. It is also worth pointing out policyholders) and other liabilities (short term liabilities
that the above graphs do not include cash which is and long term liabilities). The next set of graphs
over GHS 350m. It is however, worth noting that this shows how the liabilities are split across life and non-
analysis does not consider the quality of the assets life insurers.
and appropriateness of assets, which are part of the
on-going discussions between the Commission and
individual firms.
Figure 4(b): 2017 Life Industry Liabilities

Liabilities : Life (GHS'm) 0302 238300 | 0302 238301
www.nicgh.Org
1
Total Long Term Liabilities
52
140
Short term liabilities
177
1,416
Techn ical P rovisions
1,775
- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000
2016 2017
Figure 4(c): 2017 Non-Life Liabilities
Liabilities : Non-Life (GHS'm)
Long Term Liabilities 14

1
235
Short term liabilities
246
540
Technical Provisions
643
- 1 00 200 300 400 500 600 700
201 6 201 7
Reinsurance Sector The aggregate technical provisions for the reinsurance

sector rose by 54% in 2017 to GHS 154m from a
The aggregate assets for the reinsurance industry for 2016 figure of GHS 99m. The Total Equity of the
2017 was at GHS 649m which compares with GHS reinsurance industry increased to GHS 466 in 2017
527m as at 2016. This represents a growth of 23% from a 2016 figure of GHS 367m, representing a
in 2017 compared to the growth rate of 9% in 2016. growth rate of 27%.
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Figure 5: Analysis of State of the Reinsurance Sector Buffet Lunch
Mineral Water
State of Reinsurance sector (GHS'm)

367
Equity
466
99
Techn ical P rovisions
154
527
Assets
649
0302 238300 | 0302 238301
0 1 00 200 300 400 500 House, Independence
Location: Appiah-Ampofo 600 Ave, National
700Insurance Commission ,GA-016-9180
www.nicgh.Org
201 6 201 7
Gross Premium Total premium for life insurance stood at GHS 1,082m
whilst non-life premium amounted to GHS 1,357m
In 2017, the gross premium for Life and Non-Life (GOGIP inclusive). Thus, the Life sector declined on its
Insurers amounted to GHS 2.439bn, this figure 45% contribution to the total gross premium in 2016
includes the premium paid to Ghana Oil and Gas Pool to 44%, while the Non-Life sector improved from 55%
which is discussed later. This represents 26% growth to 56% largely because of oil and gas sector premiums.
in premium income from a 2016 figure of GHS 1.93bn. As the economy continues to grow, we expect the
It is however, worth pointing out that the rate of Life industry premiums to be greater than that of the
growth has risen by a 2% point as the 2016 growth in Non-Life sector.
premiums was 24%.
Figure 6(a): Analysis of yearly aggregate industry contribution to Gross Premium
Gross Premiums: Yearly aggregate industry contribution

1,600,000,000
1,400,000,000
1,200,000,000
1,000,000,000
1,357,106,120
800,000,000
1,070,057,051
1,082,083,312
600,000,000
705,853,360
854,825,825
651,704,719
580,531,821
858,781,522
400,000,000
200,000,000
-
2017 2016 2015 2014
Life Non-life
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Figure 6(b): Proportion of Premium by Life and Non-Life Sectors Buffet Lunch
Mineral Water
Proportion of premium by life and non-life sectors

120
100
80 44 45 45 47
60
40
56 55 55 53
20
0302 238300 | 0302 238301
0 Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
2017 2016 2015 2014 www.nicgh.Org
Non life Life
Insurance Penetration does not. We estimate that if contributions

from pensions and health insurance are
Insurance penetration is one of the measures used included in the calculation of insurance
to assess the strength of the insurance industry in penetration, the figure will be about double
a country. It is calculated as the ratio of insurance what is currently being reported.
premiums to the Gross Domestic Product of the
country. Insurance penetration in Ghana was 1.2% • Insurance penetration only considers
as at 2017. Whilst there is significant potential premiums received by insurers domiciled in
for growth in Ghana’s insurance sector, this figure Ghana. The implication is that insurance
sometimes gives a misleading picture about the premiums paid to cover risks originating from
uptake of insurance in Ghana. This is because: Ghana, but paid to insurers not domiciled in
Ghana will not be considered. Thus premiums
• Given that, insurance penetration is expressed covering mega risks that are paid to insurance
as a percentage, it may create a misleading companies out of Ghana will not count
impression that insurance penetration can towards insurance penetration.
be as high as 100%. This, in practice is not
• Micro insurance, by definition, involves
possible. The reason being that, since GDP
relatively low premium amounts. Thus, even
is the value of goods and services produced
if a significant proportion of Ghanaians have
in a country, an insurance penetration of
micro insurance products, the impact of micro
100% implies that all the goods and services
insurance premiums on insurance penetration
produced within the country are due to the
will be practically negligible.
activities in insurance sector. This scenario is
unlikely to arise in any country. Whilst the reasons above show that there is a need
to be cautious in the use of insurance penetration
• Comparing the insurance penetration of
figures, Ghana’s insurance penetration of 1.2% shows
different countries may be akin to comparing
that there is significant scope for growth in the
apples with pears. This is because the
insurance industry.
definition of insurance premium used in
the calculation of insurance penetration
is sometimes different. Some countries
include health insurance premium in the
calculation of insurance penetration, whilst
Ghana’s insurance penetration does not.
Insurance premiums of other countries include
contributions to pension schemes, whilst
Ghana’s calculation of insurance penetration
36
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Figure 7(a): Non-Life Market leaders – in terms of Total Assets Buffet Lunch
Mineral Water
TOTAL ASSETS 2017

Provident 67
Glico General 72
Activa 74
Phoenix 78
Vanguard 90
Ghana Union 126
Hollard 140
Enterprise 151
SIC 203 0302 238300 | 0302 238301
Star Assurance 318
www.nicgh.Org
0 50 100 150 200 250 300 350
The above companies are the top 10 Market leaders Life sector in terms of Total Assets. The value of total
in the Non-Life sector in terms of Total Assets in the assets owned by these 10 firms equals GHS 2.5b
year under review. compared to that of the top 10 firms in the Non-Life
sector totalling GHS 1.3bn.
The chart below shows the top 10 Market leaders in
Figure 7(b): Life Market leaders – in terms of Total Assets
TOTAL ASSETS 2017
UT Life 60
Donewell Life 64
Prudenti al Life 97
Beige Assure
Unique Life 124
Metropolitan Life 144
Old Mutual 189
Glico Life 319
StarLife 407
SIC Life 577
Enterprise Life 617
0 100 200 300 400 500 600 700
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Figure 7(c): Reinsurers Market leaders – in terms of Total Assets Buffet Lunch
Mineral Water
T ota l As s ets 2017 Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
Mainstream Reinsurance
GN Reinsurance
0302 238300 | 0302 238301
www.nicgh.Org
Ghana Reinsurance Company
0 200,000,000 400,000,000 600,000,000
The chart above shows the three reinsurance assets. GN Reinsurance has GHS 147million in assets
companies and their market share by total assets. representing 21%. Mainstream contributed GHS
Ghana Reinsurance dominated the market with total 60million as share of the total assets for reinsurers.
assets of GHS 487million, being 70% of the Reinsurers
Figure 8(a): Non-Life Market leaders – in terms of Gross Premium
TOTAL PREMIUMS: Non-Life (GHS'm)
Equity 36
Ghana Union 39
Phoenix 47
Activa 54
Glico General 69
Hollard 90
Vanguard 99
Star 130
Enterprise 161
SIC 162
0 20 40 60 80 100 120 140 160 180
SIC leads the market with a total premium of from the Non-life market leaders amounted to
GHS162m closely followed by Enterprise with an GHS888m representing 75% of the Total premium
amount of GHS161m and then Star Assurance with (excluding GOGIP)
GHS130m. It is worth mentioning that contributions
38
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Figure 8(b): Life Market leaders – in terms of Gross Premium Buffet Lunch
Mineral Water
Total Premiums : Life (GHS'm)
Vanguard Life 16
Ghana Life 17
UT Life 24
Metropolitan Life 40
Prudenti al Life 53
Old Mutual 56
Glico Life 99
Starlife Ass. 151
SIC Life* 258
Enterprise Life 0302 298
238300 | 0302 238301
0 50 100 150 200 250238 300/1 | Fax:
Tel: 233 302 300 350
233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
Enterprise Life led the pack with a total premium above that, these four companies have a far greater
of GHS 298m followed by SIC Life and Starlife portion of life insurance business in the Life Industry.
with a premium total of GHS 258m and GHS 151m Furthermore, the Life market leaders also contributed
respectively. Glico Life also racked up GHS 99m in GHS 1bn representing 93% of the total premium
aggregate premiums. It is evident from the chart received.
Figure 9: Life Market leaders – In terms of Policyholder Benefit Paid
BENEFITS PAID
Phoenix Life 9
Pru denti al Life 10
Ghana Life 14
UT Life 17
Metropolitan 27
Old Mu tu al 56
StarLife 60
Glico Life 61
Enterprise Life 123
SIC Life 176
0 20 40 60 80 100 120 140 160 180 200
The top 10 leaders in the Life sector in benefit insurers. Life business recorded negative underwriting
payments paid a total of GHS 553m in 2017. SIC Life result of (GHS 317m) in 2017 compared to (GHS
led the market with a total benefit payment of GHS 266m) in 2016, as shown in figure 10 below. Similar
176m. Enterprise Life made a payment of GHS 123m trends pertained in the Non-life sector. The Non-Life
followed by Glico Life with GHS 61m and StarLife with underwriting results were (GHS 56m) and (GHS 42m)
GHS 60m. in 2017 and 2016 respectively.
Underwriting Results The industry therefore continues to rely heavily

on investment income to offset these technical
One of the fundamental concerns over the years is losses. Given the trend of falling investment income,
the consistent poor underwriting results by regulated especially from Government securities, firms may be
entities. 2017 was no different, recording an tempted to invest in riskier assets classes to maintain
aggregate underwriting loss for both life and non-life the similar levels of investment income.
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Figure 10: Analysis of Aggregate Underwriting results for Life and Non-Life sectors Buffet Lunch
Mineral Water
Underwriting results (GHS'm)

0
Non life Life
-50
-42
-100 -56
-150
-200
-250
-300 -266
-350 -317 0302 238300 | 0302 238301
2017 2016 www.nicgh.Org
Profit after Tax (PAT) life sector grew by 13% in 2017, making an absolute
gain of GHS12m. Thus the company profit after tax
In 2017, Profit after tax for the life industry rose from increased from GHS 89m to settle at GHS101m in
a 2016 figure of GHS98m to GHS144m, representing 2017. As discussed previously, most of these profits
a 68% growth. In two years the profit after tax for life are from investments income. There is also a very
companies has more than quadrupled from a low of small number of firms showing profits only because of
GHS 30.9m in 2015 to GHS144m in 2017. The Non- revaluation of property investments.
Figure 11: Analysis of Profit after Tax: Yearly Aggregate Contribution
Profit after Tax: yearly aggregate contribution

Life Non-Life
160,000,000
140,000,000
120,000,000
100,000,000
143,758,871
101,240,032
80,000,000
87,726,640
98,238,141
30,908,304
50,853,600
61,089,526
60,000,000
8,427,514
40,000,000
20,000,000
-
2017 2016 2015 2014
Premium Contribution by Distribution Channel With respect to Non-Life Business, Brokers continue
to dominate the sector with a contribution to
Individual/Tied Agents are generally the leading income of 40%, individual/tied agents and direct
channel for the distribution of Life insurance products business contributed 36% and 18% respectively.
in Ghana, contributing 67% of the annual premium Telecommunication companies (Telcos),
income of the life sector. Direct business earned 6% Bancasssurance and other corporate agents made up
of the premiums, whiles insurance brokers contributed the rest of the Non-life premium income.
7%.
Bancassurance ended the year with 13%, up from 8%

in 2016. The other distribution channels used in the
life sector are the telecommunication companies and
corporate agents.
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Table 1: Analysis of Premium Income by Distribution Channel Buffet Lunch
Mineral Water
2017 2016 2015

Distribution Channel
Non-Life Non-Life Non-Life
Life (%) Life (%) Life (%)
(%) (%) (%)
1.Direct Business 6 18 17 28 14 30
2. Brokers 7 40 8 35 9 36
3. Individual/Tied Agents 67 36 62 32 63 30
4. Bancassurance 13 3 7 2 7 1
5. Other Corporate Agents 0 2 1 1 238300 | 03021238301
0302 1
6. Telecom Companies 2 0 2 Tel: 233 302 238 300/1 | Fax:
0 233www.nicgh.Org 2 0
302 237 248 | Email: info@nicgh.Org | Website:
7. Others 4 1 4 1 4 1
Reinsurance Premium the non-life sectors. It shows that whilst the total
reinsurance premium increased from GHS 187m in
The graph below provides a picture of the reinsurance 2016 to GHS 236m, that of the life sector declined
premium received by reinsurance companies domiciled marginally.
in Ghana in 2017 and 2016 split by the life and
Figure 12(a): Analysis of Reinsurance Premium Income
Reinsurance Premium Income
2016
2017
0 50 100 150 200 250
Non Life Life
The next graph illustrates that there has been a trend of increasing reinsurance premium over the period.
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Figure 12(b): Growth of Reinsurance Premium Income over the years Buffet Lunch
Mineral Water
PREMIUM INCOME FOR REINSURANCE (2014-2017)

Life Non Life
223,612,047.00
173,223,471
140,800,625
107,462,304
Non Life Please Call The Following Numbers

For More Information And Reservation,
0302 238300 | 0302 238301
12,320,988.00 14,053,709 11,418,416 846,151 Life
www.nicgh.Org
2017 2016 2015 2014
Overseas Reinsurance Premium Transfers to have such overseas arrangements approved by the
Commission after having satisfied exhaustion of local
The general requirement of the Insurance Act, 2006 capacity requirements.
(Act 724) for reinsurance arrangements, among
others, is for all insurers to fully utilize the local market The table below shows the amount of premiums that
capacity before recourse to any overseas reinsurance. have been approved to be exported overseas over a
In this regard, new guidelines were developed and three years period.
came into effect on July 1, 2017. Insurers are required
Table 2: Overseas Reinsurance Premium Transfers
OVERSEAS REINSURANCE PREMIUM TRANSFERS
Currency 2017 2016 2015
Dollars (USD) 14.07m 9.72m 4.45m
Pounds Sterling (GBP) 16,601 862 4,568
Euros (€) 267,419 36,052 427,337
Ghana Cedis (GHS) 13.5m 4.68m 18.1m
Market Capacity Ghana Oil and Gas Insurance Pool (GOGIP)
In line with the new Reinsurance Guidelines, market GOGIP is a pool of 22 non-life insurance companies
capacity for the year under review was determined for that has the sole mandate to provide insurance cover
the following classes of business: for activities related to the Oil and Gas business in
Ghana. The graph below shows the gross premium and
Fire - GHS 950m sum insured of GOGIP for 2017, 2016 and 2015. The
Gross premium for 2017 is equivalent to about GHS
Engineering - GHS 320m
168m.
Marine Cargo - GHS 250m
Marine Hull - GHS 40m
Bonds - GHS 120m
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Figure 13: Analysis of Gross Premium and Sum Insured Buffet Lunch
Mineral Water
GROSS PREMIUM AND SUM INSURED

Gross Premium and Sum
38
40
Insured (in USD)
34
30 26
22 26
20
10 10
0
2015 2016 2017
Gross Premium Gross Sum Insured 0302 238300 | 0302 238301
www.nicgh.Org
PREMIUM BY CLASS OF BUSINESS (NON-LIFE) and other short-term products contributed a gross
market premium of GHS 56, GHS 47m and GHS 12m
The motor class of business continued its dominance respectively, representing a collective market share of
with a premium income of GHS 566m, contributing 42 approximately 9%.
% of the overall premium income for 2017. It improved
in growth by 9% over the 2016 premium of GHS There is a general expectation for Marine to grow
518m. Fire, Theft and Property contributed 20% of significantly due to the on-going enforcement
the total premium for 2017 and grew by 23% to end of section 37 of Insurance Act, 2006 (Act 724).
the year at GHS 272m. Premiums generated from Marine & Aviation has
increased from GHS 68m in 2016 to GHS 94m in
Oil & Gas came third with an overall contribution of 2017. This class of business has great potential
12%. It is projected that given the trend in the oil because importers are obliged to insure their goods
and gas sector, Oil & Gas will dominate the non-life locally under section 37 of the Insurance Act.
class of business in the near future. Marine and However, it is rather difficult to get the appropriate
Aviation came fourth with an overall contribution state agencies to enforce this requirement of the law.
of 7% of the total premium of GHS 1.4bn. Personal Refer to Figure 14 below for premiums per class of
Accident & Medical and Engineering came fourth with business.
an overall contribution of 5% each. Liability, bonds
Figure 14: Analysis of Non-Life Premiums by Class of Business
Analysis of Non-life Premiums by Class of Business
F,T&P
1%
12% Motor
20%
5% PA,H&M
4% M&A
4% Liability
7% Bond
5% Engineering
42% Oil and Gas
Other Approved Products
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PREMIUM BY CLASS OF BUSINESS (LIFE interest rates nature of our economic environment. Buffet Lunch
Mineral Water
INSURERS) Expectedly as the economy evolves, there will be a Note Pad, Folder And Pen
progressive shift from this product to more pure risk
Universal Life led the chart in 2017 contributing GHS related products. Whole Life & Endowment came
558 million, being 52% of the premium income of second with 26% while Group Life ended the year with
life insurers. This result lends credence to the fact premium income of GHS 89.9million, being 8% of the
that the market is generally dominated by savings share of premium.
or investment link products. Undoubtedly, the life
insurance market in Ghana has seen this product Refer to table 8 for premium by class of business.
proliferate over the years, largely because of the high
Figure 15: Analysis of Life Insurers Premiums by Class of Business

0302 238300 | 0302 238301
Analysis of Life Premiums by Class Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
0%
5%
Universal Life & Inv estment

Group Life
26%
Term
Credit Life
52% Whol e Life & Endownment
Dread Disease
4%
Other Approved Products
5%
8%
Insurance Broking Market Towers maintained their respective positions as 1st,

2nd and 3rd in the sector. KEK Reinsurance and Safety
In 2017, Brokers Commission amounted to GHS 86m maintained their 4th and 5th positions respectively.
representing a growth rate of 18%. As shown in Table Horizon and Crown improved to 6th and 7th positions
3 below, 67% of the total commission income was respectively. Corporate Trust and RMAS are the new
contributed by the top ten brokers which stood at GHS entrants in 2017. However, Tri-Star, declined to 10th
58m. in 2017 from 6th position in 2016.
With a contribution of GHS 19m, GHS 9m and GHS Below is the list of top ten brokers based on their
7m representing 23%, 10% and 8%, KEK Insurance, market share /Commission income:
Edward Mensah, Wood & Associates Limited, and Willis
Table 3: Top Ten Brokers on the basis of their market share / Commission income
NAME OF BROKER BROKERAGE INCOME
1 KEK Insurance Brokers Limited 19,421,932
2 Edward Mensah, Wood & Associates Limited 8,616,239
3 Willis Towers Watson Ghana Limited 6,575,163
4 KEK Reinsurance Brokers 5,260,810
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Buffet Lunch
NAME OF BROKER BROKERAGE INCOME Mineral Water

5 Safety Insurance Brokers Limited 4,478,395

6 Horizon Insurance Brokers Limited 3,710,621
7 Crown Insurance Brokers Limited 2,833,688
8 Risk Management & Advisory Services 2,706,295
9 Corporate Trust Insurance Brokers Limited 2,224,926
10 Tri-Star Insurance Services Limited 2,135,184

0302 238300 | 0302 238301
Total Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
57,963,253
www.nicgh.Org
Figure 16 below shows a pictorial analysis for the top ten Brokers in 2017.
Figure 16: 2017 Brokerage Income
2017 BROKERAGE INCOME
KEK Insurance Brokers
Edward Mensah, Wood &

Associates
Willis Towers Watson
4% 4%
5%
KEK Reinsurance Brok ers
5%
33%
6% Safety Insurance Brokers
8% Hori zon Insurance Brokers
Crown Insurance Brok ers

9%
15% Risk Management & Advi. Serv
11%
Corporate Trust
Tri-Star Insurance
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Table 4: Products Approved in 2017 Buffet Lunch
Mineral Water
Company Product Name

African Life Asetena pa

Ghana Union Travel Insurance
Beige Assure Funeral Policy
Enterprise Life Akwantu Pa
Enterprise Life/Micro Ensure Fearless
Enterprise Life/Micro Ensure Boafo Pa For More Information And Reservation, Please Call The Following Numbers
0302 238300 | 0302 238301
Enterprise Life/Micro Ensure Yedie Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
Metropolitan Life Funeral Policy

Metropolitan Life Ayo send with care
NSIA Insurance Local travel Insurance-Trip Guard
Prudential Life Vodafone Hospital Insurance Plan
Prudential Life Sound Hospital Cash Plan
Prudential Life Sound Prudent Life Plan
Prudential Life Enhanced Premium farewell
Prudential Life Enhanced Classic farewell plan
Prudential Life Enhanced Educational support plan
Prudential Life Enhanced Hospital Cash Plan
Prudential Life Savings Dream Guard
Prudential Life Tigo Hospital Support Plan
Prudential Life Tigo Family Care Plan
StarLife Esteem Home Call Policy
Unique Insurance Travel Insurance
UT Life MI Life Product
UT Life Fishers future plan
UT Life Heritage cash back plan
Vanguard Life Micro Insurance (AL-EMAAN PLAN)
Wapic Insurance Ghana Travel Insurance
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Table 5(a) Growth in Industry Gross Premium (2013 - 2017) Buffet Lunch
Mineral Water
Year Premium Income (GHS) Growth Rate %

2013 1,052,090,981 24
2014 1,239,853,442 18
2015 1,560,679,185 26
2016 1,928,838,573 24
2017 2,271,368,033 18
2017 Inclusive of Ghana Oil and
2,439,189,432 0302 238300 |26
0302 238301
Gas Insurance Pool Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
www.nicgh.Org
Table 5(b) Growth in Gross premium for Non-Life Insurance (2013 -- 2017)

2013 582,456,306 18
2014 659,262,969 13
2015 854,825,825 30
2016 1,070,057,051 25
2017 1,189,284,721 11
2017 Inclusive of Ghana Oil and
1,357,106,120 27
Gas Insurance Pool
Table 5(c) Growth in Gross Premium for Life Insurance (2013-2017)

2013 469,634,675 32
2014 580,590,473 23
2015 705,853,360 22
2016 858,781,522 22
2017 1,082,083,312 26
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Table 5 (d) GROSS PREMIUMS OF NON-LIFE COMPANIES (2013 - 2017) Buffet Lunch
Mineral Water
COMPANY 2013 2014 2015 2016 2017
1 Activa Int. 21,720,151 26,900,589 38,268,180 40,818,428 54,662,270
2 Allianz Insurance 16,666,082 26,624,368 21,858,529 27,183,279 28,527,388
3 Best Assurance NA NA NA 4,918,453 9,459,606*
Donewell
4 14,570,013 14,970,003 20,357,071 30,530,398 35,671,068
Insurance
Enterprise
5 61,330,000 70,398,623 100,996,493 135,446,537 161,424,631
Insurance
6 Equity Assurance 12,608,637 15,696,407 21,294,662 31,468,150
For More Information 36,230,501
And Reservation, Please Call The Following Numbers
0302 238300 | 0302 238301
7 Ghana Union 21,856,982 22,348,675 31,536, 467 33,526,207
Location: Appiah-Ampofo 39,239,616
House, Independence Ave, National Insurance Commission ,GA-016-9180
8 Glico General 39,691,703 46,397,194 68,638,428 69,660,874 www.nicgh.Org
68,887,382
9 Imperial General 966,772 5,571,696 6,508,200 9,239,314 11,900,101
10 Heritage Energy 8,196,429 6,132,835 6,721,760 9,694,480
11 Hollard Insurance 53,899,625 63,307,559 77,273,501 84,094,685 89,561,886
12 Loyalty Insurance NA NA NA NA 1,530,893
Millennium
13 7,259,603 6,637,176 8,161,485 12,930,952 15,321,562
Insurance
14 Multi Insurance NA NA NA NA 592,699
15 NSIA Ghana 8,157,332 5,428,571 7,948,287 10,998,238 13,324,794
16 Phoenix Insurance 24,296,304 25,178,385 34,770,287 46,278,553 47,384,649
17 Prime Insurance 2,163,114 5,306,379 12,158,093 29,389,566 29,553,090
18 Priority Insurance 2,135,922 2,597,458 3,872,158 8,940,836 12,134,536
Provident
19 9,793,754 10,462,289 14,952,407 20,364,746 21,419,866
Insurance
20 Quality Insurance 17,170,940 19,356,125 23,090,012 30,946,446 34,424,205
21 Regency NEM 14,586,426 19,259,140 27,816,431 28,733,674 25,970,254
22 Saham Insurance 8,308,085 10,221,468 12,913,133 11,207,580 23,550,683*
23 SIC Insurance 111,897,149 113,069,892 138,984,920 160,111,229 161,928,878*
24 Star Assurance 57,005,894 71,228,815 91,584,258 119,710,991 129,593,555
25 Unique Insurance 5,726,279 5,983,230 7,856,036 11,167,973 11,064,722
Vanguard
26 53,039,656 58,172,319 72,775,120 97,100,246 99,445,056*
Assurance
27 Wapic 9,409,454 8,013,773 11,211,667 15,289,696 16,786,350
Totals 582,456,306 659,262,969 861,547,585 1,070,057,051 1,189,284,721
GOGIP) NA NA NA NA 167,821,399.00
Grand Total 582,456,306 659,262,969 861,547,585 1,070,057,051 1,357,106,120
Source: Data Submitted and signed by industry Players to the NI
Notes:
GOGIP: Ghana Oil and Gas Insurance Pool
48
2017 Annual Report

P.A System
One Coffee Break
Table 5(e) GROSS PREMIUM OF LIFE COMPANIES (2013 – 2017) Buffet Lunch
Mineral Water
COMPANY 2013 2014 2015 2016 2017

1 African Life 1,655,483*

2 A-Plus NA NA NA 56,742 238,458
3 Avance Life 809,346 580,154 477,366 83,765*
4 Beige Assured 3,798,298 4,834,636 5,022,477 3,700,690 2,991,399
5 Donewell Life 8,118,905 8,241,894 7,705,518 7,134,666 8,234,241
6 Enterprise Life 123,846,285 156,244,014 200,438,627 235,311,893 297,598,693
0302 238300 | 0302 238301
7 Esich Life* NA 1,663,326 8,200,464 12,375,460
Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 -
www.nicgh.Org
8 First Insurance NA NA NA 1,264,649
Ghana Life
9 10,533,661 12,731,893 14,740,234 17,911,223 17,229,191
Insurance
10 Ghana Union Life 4,724,564 5,014,211 7,395,373 7,636,506 9,485,565
Glico Life
11 55,546,000 59,654,046 64,926,000 82,733,226 98,755,553
Insurance
12 GN Life Assurance NA NA 1,179,090 7,270,045 15,491,927
13 Metropolitan Life 21,574,030 26,344,298 29,924,473 31,595,032 39,705,069
Old Mutual
14 15,458,278 16,477,834 22,765,849 33,425,000 55,628,677
Assurance
Phoenix Life
15 7,121,098 7,627,824 8,029,873 10,224,115 13,053,784
Inurance
16 Prudential Life 5,378,355 11,722,469 20,720,285 33,814,009 52,599,824
Quality Life
17 7,021,932 8,480,291 8,972,136 9,424,765 10,942,633
Assurance
18 Saham Life 906,352 2,550,358 4,563,663 5,999,595 7,911,156
19 SIC Life 127,244,626 158,323,730 181,272,376 212,960,892 258,291,035*
20 Starlife Assurance 53,428,493 68,191,153 82,520,271 105,620,200 151,208,606
21 UT Life 11,952,035 15,697,395 18,872,345 19,634,602 24,075,627
22 Vanguard Life 12,122,417 16,210,947 18,126,941 22,009,604 15,637,977
TOTALS 469,634,675 580,590,473 705,853,361 858,838,265 1,082,083,312
Source: Data Submitted and signed by industry Players to the NIC
49
2017 Annual Report

P.A System
One Coffee Break
Table 6(a) Profit after Tax for Life Companies Buffet Lunch
Mineral Water
COMPANY 2013 2014 2015 2016 2017
1 African Life (567,360)
2 A-Plus NA NA NA (1,269,475) (1,404,546)
Avance Life (formerly
3 (502,708) (1,775,344) N/S (1,004,932)
Capital Express)
4 Beige Assure (1,701,622) (837,374) (2,493,520) (3,393,346) 1,221,774
5 Donewell Life (1,904,686) 2,282,567 (69,383) 753,586 2,481,168
6 Enterprise Life 34,372,110 42,459,149 39,475,528 50,444,042
0302 238300 | 0302 238301
7 Esich Life * NA (2,455,077) (17,897,566) 9,697,271
www.nicgh.Org
8 First Insurance NA NA N/A N/A (4,193,395)

9 Ghana Life* 313,665 2,837,155 (103,179) (220,220)
10 GUA Life 1,014,484 446,060 2,215,310 1,504,820 2,751,866*
11 Glico Life 10,159,159 4,844,515 4,708,648 26,749,215 57,322,549
12 GN Life NA 1,574,831 1,027,207 5,534,381 5,765,985
13 Metropolitan Life 3,617,895 3,735,547 4,304,019 961,466 7,183,358
14 Old Mutual (15,789,349) (16,877,203) (6,305,000) 3,686,001 (10,155,158)
15 Phoenix Life 367,828 (2,810,091) (571,815) 489,378 904,591
16 Prudential (4,195,123) (5,706,222) (7,057,185) (3,122,725) (2,727,819)
17 Quality Life 1,426,916 1,102,537 517,732 548,741 2,217,857
18 Saham Life (200,524) 5,866 111,583 332,681 687,114
19 SIC Life 9,288,157 12,382,878 15,547,729 3,407,626 6,420,942
20 StarLife 4,739,658 8,050,762 6,054,695 10,922,050 14,014,015
21 UT Life 2,008,795 786,428 (3,980,163) (10,431,350) (7,377,161)
22 Vanguard Life 211,151 (466,020) (2,800,994) 373,524 4,472,928
Total 43,728,514 50,853,600 30,908,304 96,967,667 143,758,871
Source: Data Submitted by licensed Life companies
50
2017 Annual Report

P.A System
One Coffee Break
Table 6(b) Profit after Tax for Non- Life Companies Buffet Lunch
Mineral Water
COMPANY 2013 2014 2015 2016 2017
1 Activa 1,885,345 781,634 2,575,779 2,582,380 3,260,328
2 Allianz (469,397) (788,624) (2,512,678) (1,592,056) -9,295,478
3 Best Assurance NA NA N/A 439,553 2,610,535*
4 Donewell 1,561,159 3,235,787 3,454,261 5,071,865 3,274,983
5 Enterprise 13,522,000 8,314,907 9,238,477 17,023,497 11,606,686
6 Equity 1,425,393 1,263,176 2,177,456 4,177,606

For More Information And 5,114,960
Reservation, Please Call The Following Numbers
0302 238300 | 0302 238301
7 GUA 1,024,264 1,221,690 3,388,629 913,913 777,326
www.nicgh.Org
8 Glico General 812,653 (3,489,527) (1,492,335) 3,813,043 5,239,155*
9 IEI / Heritage (5,390,403) (3,281,638) 249,233 N/S 2,497,072
10 Hollard 2,823,074 1,560,741 4,428,310 8,124,290 8,995,215
11 Imperial Gen. 220,543 228,339 122,011 (1,254,015) 709,316
12 Loyalty Insurance NA NA NA NA -1,509,356
13 Millennium 1,621,823 601,201 (155,221) 1,828,426 3,160,245
14 Multi Insurance NA NA NA NA -627,986
15 NEM 261,515 329,888 542,667 NA NA
16 NSIA (2,816,023) (3,623,029) 602,653 1,202,744 2,884,723
17 Phoenix (91,960) 2,011,860 1,701,742 5,752,775 7,438,861
18 Prime (1,204,301) (6,135,082) (889,655) 745,706 882,643
19 Priority 881,056 1,317,602 2,680,385 1,628,931 672,699
20 Provident 9,119,943 3,174,096 5,839,491 5,514,311 4,788,721
21 Quality 1,137,964 140,242 650,405 2,937,363 4,080,213
22 RegencyNem 784,781 2,135,023 529,167 2,725,976 1,265,804
23 Saham 173,203 123,209 414,546 (4,290,683) 764,872*
24 SIC 594,652 (8,303,403) 10,035,509 3,646,458 10,220,143*
25 Star Assurance 5,610,573 1,129,093 14,016,260 19,600,192 25,515,541
26 Unique (1,335,826) (209,695) 17,762 4,238,056 1,529,932
27 Vanguard 4,429,673 906,791 5,914,810 7,777,244 7,491,888 *
28 Wapic (660,618) 2,501,595 (2,190,904) (3,967,022) -2,109,009
Total 35,921,086 5,145,876 61,338,759 88,640,553 101,240,032
Source: Data Submitted licensed Non-Life companies

*Note: The 2013- 2015 figures of RegencyNem belong to Regency Alliance Insurance Company Limited
before the merger.
51
2017 Annual Report

P.A System
One Coffee Break
Table 7: Premium Income for Reinsurance companies (2013-2017) Buffet Lunch
Mineral Water
Growth Market share Market

Year Life Non-life Total
Rate % Non-life share Life
2012 4,649,741 74,975,650 79,625,391 34 94% 6%

2013 6,580,506 86,727,612 93,308,118 18 93% 7%
2014 8,446,151 107,462,304 115,908,455 24 93% 7%
2015 11,418,416 140,800,625 152,219,041 31 92% 8%
2016 12,749,034 161,292,156 174,041,190 14 93% 7%
0302 238300 | 0302 238301
Source: Data Submitted and signed by industry Players to the NIC Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
Included in 2016 is a draft Annual data for Ghana Reinsurance www.nicgh.Org
Table 8 Premium Distribution by Class of Business (2015-2017)
2015 2016 2017

Non Life Cont. per Cont. per Cont.
Premiums Premiums Premiums
class class per class
Fire, Theft and property 198,072,421 23.20% 221,506,349 20.7% 271,865,371 20.0%
Motor 355,227,506 41.60% 518,257,208 48.4% 566,460,876 41.7%
Personal Accident, Health and
84,671,194 9.90% 68,659,141 6.4% 68,192,111 5.0%
Medical
Marine and Aviation 62,446,511 7.30% 68,497,311 6.4% 94,306,292 6.9%
Liability 28,707,779 3.40% 34,083,134 3.2% 56,570,082 4.2%
Bonds/Financial Guarantees 41,777,399 4.90% 54,654,670 5.1% 47,497,394 3.5%
Engineering 61,571,738 7.20% 90,035,148 8.4% 72,496,175 5.3%
Other Approved Products 22,351,277 2.60% 14,364,090 1.3% 11,896,420 0.9%
GOGIP 167,821,399 12.4%
Total Non-Life Premiums 854,825,825 100% 1,070,057,051 100.0% 1,357,106,120 100%
2015 2016 2017

Life Cont. per Cont. Cont. per
Premiums Premiums Premiums
class per class class
Universal Life & Investment 558,067,629 51.6%
Group Life 89,909,629 8.3%
Term 53,078,239 4.9%
Credit Life 47,136,848 4.4%
Whole Life & Endowment 280,818,363 26.0%
Dread Disease 59,087 0.0%
Other Approved Products 53,013,517 4.9%
Total Life Premium 1,082,083,312 100.0%
Source: Data Submitted and signed by industry Players to the NIC

*The Non-Life product lines have been realigned, thus separating Bonds/Financial Guarantees, Engineering and
Liability from Personal Accident line of business.
52
2017 Annual Report

P.A System
One Coffee Break
Table 9: Brokerage Commission for 2013 – 2017 expressed in Cedis Buffet Lunch
Mineral Water
COMPANY 2013 2014 2015 2016 2017

1. Afro-Asian Reinsurance Brokers Ltd. 261,943
2. AG & Associates 146,423 220,709 326,800 N/S N/S
3. Akoto Risk 542,781 630,740 960,550 1,203,754 1,009,593
4. All Risks 689,827 721,166 763,677 879,618 919,670
5. AllStar - 415,953 538,093 N/S

6. Allied 52,343 134,279 75,579
0302 238300110,051
| 0302 238301 N/S
7. Alpha 352,147 474,200 554,134 www.nicgh.Org
701,662 785,042
8. Apex 64,457 318,336 374,483 628,716 N/S
9. ARB 264,395 494,090 800,266 884,536
10. ARK 162,741 254,695 311,321 347,425 288,454
11. Arrowclass 774,653 999,791 1,324,991 1,367,152
12. Ascoma Ghana 679,537 1,225,130 1,134,591 1,401,987 1,423,377
13. Asterix 131,319 192,507 129,207 197,194 N/S
14. Baobab 9,682 36,185 103,687 188,203 172,598
15 .Boaitey & Associates - 264,810 542,177 567,581
16. Byllwych - 3,694 N/S N/S
17. Cardinal Brokers * - 193,340 363,280 N/S

273,582
18. Ceris Int’l 325,020 801,849 577,793 N/S N/S
19. CLAIM Ltd. 242,468 511,109 483,781 340,547 N/S
20. Corporate Trust 542,789 249,279 982,734 N/S 2,224,926
21. Crown 1,165,184 1,611,389 1,874,542 2,089,394 2,833,688
22. Danniads 981,531 1,367,910 1,369,603 1,458,624 1,168,501
23. Dezag Insurance Brokers Limited 48,958 171,380 190,253 157,629
24. Double D & M 20,907 - 62,906 N/S N/S
25. Dynamic 270,994 402,873 461,250 444,832 N/S
26. Edward Mensah, Wood & Associates. 3,718,846 4,060,201 6,596,403 6,031,736 8,616,239
27. Eureka 84,015 - N/S N/S
28. Felin Brokers 147,350 427,251 592,832 905,780 1,320,831
29. First Anchor 638,421 1,195,548 1,478,209 1,424,594 1,654,219
53
2017 Annual Report

P.A System
One Coffee Break
Buffet Lunch
COMPANY 2013 2014 2015 2016 2017 Mineral Water
30. Functions Risk 27,657 144,511 202,619 389,085
31. GBL Insurance Brokers Ltd. 3,694 23,270 29,680
32. Ghana Int’l Brokers 118,096 N/A N/A N/S N/S
33. Global Impact 91,763 125,550 113,395 129,673 N/S
34. Goldlink 40,140 46,708 95,300 182,672
35. Goodwill - 2,704 73,442 N/S

36. Willis Towers Watson 2,091,824 2,229,774 3,232,346 0302 5,230,618
238300 | 03026,575,163
238301
37. Horizon 1,544,717 2,143,062 2,721,601 2,749,823
www.nicgh.Org 3,710,621
38. Ideal Insurance Brokers Limited - - - - 221,284
39. Insurance Centre 124,892 189,745 280,919 376,241 52,012
40. Insurance Consult. 232,232 204,661 193,349 295,054 258,048
41. Insurance Management Services - - - - 102,101
42. Insurance Solutions 385,187 723,412 1,053,551 1,466,311 1,694,230
43. Irisk Management Limited - - - - 1,074,519
44. KAV 130,216 114,770 98,677 224,683 283,788
45. KEK Brokers 8,272,563 10,909,117 13,265,860 14,921,591 19,421,932
46. KEK Reinsurance Brokers 1,450,312 2,507,054 3,293,701 3,678,527 5,260,810
47. Khols & Hols 23,301 272,412 N/S
48. Liberty Brokers 171,056 191,365 277,784 229,930 140,257
49. Lordship 327,665 470,040 531,091 669,372 706,408
50. M & G Ins. Brokers 478,626 758,816 928,308 1,090,259 1,127,166
51. Maxpal Interm. 152,932 63,166 83,574 143,009 N/S
52. Metrix 90,330 218,222 328,624 383,537
53. Midas 1,034,889 1,474,030 1,802,416 2,054,216 2,008,625
54. Multinational 65,266 211,036 362,427 399,966
55. NDL Consult 69,400 206,702 230,157 232,442 271,294
56. Novelty - 144,950 152,198 N/S
57. OAK Brokers - 40,161 - 83,573
58. Pacific Ins. Brokers - - - - 75,152
59. Premier Brokers 31,697 129,152 137,180 230, 211 300,525
60. Progressive 881,760 924,358 1,126,622 1,418,800 1,741,174
54
2017 Annual Report

P.A System
One Coffee Break
Buffet Lunch
COMPANY 2013 2014 2015 2016 2017
Mineral Water
61. Prudent Ins. Brokers 320,226 324,768 270,249 302,425 390,333
62. Riscovery Ltd. 181,171 682,218 722,401 840,990 1,108,115
63. Risk Mgt. & Adv. 930,215 1,519,347 2,287,277 2,013,409 2,706,295
64. Risk Partners Limited - - - - 81,020
65. Safeguard - 31,290 1,119,123 812,274
66. Safety 1,510,646 2,034,626 2,557,076 3,019,912 4,478,395

67. Saviour 68,121 10,561 194,2400302 238300119123
| 0302 238301 250,000
68. Shield 1,145,922 1,530,327 2,102,993 2,597,133
www.nicgh.Org 885,286
69. Strategic Ins. Consult - - - - 88,320
70. Supreme Trust Brokers - - - - 118,859
71. Trans-National 354,437 470,585 420,156 473,070 578,283
72. Trinity - 88,699 112,900 158,523 178,101
73. Tri-Star 1,604,359 2,095,376 2,612,467 2,766,881 2,135,184
74. UGroup Ltd. 23,501 36,115 43,652 62,325 N/S
75. Universal 130,016 - 101,896 93,446 96,417
76. VISAL 1,160,472 1,244,939 1,961,997
78. Worldwide Ins. Brokers - - - - 155,518
Total 34,827,223 48,497,491 64,749,967 73,485,830 88,173,998
Earnings of top 10 companies 23,539,265 30,640,273 40,544,266 45,138,831 57,963,253
Percentage of top 10 companies 68% 63% 63% 61% 66%
N/S – These companies had not submitted their reports as at the time of finalising this report.
55
FINANCIAL & RATIO ANALYSIS
Introductory Remarks on ratio analysis
This ratio analysis have been prepared for a five year period from
2013 to 2017. The companies marked * are companies that
had not submitted their audited 2017 figures and we have
therefore used their unaudited figures for 2017 to prepare
the ratios. Companies whose ratios have been marked **
are those that had not been licensed in the years in which
the reports have been prepared. Companies with *** are
newly licensed.
56
2017 Annual Report

P.A System
One Coffee Break
Life Companies Buffet Lunch
Mineral Water
CHANGE IN POLICYHOLDER INFLOWS
This ratio measures growth or contraction of an insurer’s total premium (both risk and savings components)
inflows from policyholders. The Average Policyholder inflow for 2016 which is 21% is a point drop in the growth
rate of Long Term Insurers Premium compared to the 2015 results. 2017 saw mixed results from regulated
entities, however the results for A Plus and First Insurance are outside the acceptable range because they are
startups. Beige Assure, Vanguard Life and Ghana Life were the only Life Companies that experienced negative
growth rates.
TABLE 10: CHANGE IN POLICYHOLDER INFLOWS

0302 238300 | 0302 238301
Percentage (%)
www.nicgh.Org
Year: 2013 2014 2015 2016 2017

Industry Average: 38 35 22 21 27
Life Companies:
1 Africa Life Assurance Co. Limited**
2 A-Plus Life Assurance Co. Limited 1,079 319
Avance Life (formerly Capital Express Assurance
3 -18
Ghana Limited) *
4 Donewell Life Insurance Co. Limited 14 1 -7 -8 15
5 Enterprise Life Assurance Co. Limited 40 26 25 16 25
6 Esich Life Assurance Co. Limited 511 51
7 First Insurance Co. Limited 409
8 Ghana Life Insurance Co. Limited 27 20 16 19 -3
9 Ghana Union Assurance Life Co. Limited 78 -5 45 27 21
10 Glico Life Insurance Co. Limited 49 10 8 27 20
11 GN Life Assurance Co. Limited 553 127
12 Metropolitan Life Insurance Ghana Limited 9 22 10 5 24
13 Old Mutual Assurance Ghana Limited -3 7 38 48 65
14 Phoenix Life Assurance Co. Limited 18 7 3 28 30
15 Prudential Life Insurance Ghana Limited 202 113 73 64 53
16 Quality Life Assurance Co. Limited 20 21 6 5 16
17 Saham Life Insurance Ghana Limited 584 186 78 29 33
18 SIC Life Insurance Co. Limited 27 24 15 18 21*
19 StarLife Assurance Co. Limited 34 28 21 28 43
20 Beige Assure Co. Limited 11 2 -27 -19
21 UT Life Insurance Co. Limited 80 31 20 3 26
22 Vanguard Life Assurance Co. Limited -10 36 10 23.09 -34
57
2017 Annual Report

P.A System
One Coffee Break
POLICYHOLDER COVERAGE Buffet Lunch
Mineral Water
This ratio compares the equity and actuarial liabilities of a company. It is an indicator of how much capital the
company has after all technical provisioning have been considered. Generally, when the actuarial liabilities are
more than 300% of the company’s equity, it is considered risky since the ability to absorb unexpected shocks
may be impaired. The industry average of 139% shows an average improvement in the capacity of long term
insurers to meet unforeseen shocks. This is however subject to the detail capital adequacy requirements.
TABLE 11: POLICYHOLDER COVERAGE
Percentage (%)
Year: 2013 2014 2015
For More Information 2016Please Call2017
And Reservation, The Following Numbers
0302 238300 | 0302 238301
Industry Average:
260 191Tel: 233 302 238180
300/1 | Fax: 233 302161 139 | Website:
237 248 | Email: info@nicgh.Org
www.nicgh.Org
Life Companies:
1 Africa Life Assurance Company Limited*** 7
2 A-Plus Life Assurance Co. Limited 2 64
Avance Life (Formerly Capital Express Assurance
3 -814 20*
Ghana Limited)
4 Donewell Life Insurance Company Limited -538 14532 -15011 180 161
6 Esich Life Assurance Company Limited -217 125
7 First Insurance Company Limited 1
8 Ghana Life Insurance Company 298 97 111 101 217
9 Ghana Union Assurance Life Company Limited 127 209 78 36 25
10 Glico Life Insurance Company Limited 115 125 147 126 84
11 GN Life Assurance Company Limited 5 8 27
12 Metropolitan Life Insurance Gh. Limited 556 392 336 376 329
13 Old Mutual Assurance Ghana Limited 1233 199 128 134 217
14 Phoenix Life Assurance Company Limited 310 96 59 70 68
16 Quality Life Assurance Company Limited 344 294 339 377 177
18 SIC Life Insurance Company Limited 535 539 570 702 667*
19 StarLife Assurance Company Limited 600 271 311 329 334
20 Beige Assure -3593 -566 141 16
21 UT Life Insurance Company Limited 81 91 157 81 106
22 Vanguard Life Assurance Company Limited 241 75 147 29 25
58
2017 Annual Report

P.A System
One Coffee Break
PROPORTION OF INVESTMENT TO ASSETS Buffet Lunch
Mineral Water
This is an asset quality ratio calculated as a ratio of total investments (including cash and cash equivalents) to
total assets. It seeks to establish the percentage of the company’s assets that are in investments as opposed
to operational assets. Investment assets are generally kept to meet known liabilities and so a high investment
assets show a positive position than a low investment assets ratio. Life insurance sector recorded an average of
81%. The higher the ratio, the better the quality of the company’s asset base. The ratios for Vanguard Life, UT
Life, Ghana Life, Ghana Union Life, First, Donewell Life and A Plus are worrying.
TABLE 12: PROPORTION OF INVESTMENT TO ASSETS
Percentage (%)
Year: 2013 2014 2015
0302 2016
238300 | 0302 238301 2017
Industry Average: 70 78 84
www.nicgh.Org 84 81
Life Companies:
1 Africa Life Assurance Company Limited 90**
Avance Life (Fomerly Capital Express Assurance
3 0 76 54*
Ghana Limited)
4 Donewell Life Insurance Company Limited 79 91 95 88 85
5 Enterprise Life Assurance Company Limited 86 87 93 93 96
6 Esich Life Assurance Company Limited 89 91
12 Metropolitan Life Insurance Gh. Limited 96 93 98 98 98
18 SIC Life Insurance Company Limited* 78 80 86 92 93
20 Beige Assure 71 66 87 98
59
2017 Annual Report

P.A System
One Coffee Break
POLICYHOLDER BENEFIT COVER Buffet Lunch
Mineral Water
This is a measure of investment adequacy with respect to an insurers liabilities. It is calculated as a ratio of total
investments to actuarial liabilities. It seeks to assess the adequacy of the company’s investments to cover the
policyholder liabilities. The Life sector recorded an average of 289% in 2017. This is a significant improvement
in the ratio compared to the previous years. The investment assets should, as a minimum, cover policyholder
benefits. A ratio of less than 100% means that the company does not have enough investments to cover the
policyholder liabilities. No company recorded a ratio below 100%.This ratio helps to analyse the adequacy of a
company’s technical provisions and must be considered alongside policyholder benefit cover to ensure a company
is not associated with the risk of under provisioning. African Life and First Insurance ratios are out of range
because they are startups, and generally have low actuarial liabilities.
TABLE 13: POLICYHOLDER BENEFIT COVER 0302 238300 | 0302 238301
www.nicgh.Org
Percentage (%)
Year: 2013 2014 2015 2016 2017
Life Companies:
1 Africa Life Assurance Company Limited 1,456**
2 A-Plus Life Assurance Co. Limited 1,796 172
3 0 106 480*
Ghana Limited)
7 First Insurance Company Limited 6,133
17 Saham Life Insurance Ghana Limited 702 393 1883 1,059 611
20 Beige Assure 72 59 155 1,231
60
2017 Annual Report

P.A System
One Coffee Break
RETENTION RATIO Buffet Lunch
Mineral Water
This ratio measures the proportion of the premiums that are not ceded to reinsurers. Retention among life
insurers in Ghana is generally high. SIC Life had the highest retention ratio of 100%. Generally, this high retention
rate can be attributed to the high savings oriented life policies, relative to risk businesses in the life insurance
market. A-Plus is a startup.
TABLE 14: RETENTION RATIO
Percentage (%)
Year: 2013 2014 2015 2016 2017
238300 | 0302 91
238301 92
Life Companies: Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org

Avance Life (Capital Express Assurance Ghana
3 100 100*
Limited)
20 Beige Assure 100 90 84 89
61
2017 Annual Report

P.A System
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INVESTMENT YIELD Buffet Lunch
Mineral Water
This ratio calculates the return on a company’s investments. It seeks to measure the quality of a company’s
investment portfolio. It is the ratio of investment income to total investment. The industry average reduced by
1% to end the year 2017 with an average ratio of 15%. Nine companies recorded investment performance below
the industry average. Saham Life and UT Life recorded very low yields far below the average treasury bill rate
of 16%. The ratio for Glico Life is out of range because the result is largely led by unrealized fair value gains on
properties.
TABLE 15: INVESTMENT YIELD
Percentage (%)
0302 238300 | 0302 238301
Year: 2013 2014 2015
Location: Appiah-Ampofo 2016
House, Independence 2017
Ave, National Insurance Commission ,GA-016-9180
Industry Average: 19 18 17 www.nicgh.Org

16 15
Life Companies:
2 A-Plus Life Assurance Company Limited 22 18
Avance Life ( Formerly Capital Express Assurance
3 23 4*
Ghana Limited)
20 Beige Assure 16 30 12 5
62
2017 Annual Report

P.A System
One Coffee Break
RETURN ON EQUITY Buffet Lunch
Mineral Water
This ratio calculates the return on shareholders fund over a period, usually, one year. A negative ratio imply the
company experienced a loss or has a negative equity base or both during the period. Five Companies recorded
Loss after tax. A Plus result is out of range.
TABLE 16: RETURN ON EQUITY
Percentage (%)
Year: 2013 2014 2015 2016 2017
0302 238300 | 0302 238301
Life Companies: Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
1 Africa Life Assurance Company Limited www.nicgh.Org -3**
2 A-Plus Life Assurance Company Limited -10 -73
3 0 -1,480 -37*
Ghana Limited)
4 Donewell Life Insurance Company Limited -14 1076 -31 4 11
7 First Insurance Company Limited -24
8 Ghana Life Insurance Company 8 21 -1 -1 -57
13 Old Mutual Assurance Ghana Limited -487 -60 -75 6 -18
14 Phoenix Life Assurance Company Limited 15 -34 -4 3 5
15 Prudential Life Insurance Ghana Limited -118 -15 -23 -8 -5
17 Saham Life Insurance Ghana Limited -12 0 1 2 5
20 Beige Assure 812 -161 -48 2
21 UT Life Insurance Company Limited 18 5 -28 -31 -27
22 Vanguard Life Assurance Company Limited 4 -8 -95 2.4 24
63
2017 Annual Report

P.A System
One Coffee Break
RETURN ON ASSET Buffet Lunch
Mineral Water
This is a ratio of profit after tax to total assets. It seeks to measure the efficiency with which management
utilize the assets of the company to generate returns for its various stakeholders. The market performance on
this ratio has been experiencing a dip for the past three years. This can be attributed to the increasing volume of
assets in the industry and the poor profit base of the companies.
TABLE 17: RETURN ON ASSET
Percentage (%)
Year: 2013 2014 2015 2016 2017
Industry Average: 7 6 -10302 238300 | 40302 238301 1
Life Companies: Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
1 Africa Life Assurance Company Limited 3

2 A-Plus Life Assurance Company Limited -9 -42
Avance Life ( Formely Capital Express Assurance
3 0 -131 -21
Ghana Limited)
4 Donewell Life Insurance Company Limited 3 7 -0.2 1 4
7 First Insurance Company Limited -23
8 Ghana Life Insurance Company 2 9 -0.3 -1 -15
13 Old Mutual Assurance Ghana Limited -35 (18) -31 2 -5
14 Phoenix Life Assurance Company Limited 3 (16) -2 2 3
15 Prudential Life Insurance Ghana Limited -39 (11) -13 -5 -3
20 Beige Assure -22 (9) -32 -19 1
21 UT Life Insurance Company Limited 8 2 -10 -16 -.12
22 Vanguard Life Assurance Company Limited 1 (4) -29 2 16
64
2017 Annual Report

P.A System
One Coffee Break
EXPENSE RATIO Buffet Lunch
Mineral Water
This ratio calculates actual management expenses incurred as a percentage of total net inflows received from
policyholders. It serves as a check on efficiency. The international industry acceptable ratio should not exceed
40%. A high ratio indicates inefficiency on the part of the insurance company in handling its activities. It actually
means much of the premium is going into expenses and not policyholders benefit reserves. Beige Assure, First
Insurance, Avance Life, A Plus and African Life are outliers.
TABLE 18 EXPENSE RATIO
Percentage (%)
Year: 2013 2014
For More 2015
Information And 2016
Reservation, Please 2017 Numbers
Call The Following
0302 238300 | 0302 238301
Industry Average:
57 61 65 65
Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website: 64
www.nicgh.Org
Life Companies:
2 A-Plus Life Assurance Company Limited 4,358 3630
Avance Life ( Formerly Capital Express Assurance
3 0 326 1529*
Ghana Limited)
20 Beige Assure 79 97 108 148
65
2017 Annual Report

P.A System
One Coffee Break
CHANGE IN CAPITAL AND SURPLUS Buffet Lunch
Mineral Water
This ratio measures the growth or decline in the equity of an insurer over the previous year. It is the general
measure of improvements or deterioration of an insurer’s financial position. Some of the factors that can affect
this ratio are profits or loss after tax, change in unrealized gains or losses, changes in actuarial liabilities and
regulatory enforcements to inject capital. The ratio for Beige Life is out of range mainly because of the injection
of investment properties. Avance Life ratio is also out of range because of the losses made over the years.
TABLE 19: CHANGE IN CAPITAL AND SURPLUS
Percentage (%)
Year: 2013 2014 2015
For More Information 2016Please Call2017
And Reservation, The Following Numbers
0302 238300 | 0302 238301
Industry Average: 7 180 18 | Fax: 233 302 237
57 19 | Website:
Tel: 233 302 238 300/1 248 | Email: info@nicgh.Org
www.nicgh.Org
Life Companies:
1 Africa Life Assurance Company Limited (3)**
2 A-Plus Life Assurance Co. Limited 43 (27)

Avance Life ( Formerly Capital Express Assurance -104 (758)*
3
Ghana Limited)
4 Donewell Life Insurance Company Limited -28 -102 -207 -8595 19
6 Esich Life Assurance Company Limited -246 -279
8 Ghana Life Insurance Company 11 253 7 21 (28)
9 Ghana Union Assurance Life Company Limited 7 -21 167 463 14
13 Old Mutual Assurance Ghana Limited -47 749 102 7 (15)
15 Prudential Life Insurance Ghana Limited -53 959 -19 28 32
18 SIC Life Insurance Company Limited* 41 30 21 -3 14
20 Beige Assure -143 -269 -556 758
21 UT Life Insurance Company Limited 84 41 -8 137 (20)
22 Vanguard Life Assurance Company Limited 25 0.1 -49 426 31
66
2017 Annual Report

P.A System
One Coffee Break
STATEMENT OF ASSETS - LIFE Buffet Lunch
Mineral Water
2017 2016
GHS GHS
1 Cash 168,608,080 130,214,585
2. Investments:
Government of Ghana Securities 265,077,379 253,148,032
Bank of Ghana Securities 232,962,733 122,803,939

Statutory Deposits 26,573,381
0302 238300 | 0302 238301 13,771,149
Term deposits held at a licensed bank 818,554,536 www.nicgh.Org 793,911,939
Other term deposits 263,670,346 169,691,282
Corporate Debt 5,288,822 4,685,913
Securities listed on Ghana Stock Exchange 122,472,918 60,963,119
Other Securities 46,574,929 31,861,839
Equity backed mutual funds 91,593 78,314
Money market mutual funds 43,136,443 31,936,342
Land & building held as investment 573,491,907 364,092,608
Investments in, and subordinated loans to, connected persons 70,403,933 51,866,619
Other Investments 11,697,535 10,500,500
Total Investments 2,479,996,455 1,909,311,595
3. Receivables & Prepayments
Policy Loans 54,196,426 49,089,122
Premium Debtors 13,304,155 5,229,044
Staff Loans and Advances 2,252,833 2,324,935
Due from reinsurers less than 3 months old - 463,618
Due from reinsurers more than 3 months old - 1,390,853
Due from other Insurers 9,682 -
Due from Agents and Brokers 1,472,303 1,190,431
Due from Connected Persons 9,326,713 5,632,308
Reinsurance Share of Insurance liabilities 1,311,090 847,691
Deferred Tax Assets 9,614,942 2,423,995
Other Receivables 43,527,325 28,801,665
Total Receivables 135,015,469 97,393,662
67
2017 Annual Report

P.A System
One Coffee Break
Buffet Lunch
4 Property, Plant and Equipment Mineral Water
Land & Buildings occupied by Insurer for own use 50,397,351 46,647,473
Plant and Equipment 3,273,493 4,367,009
Computer Hardware and Software 11,829,804 8,596,031
Motor Vehicles 16,778,753 15,451,570
Furniture and Fittings 11,068,690 9,845,088
Other Assets 9,923,855 18,507,026
Total Property, Plant & Equipment 103,271,947

For More 103,414,197
Information And Reservation, Please Call The Following Numbers
0302 238300 | 0302 238301
www.nicgh.Org
5 Intangible Assets
Goodwill, unless otherwise deducted 9,239

28,000
Other assets shown as intangible assets 488,868

2,622,399
Total intangible assets 2,650,399 498,107
6 Other Assets
Capitalised research and development costs - -
Deferred acquisition costs - -
Corporate stationery 563,130

445,983
Other assets not included above - -
Total Other Assets 445,983 563,130
TOTAL ASSETS 2,889,988,333 2,241,395,275
68
2017 Annual Report

P.A System
One Coffee Break
STATEMENT OF EQUITY AND LIABILITIES FOR LIFE INSURERS Buffet Lunch
Mineral Water
2017 2016
GHS GHS
1 Technical Provisions
Actuarial Liabilities 1,764,214,748 1,410,965,496
Investment Contracts Liabilities 10,123,043 4,576,330
Other Provisions 214,074 172,844
Total Technical Provisions 1,774,551,865 1,415,714,670
2 Payables 0302 238300 | 0302 238301
Bank Overdrafts and Loans 7,013,312 www.nicgh.Org 5,771,436
Due to Reinsurers 3,574,120 3,806,279
Due to Agents and Brokers 2,805,480 1,500,728
Taxation 3,874,154 5,376,068
Deferred Taxation 50,343,021 37,242,477
Due to Related Parties 10,878,593 8,661,839
Other Accruals & Payables 98,295,082 77,436,525
Total Payables 176,783,762 139,795,352
3 Long Term Liabilities

Bank Loans 392,150 1,435,197
Debentures - -
Unsecured Subordinated Debts
Perpetual - -
More than 4 years to maturity 51,779,242 -
More than 3 but 4 years or less to maturity - -
1 year or less to maturity - -
Other Borrowings 70,849 -
Total Long Term Liabilities 52,242,241 1,435,197
69
2017 Annual Report

P.A System
One Coffee Break
Buffet Lunch
4 EQUITY Mineral Water
Paid Up Ordinary Shares 532,904,993 481,663,467
Ordinary Shares held as treasury shares - -
Paid up perpetual non-cumulative preference shares - -
Paid up perpetual non-cumulative preference shares held as
- -
treasury
Paid up perpetual cumulative preference shares - -
Paid up perpetual cumulative preference shares held as treasury For More Information And- Reservation, Please Call The Following
- Numbers
0302 238300 | 0302 238301
Contingency Reserves 57,463,941 40,496,759
www.nicgh.Org
Revaluation Reserves (Owned Land & Building) 32,135,554 25,674,678
Revaluation Reserves (Investments excluding items to be
24,359,316 15,130,511
deducted from core capital)
Revaluation Reserves (Others) 3,415,057 2,063,864
1,306,208 2,134,000
Retained Earnings, as at end of previous financial year 117,085,712 76,521,800
Current year net earnings/deficit 85,464,527 40,563,912
Others 32,275,159 201,065
Total Equity 886,410,466 684,450,055

TOTAL LIABILITIES AND EQUITY 2,889,988,334 2,241,395,275
70
2017 Annual Report

P.A System
One Coffee Break
Non-life Companies Buffet Lunch
Mineral Water
CHANGES IN GROSS WRITTEN PREMIUMS
This ratio measures growth or contraction in the company’s gross premium relative to the prior year. In 2017 the
industry recorded 11% without GOGIP, a dip compared to 2016 growth rate of 28%. Nevertheless, the market
continues to witness positive growth. With the exception of Activa, GUA ,Glico, the rest witnessed a dip in
growth. Meanwhile RegencyNem and Unique experienced serious contraction in growth to settle at -10% and
-1% respectively. Saham recorded growth far beyond the expected range.
TABLE 20: CHANGES IN GROSS WRITTEN PREMIUMS

Percentage (%)
0302 238300 | 0302 238301
Year: 2013 2014 2015
Tel: 233 302 238 300/1 | Fax: 233 302 237 2016 2017
248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
1. Activa International Insurance Co. Limited 36 24 42 7 34
2. Allianz Insurance Company Limited 17 60 -18 24 5
3. Best Assurance Company Limited* N/A N/A N/A 0 0
4. Donewell Insurance Company Limited 16 3 36 50 17
5. Enterprise Insurance Company Limited 42 15 43 34 19
6. Equity Assurance Company Limited 17 24 36 48 15
7. Ghana Union Assurance Company Limited* 51 2 41 6 17
8. Glico General Insurance Company Limited* 24 17 48 1 18
9. Heritage Insurance Company Limited 5 N/S N/S N/S 16
10. Hollard Insurance Company Limited 21 17 22 9 7
11. Imperial General Insurance Co. Limited 0 420 20 42 29
12. Loyalty Insurance Company Limited 0
13. Millennium Insurance Company Ltd 76 -9 23 58 15
14. Multi Insurance Company Limited 0
15. NSIA Ghana Insurance Company 13 -33 46 38 21
16. Phoenix Insurance Company 16 4 38 33 2
17. Prime Insurance Company Limited 448 148 147 142 1
18. Priority Insurance Company Limited 7586 22 49 118 36
19. Provident Insurance Company Limited 1 7 43 36 5
20. Quality Insurance Company Limited 11 13 19 34 11
21. RegencyNEM Insurance Ghana Ltd 33 49 43 61 -10
22. Saham Insurance Company Limited* 137 23 26 -13 110
23. SIC Insurance Company Limited* 2 1 20 15 1
24. Star Assurance Company Limited -6 25 29 31 8
25. Unique Insurance Company Ltd 14 5 32 42 -1
26 Vanguard Assurance Company Limited* 27 10 25 33 2
27 Wapic Insurance (Gh.) Limited -4 -15 19 36 10
Reinsurers:
1. Ghana Reinsurance Company Limited 10 21 34 13 20
2. Mainstream Reinsurance Company Limited 2 -4 20 35 31
3. GN Reinsurance N/A - 1024 132 37
71
2017 Annual Report

P.A System
One Coffee Break
CHANGES IN NET WRITTEN PREMIUM Buffet Lunch
Mineral Water
This measures growth or contraction in the company’s current net premiums over the previous year’s net
premiums. A high growth/contraction rate that does not positively correlate to the gross premium growth rate
indicates significant changes in the company’s reinsurances. Thus, any ratio greater or less than +or-33% reflects
significant changes in reinsurance policy or volatility in premiums.
TABLE 21: CHANGES IN NET WRITTEN PREMIUM
Percentage (%)
Year: 2013 2014 2015 2016 2017
Industry Average: 40 13For More Information
43 And Reservation,
41 Please Call The12
Following Numbers
0302 238300 | 0302 238301
Non-life Companies: Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
www.nicgh.Org
2. Allianz Insurance Company Limited 34 54 36 18 44
3. Best Assurance Company Limited* N/A N/A N/A 0
7. Ghana Union Assurance Company Limited 35 -7 46 36 25*
8. Glico General Insurance Company Limited 43 -25 114 -9 -13*
10. Hollard Insurance Company Limited 38 -2 68 22 -1
13. Millennium Insurance Company Ltd 71 -15 24 47 22
14. Multi Insurance Company Limited
15. NSIA Ghana Insurance Company 10 -34 27 32 14
19. Old Mutual Life Insurance -2 6 57 29 13
21. RegencyNEM Insurance Ghana Ltd 35 42 36 87 -7
22. Saham Insurance Company Limited 65 44 5 -22 93*
23. SIC Insurance Company Limited -9 -11 -8 40 4*
24. Star Assurance Company Limited 2 14 37 33 11
25. Unique Insurance Company Ltd 17 -5 62 32 -3
26 Vanguard Assurance Company Limited 41 9 14 22 4*
27 Wapic Insurance (Gh.) Limited -5 -11 17 28 7
Reinsurers:
2. Mainstream Reinsurance Company Limited 6 -14 30 19 61
72
2017 Annual Report

P.A System
One Coffee Break
NET INSURANCE RISK RATIO Buffet Lunch
Mineral Water
This ratio measures the ability or capacity of the insurer’s capital and surplus to absorb unforeseen shocks. It is
calculated as a ratio of Net Written Premium to Equity. The higher the ratio, the less conservative the insurer, and
hence, the greater the potential risk that, the insurer cannot absorb shock/losses. In 2017, the ratio declined to
81% showing improvement in companies potential capacity to absorb unforeseen losses. Enterprise, Prime and
Vanguard appear quite aggressive with higher level of risks relative to their capital or equity base.
TABLE 22: NET INSURANCE RISK RATIO
Percentage (%)
Year: 2013 For2014
More Information2015
And Reservation,2016 2017 Numbers
Please Call The Following
0302 238300 | 0302 238301
Industry Average: 134 104 98 92
Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180 81
Non-life Companies: www.nicgh.Org

3. Best Assurance Company Limited N/A N/A N/A 24 47*
7. Ghana Union Assurance Company Limited 22 12 27 28 23*
8. Glico General Insurance Company Limited 145 111 205 102 67*
9. Heritage Insurance Company Limited -146 N/S N/S N/S 72
13. Millennium Insurance Company Ltd 79 63 79 56 61
14. Multi Insurance Company Limited
15. NSIA Ghana Insurance Company 131 68 81 33 30
17. Prime Insurance Company Limited 48 -117 68 173 169
19. Old Mutual Life Insurance 83 54 32 39 41
21. RegencyNEM Insurance Ghana Ltd 199 185 230 209 149
22. Saham Insurance Company Limited 202 125 45 49 72*
23. SIC Insurance Company Limited 108 95 83 119 99*
25. Unique Insurance Company Ltd 271 146 80 62 55
27 Wapic Insurance (Gh.) Limited 325 74 48 77 85
Reinsurers:
2. Mainstream Reinsurance Company Limited 86 63 38 32 47
3. GN Reinsurance N/A 1 12 15 24
73
2017 Annual Report

P.A System
One Coffee Break
GROSS INSURANCE RISK RATIO Buffet Lunch
Mineral Water
This ratio is similar to the Net Risk Ratio with Net Written Premium replaced with Gross Written Premium. The
quite aggressive insurers appear to be the same as in the Net Insurance risk except for Activa, Allianz, Equity,
Hollard, Glico, Prime, RegencyNem, Saham and SIC . However, their high risk appears to be managed through
reinsurance as evidenced by relatively lower net retentions.
TABLE 23: GROSS INSURANCE RISK RATIO
Percentage (%)
Year: 2013 2014 2015 2016 2017
Industry Average: 215 168 159 And Reservation,
For More Information 142 Please Call The
121Following Numbers
0302 238300 | 0302 238301
www.nicgh.Org
Activa International Insurance Company
1. 303 278 216 200 206
Limited
11. Imperial General Insurance Company Limited 0 45 64 104 75
17. Prime Insurance Company Limited 57 -184 88 215 203
Reinsurers:
74
2017 Annual Report

P.A System
One Coffee Break
CHANGE IN CAPITAL AND SURPLUS Buffet Lunch
Mineral Water
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 Ultra
of Modern
the factors that could affect this ratio are after tax
Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
profits or losses, changes in unrealized gains or losses on assets, or changes in the Technical Provision valuation policies and
injection of capital. In 2017, the ratio declined from 45% to 32%. We expect this ratio to further reduce mainly because the
industry averages of 2014, 2015 and 2016 have been largely influenced by capital injections due to regulatory requirements.
The acceptable threshold for this ratio is between 0 to 33%. The nature, scale, complexity as well as the risk appetite level of
the insurer’s business is a useful indicator of the level of capital required.
TABLE 24: CHANGE IN CAPITAL AND SURPLUS
Percentage
For More Information (%)
0302 238300 | 0302 238301
Year: 2013 2014 2015 2016 2017
Industry Average: 24 76 48 www.nicgh.Org
45 32
Non-life Companies:
1. Activa International Insurance Company Limited 36 35 83 16 30
2. Allianz Insurance Company Limited -20 366 -30 127 29
7. Ghana Union Assurance Company Limited 103 67 -34 30 54*
8. Glico General Insurance Company Limited 5 -2 16 83 13*
11. Imperial General Insurance Company Limited 0 3 1 -12 78
13. Millennium Insurance Company Ltd 47 8 -2 106 30
15. NSIA Ghana Insurance Company -30 27 6 227 24
16. Phoenix Insurance Company -1 265 8 17 20
17. Prime Insurance Company Limited 36 -177 -615 6 6
23. SIC Insurance Company Limited 9 2 9 -2 23*
25. Unique Insurance Company Ltd -179 76 198 7 10
26 Vanguard Assurance Company Limited 25 4 64 17.76 13*
27 Wapic Insurance (Gh.) Limited -21 293 82 -21.28 -15
Reinsurers:
3. GN Reinsurance N/A - -12 18 12
75
2017 Annual Report

P.A System
One Coffee Break
CLAIMS RESERVE RATIO Buffet Lunch
Mineral Water
This ratio is calculated as the Provision for Outstanding Claims (including the IBNR) divided by the Net Earned Premiums. It
compares the relationship of Provisions for Outstanding Claims to net earned premiums, to determine whether or not the
company is adequately reserving for claims in process. It is therefore an indication of the adequacy of the Outstanding Claims
Provision. The internationally acceptable range for this ratio is between 25% and 50%. In 2017 the average ratio increased
to 40% from 32% in 2016. With the exception of GUA, Phoenix, and Vanguard, the rest improved their ratios. The ratios for
Quality Insurance however, remained the same at 10%. Activa, Hollard and Saham have improved relative to the 2015 high
ratios. Best, Heritage, Imperial, Phoenix, Prime, RegencyNem have their ratios being below the thresholds.
TABLE 25: CLAIMS RESERVE RATIO
Percentage
For (%)
0302 238300 | 0302 238301
Year: 2013 2014Location: Appiah-Ampofo
2015House, Independence
2016 2017
www.nicgh.Org
40
Non-life Companies:
1. 97 109 308 60 81
Limited
Reinsurers:
76
2017 Annual Report

P.A System
One Coffee Break
RETENTION RATIO Buffet Lunch
Mineral Water
This is calculated as the Net Written Premium over the Gross Written Premium. It represents the portion of the
risks that insurers have not passed on to reinsurers. Even though high retentions are usually considered riskier,
the tolerance level actually vary between the various lines of business. High retention will require sufficient
capital to support the insurer. The industry recorded an average retention ratio of 71% in 2017, representing a
three-percentage point increase compared to 2016. Activa’s retention is worrying.
TABLE 26: RETENTION RATIO
Percentage (%)
Year: 2013 For2014
More Information2015
And Reservation, 2016 2017 Numbers
Please Call The Following
0302 238300 | 0302 238301

1. 31 32 26 32 28
Limited
Reinsurers:
77
2017 Annual Report

P.A System
One Coffee Break
INVESTMENT YIELD Buffet Lunch
Mineral Water
This ratio gives a reasonable indication of the return on the investment portfolio. It is calculated by dividing the
investment income by the total investments. In 2017 the industry average settled at 13% commensurate to the
current general market condition as interest rates continue to fall. The ratios for Activa, Best, Enterprise, Equity,
Glico, Heritage, Imperial, Loyalty, Multi, RegencyNem, Saham, SIC, Vanguard are all below the industry average.
Hollard, Millennium and Prime made significant yields .
TABLE 27: INVESTMENT YIELD
Percentage (%)
Year: 2013 2014 2015And Reservation,
For More Information 2016 Please Call2017
The Following Numbers
0302 238300 | 0302 238301
Location: Appiah-Ampofo House, Independence16
Ave, National Insurance13
Commission ,GA-016-9180

11. Imperial General Insurance Company Limited 3.77 23 27 21 10
Reinsurers:
78
2017 Annual Report

P.A System
One Coffee Break
RETURN ON ASSET RATIO Buffet Lunch
Mineral Water
This ratio is an indicator of general profitability of the insurer. It is calculated as after tax profits divided by total
assets. It seeks to measure the efficiency with which management utilize the assets of the company to generate
returns for the various stakeholders. The industry average has hovered between 3% and 6% in five years,
with 2017 remaining same at 4% as in the prior year. With respect to 2017, Allianz, Loyalty and Multi recorded
negative return on assets. As indicated, Equity attained the highest return on assets.
TABLE 28: RETURN ON ASSET RATIO
Percentage (%)
Year: 2013 2014
For More 2015
Information And 2016Call The Following
Reservation, Please 2017 Numbers
0302 238300 | 0302 238301

2. Allianz Insurance Company Limited -5 -6 -12 -5 -31
8. Glico General Insurance Company Limited 2 -10 -3 6 7*
12. Loyalty Insurance Company Limited -10
13. Millennium Insurance Company Ltd 13 5 -1 6 8
14. Multi Insurance Company Limited -4
15. NSIA Ghana Insurance Company -15 -18 3 3 6
17. Prime Insurance Company Limited -17 -215 -4 2 2
23. SIC Insurance Company Limited 0 -5 5 2 5*
25. Unique Insurance Company Ltd -16 -3 0 19 6
27 Wapic Insurance (Gh.) Limited -4 13 -7 -12 6
Reinsurers:
79
2017 Annual Report

P.A System
One Coffee Break
CLAIMS RATIO Buffet Lunch
Mineral Water
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 customerUltratreatment. The ratio is an indication of how much
Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
policyholders get back in return for each cedi of premium paid to insurance companies. The industry ratio over the years have
been low compared to the international acceptable standard, which ranges between 40% and 60%. Since the core obligation
of an insurer is to pay claims, insurers must ensure that all incurred claims are paid quickly in order to win the confidence of
the average Ghanaian. 2017 industry average showed a declining ratio of 37% from 39% in the prior year, and Best, Equity,
GUA, Glico, Hollard, Phoenix, Unique and Wapic had their ratio reflective of the trend seen in the industry claim ratio.
TABLE 29: CLAIMS RATIO
Percentage
For More Information(%)
0302 238300 | 0302 238301
Year: 2013 2014 2015House, Independence
Location: Appiah-Ampofo 2016 2017
www.nicgh.Org 37
Non-life Companies:
1. Activa International Insurance Company Limited 12 37 33.71 24 36
2. Allianz Insurance Company Limited 63 31 99.5 44 63
3. Best Assurance Company Limited N/A N/A N/A 13.38 11*
4. Donewell Insurance Company Limited 29 25 16.31 30 50
5. Enterprise Insurance Company Limited 48 62 63.44 53 61
6. Equity Assurance Company Limited 23 24 24.77 32 28
7. Ghana Union Assurance Company Limited 60 54 52.84 63 50*
8. Glico General Insurance Company Limited 52 51 62.1 58 36*
10. Hollard Insurance Company Limited 53 64 55.26 46 43
11. Imperial General Insurance Company Limited 0 32 29.58 20 22
13. Millennium Insurance Company Ltd 27 26 66.96 46 48
15. NSIA Ghana Insurance Company 61 70 24.24 32 39
16. Phoenix Insurance Company 38 34 54.1 44 35
17. Prime Insurance Company Limited 7 97 23.51 29 35
18. Priority Insurance Company Limited 38 14 17.82 12 27
19. Old Mutual Life Insurance 37 27 36.02 28 41
20. Quality Insurance Company Limited 27 21 33.7 30 30
21. RegencyNEM Insurance Ghana Ltd 19 -3 42.58 35 38
22. Saham Insurance Company Limited 37 16 52.03 63 26*
23. SIC Insurance Company Limited 32 71 57.97 25 35*
24. Star Assurance Company Limited 25 29 42.01 45 37
25. Unique Insurance Company Ltd 30 28 43.13 51 43
26 Vanguard Assurance Company Limited 35 42 57.5 40 41*
27 Wapic Insurance (Gh.) Limited 51 15 75.85 81 55
Reinsurers:
80
2017 Annual Report

P.A System
One Coffee Break
TOTAL EXPENSE RATIO Buffet Lunch
Mineral Water
The total expense ratio is another key indicator of profitability. It is calculated as Total Expense (Management Expense +
Commission expense) as a percentage of the Net Earned Premium. The international acceptable ratio is <40%. The implication
of a high ratio is that, the insurer is inefficient in discharging its insurance obligations and this is very likely to affect its ability
to pay claims promptly. In 2017, the industry average improved from 89% in 2016 to 86%. Activa, Allianz, NSIA, Saham and
WAPIC all recorded ratios above 100%. Multi, Loyalty and Best are startups.
TABLE 30: TOTAL EXPENSE RATIO
Percentage (%)
Year: 2013 2014 2015 2016 2017
Industry Average: 82 92 115238300 | 0302 89
0302 238301 86

3. Best Assurance Company Limited N/A N/A N/A N/A 81*
9. Heritage Insurance Company Limited 82 189 N/S N/S 63
11. Imperial General Insurance Company Limited 160 220 136 91
12. Loyalty Insurance Company Limited 70 67 112 118 515
14. Multi Insurance Company Limited 66 113 88 83 1719
25. Unique Insurance Company Limited 72 79 91 121 80
26 Vanguard Assurance Company Limited 70*
Reinsurers:
81
2017 Annual Report

P.A System
One Coffee Break
COMBINED RATIO Buffet Lunch
Mineral Water
The combined ratio is the summation of the Claims Ratio and the Total Expense Ratio. It is the single best measure of an
insurer’s underwriting and operational efficiency. The ratio does not measure total profitability as investment income and
other earnings are excluded. Generally, a ratio of less than 100% indicates underwriting profitability. While a ratio of more
than 100% usually indicates a loss, this may not be the case for companies that make huge investment and other related
earnings to boost their profitability. Best, Equity and Heritage reported a combined ratio of 92%, 97% and 84% respectively,
all falling below 100%. Industry average declined by nine percentage points to 124% in 2017 from 133% in 2016. Industry
players must strive to improve their underwriting efficiencies to be more profitable.
TABLE 31: COMBINED RATIO
Percentage
For More Information(%)
0302 238300 | 0302 238301
Year: 2013 2014 2015
Location: Appiah-Ampofo 2016
House, Independence 2017
www.nicgh.Org 124
Non-life Companies:
Reinsurers:
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TECHNICAL RESERVE COVER Buffet Lunch
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This is calculated by dividing the Technical Provisions by the liquid investments. It is an indicator of whether
sufficient liquid assets are being held to cover the technical provisions, as claims should be paid as and when
they fall due. Ratios above 100% mean that the companies do not have enough liquid investments backing their
technical provisions. Glico, Hollard, Priority, Saham, Wapic and SIC reported ratios above 100%. GUA is too high
because most of its investment are not considered as generally liquid. 2017 recorded a ratio of 70%, an increase
from 64% in 2016. Industry should endeavour to improve on its liquidity and solvency position.
TABLE 32: TECHNICAL RESERVE COVER
Percentage (%)
Year: 2013 2014 2015 2016
0302 238300 | 0302 238301 2017

www.nicgh.Org 70
Non-life Companies:
1. Activa International Insurance Company Limited 111 104 224.18 90 94
13. Millennium Insurance Company Limited 35 24 34.85 27 30
25. Unique Insurance Company Ltd 311 138 42.67 41 45
Reinsurers:
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PROPORTION OF INVESTMENT ASSETS Buffet Lunch
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This ratio is calculated as total investments divided by total asset. It is a useful measure of the quality of
assets on the insurer’s balance sheet. Investments are generally better assets in terms of liquidity and capital
management than other assets such as Property Plant and Equipment, Receivables if any. In 2017, the industry
average was maintained at 66% as in 2016.
TABLE 33: PROPORTION OF INVESTMENT ASSETS
Percentage (%)
Year: 2013 2014 2015 2016 2017
Industry Average: 49 51More Information
For 72And Reservation,
66Please Call The66
Following Numbers
0302 238300 | 0302 238301
1. Activa International Insurance Company Limited 42 66 36.09 www.nicgh.Org
56 52
13. Millennium Insurance Company Limited 69 88 82.11 87 87
21. RegencyNEM Insurance Ghana Ltd 54 68 65.38 62 58
25. Unique Insurance Company Limited 58 83 92.61 96 85
Reinsurers:
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RETURN ON EQUITY Buffet Lunch
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This ratio measures the return on the shareholders’ funds over a period. It indicates how effective management
is at growing and funding the operations of an insurance company using equity financing. In practice, high ratios
may not always be an indication of good performance, as such factors as capital adequacy can boost the ratio.
TABLE 34: RETURN ON EQUITY
Percentage (%)
Year: 2013 2014 2015 2016 2017
Non-life Companies: For More Information And Reservation, Please Call The Following Numbers
0302 238300 | 0302 238301
1. Activa International Insurance Company Limited 26 8 15 13
Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website: 12
www.nicgh.Org
2. Allianz Insurance Company Limited -26 -9 -43 -12 -54
8. Glico General Insurance Company Limited 5 -23 -8 12 14*
9. Heritage Insurance Company Limited 121 N/S N/S NS 23
12. Loyalty Insurance Company Limited -11
13. Millennium Insurance Company Limited 21 7 -2 11 16
14. Multi Insurance Company Limited -4
15. NSIA Ghana Insurance Company -53 -53 8 5 10
16. Phoenix Insurance Company -1 17 7 20 21
17. Prime Insurance Company Limited -35 230 -6 5 6
21. RegencyNEM Insurance Ghana Limited 22 39 9 22 8
23. SIC Insurance Company Limited 1 -11 12 5 10*
25. Unique Insurance Company Limited -78 -7 0 28 9
27 Wapic Insurance (Gh.) Limited -26 25 -12 -28 -18
Reinsurers:
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AGGREGATED STATEMENT OF ASSETS AS AT 31 DEC, 2017 – NON LIFE Buffet Lunch
Mineral Water
2017 2016
GHS GHS
1 Cash 189,418,669 110,279,937
2. Investments:
Government of Ghana Securities 179,984,629 145,342,942
Bank of Ghana Securities 11,929,957 15,992,132

Statutory Deposits 33,463,385
0302 238300 | 0302 238301
Term deposits held at a licensed bank 459,808,102 347,539,619
www.nicgh.Org
Other term deposits 118,951,943 119,069,353
Corporate debt 13,801,053 -
Securities listed on Ghana Stock Exchange 87,039,424 49,051,781
Other securities 66,389,269 65,081,283
Equity backed mutual funds 522,145 168,142
Money market mutual funds 1,825,484 242,360
Land & buildings held as an investment 87,125,979 75,623,159
Investments in, and subordinated loans to,
37,029,196 29,978,228
connected persons
Other Investments - 500,000
Total Investments 1,097,870,566 871,489,781
3. Receivables:
Staff Loans and Advances 12,251,219 8,362,367
Due from reinsurers less than 3 months old 33,847,432 28,347,044
Due from reinsurers more than 3 months old 50,156,756 57,948,025
Due from Other Insurers 12,490,112 10,261,985

Due from Agents and Brokers 406,752 132,676
Due from Connected Persons 16,847,909 9,445,024
Reinsurance Share of Insurance liabilities 197,221,050 177,310,921
Deferred Tax Asset 12,665,079 5,439,487
Other Receivables 56,370,875 47,047,527
Total Receivables 392,257,185 344,295,055
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2017 2016
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GHS GHS
4 Property, Plant and Equipment Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
Land & buildings occupied by insurer for own

94,772,556 85,934,345
use
Plant and Equipment 8,396,270 6,290,307
Computer Hardware and Software 14,606,312 11,622,570
Motor Vehicles 25,038,041 19,816,531
Furniture and Fittings 8,612,695 8,587,865
Other Assets 16,198,951
0302 238300 | 0302 238301
Total Property, Plant & Equipment 167,624,826 140,976,098
www.nicgh.Org
5 Intangible Assets
Goodwill, unless otherwise deducted - -
Other assets shown as intangible assets 2,374,377 669,290
Total Intangible Assets Total Intangible Assets 2,374,377 669,290
6 Other Assets 6 Other Assets

Capitalised research and development costs - -
Deferred acquisition costs 11,221,424 9,639,505
Corporate stationery 202,402 -
Other assets not included above 2,698,256 3,105,000
Total Other Assets 14,122,082 12,744,505
TOTAL ASSETS TOTAL ASSETS 1,480,454,667

1,863,667,705
AGGREGATED STATEMENT OF EQUITY AND LIABILITIES AS AT 31 DEC, 2017 – NON-LIFE
2017 2016
GHS GHS
1 Technical Provisions
Unearned Premiums 374,586,483 356,486,882
Unexpired Risk Provision 9,296 -
Outstanding Claims 208,962,219 149,624,624
IBNR Provision 56,750,620 34,201,531
Other Provisions 3,046,982 (172,043)
Total Technical Provisions 643,355,600 540,140,994
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2017 2016 Mineral Water
GHS GHSInternet Connectivity
2 Payables Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
Bank Overdrafts and Loans 11,058,252 12,563,227

Due to Reinsurers 61,759,754 66,661,150
Due to Other Insurers 5,626,288 8,011,324
Due to Agents and Brokers 16,163,374 13,964,969
Taxation 24,483,365 21,491,450
Deferred Tax 21,699,348 16,057,987
Due to Related Parties 12,034,897
0302 238300 | 0302 238301
Other Accruals & Payables 93,171,105 86,145,141
www.nicgh.Org
Total Payables 245,996,383 235,344,455
3 Long Term Liabilities

Bank Loans - -
Debentures - 11,812,416.00
Unsecured Subordinated Debts
Perpetual - -
More than 4 years to maturity - -
1 year or less to maturity - -
Other Borrowings 1,000,000.00 2,500,000.00
Total Long Term Liabilities 1,000,000.00 14,312,416.00
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GHS GHS
4 EQUITY Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
Paid up ordinary shares 538,436,689 389,013,770

Ordinary shares held as treasury shares - -
Paid up perpetual non-cumulative preference
8,000,000 -
shares
Paid up perpetual non-cumulative preference
- -
shares held as treasury shares
Paid up perpetual cumulative preference
1,350,000
shares
0302 238300 | 0302 238301
Paid up perpetual cumulative preference Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
-
-
shares held as treasury shares www.nicgh.Org
Contingency Reserves 184,408,957 148,285,518
Revaluation reserve (owned land & buildings) 62,283,407 51,831,195
Revaluation reserve (investments - excluding

71,354,974 32,305,160
items to be deducted from core
Revaluation reserve (other) 6,240,476 (1,249,346)
Other reserves (please specify) (428,290) (1,080,527)
Retained earnings, as at end of previous
52,234,991 17,116,998
financial year
Current year net earnings/deficit 49,391,116 44,793,172
Others (please specify) 43,402 327,535
Total Equity 973,315,723 690,656,803
TOTAL LIABILITIES AND EQUITY 1,863,667,705 1,480,454,667
89
APPENDICES
DIRECTORS REPORT
The Directors submit their report together with the audited

Financial Statements of the National Insurance Commission (the
Commission) for the year ended 31st December, 2017.
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Statement of Directors’ Responsibilities Buffet Lunch
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The Directors are responsible for the preparation of the Financial Statements for each financial year which give a
true and fair view of the state of affairs of the Commission and of the operating performance and Cash Flows for
that period. In preparing these Financial Statements, the Directors have selected suitable accounting policies and
then applied them consistently, made judgments and estimates that are reasonable and prudent and followed
the Ghana National Accounting Standards.
The Directors are responsible for ensuring that the Commission keeps proper accounting records that disclose
with reasonable accuracy at any time the financial position of the Commission. The Directors are also responsible
for safeguarding the assets of the Commission and taking reasonable steps for the prevention and detection of
fraud and other irregularities.
0302 238300 | 0302 238301
Principal Activities Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
www.nicgh.Org
The object of the Commission is to ensure effective administration, supervision, regulation, monitoring and
control of the business of insurance to protect insurance policy holders and the insurance industry in Ghana
other than health insurance under the National Health Insurance Act, 2003 (Act 650).
Directors
By virtue of the provisions of the Transitional Act all the Directors retired on 6th January 2017. New Directors
were appointed on 18th August, 2017. The Commissioner was appointed on 12th July, 2017.
Financial Results (Highlights)

The financial results of the Commission are as 2017 2016
summarised below: GHS GHS
Excess of Income over Expenditure 2,889,404 5,745,343
Total Assets 40,285,164 34,544,357
Accumulated Funds 18,404,541 15,515,137
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Independent Auditors REPORT TO THE determines is necessary to enable the preparation Buffet Lunch
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Honourable Minister of Finance of financial statements that are free from material Note Pad, Folder And Pen
misstatement, whether due to fraud or error.
Opinion Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
In preparing the financial statements, the Board of

We have audited the financial statements of National Directors is responsible for assessing the Commission’s
Insurance Commission which comprise the statement ability to continue as a going concern, disclosing,
of financial positon as at 31 December, 2017 Income as applicable, matters related to going concern and
and Expenditure Accounts and cash flow statement using the going concern basis of accounting unless
for the year then ended, and notes to the financial the Board of Directors either intends to liquidate the
statements, including a summary of significant Commission or to cease operations, or has no realistic
accounting policies and other explanatory notes as set alternative but to do so. The Board of Directors are
out on pages 97 to 103. responsible for overseeing the0302 Commission’s
238300 | 0302 238301financial
reporting process.
In our opinion, the accompanying financial statements www.nicgh.Org
give a true and fair view of the financial position of Auditors’ responsibility
the Commission as at 31 December, 2017 and of
its financial performance and its cash flows for the Our objectives are to obtain reasonable assurance
year then ended in accordance with Ghana National about whether the financial statements as a whole
Accounting Standards and in the manner required by are free from material misstatement, whether due
the Insurance Act 2006 (Act 724). to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance
Basis for Opinion is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs will
We conducted our audit in accordance with always detect a material misstatement when it exists.
International Standards on Auditing (ISAs). Our Misstatements can arise from fraud or error and are
responsibilities under those standards are further considered material if, individually or in the aggregate,
described in the Auditor’s Responsibilities for the they could reasonably be expected to influence the
Audit of the Financial Statements section of our economic decision of users taken on the basis of
report. We are independent of the Commission in these financial statements.
accordance with the International Ethics Standards
Board for Accountants’ Code of Ethics for Professional As part of an audit in accordance with ISAs, we
Accountants (IESBA Code), and we have fulfilled our exercise professional judgement and maintain
other ethical responsibilities in accordance with the professional skepticism throughout the audit. We also;
IESBA Code. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide Identify and assess the risks of material misstatement
a basis for our opinion. of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive
Responsibilities of the Board of Directors for to those risks, and obtain audit evidence that is
the Financial Statements sufficient and appropriate to provide a basis for our
opinion.
The Board of Directors are responsible for the
preparation of the financial statements in accordance The risk of not detecting a material misstatement
with Ghana National Accounting Standards and in the resulting from fraud is higher than for one resulting
manner required by the Insurance Act 2006 (Act 724) from error, as fraud may involve collusion, forgery,
and for such internal control as the Board of Directors intentional omissions, misrepresentations, or the
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override of internal control. Buffet Lunch
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Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
are appropriate in the circumstances, but not for the

purpose of expressing an opinion on the effectiveness
of the Commission’s internal control.
Evaluate the appropriateness of accounting policies

used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.
Evaluate the overall presentation, structure and 0302 238300 | 0302 238301
content of the financial statements, including the Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
disclosures, and whether the financial statements www.nicgh.Org
represent the underlying transactions and events in a

manner that achieves fair presentation.
We communicate with the Board of Directors regarding,

among other matters, the planned scope and timing
of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
The engagement Partner on the audit resulting in this

independent auditor’s report is
Emmanuel Offei – ICAG/P/1102

for: Boateng, Offei & Co. – [ICAG/F/2018/108]
Chartered Accountants
Correspondent firm; Grant Thornton International
9 Bissau Avenue, East Legon
Accra – Ghana
6 JUNE 2018
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STATEMENT OF Buffet Lunch

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INCOME AND EXPENDITURE

ACCOUNT
FOR THE YEAR ENDED 31ST DECEMBER 2017
2017 2016
Notes GHS0302 238300 | 0302 238301GHS
Income 2 26,010,543 www.nicgh.Org 22,070,775
Expenditure 3 (23,121,139) (16,325,432)
Accumulated Funds
Balance at 1st January 15,515,137 9,769,794
Excess of Income over Expenditure for the year 2,889,404 5,745,343
Balance as at 31st December 18,404,541 15,515,137

The accompanying notes form an integral part of these
Financial Statements.
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FINANCIAL POSITION
Assets Notes 2017 2016

Non-Current Assets GHS GHS
Property, Plant & Equipment 4a 17,854,346 17,732,302
Equity Investments 5 40,000
0302 238300 | 0302 238301 40,000
17,894,346 17,772,302
www.nicgh.Org
Long Term Securities 6 1,969,300 1,727,605
Current Assets
Accounts Receivable 7 3,791,688 2,839,230
Short Term Investments 8 10,028,640 6,796,711
Cash & Cash Equivalents 9 6,601,190 5,408,509
20,421,518 15,044,450
Total Assets 40,285,164 34,544,357
Accumulated Fund and Deferred Grant

Accumulated Funds 18,404,541 15,515,137
Revaluation Reserve 4b 17,111,280 17,111,280
Deferred Grant 10b 224,014 249,449
35,739,835 32,875,866
Current Liabilities
Accounts Payable and Accruals 11 4,545,329 1,668,491
Total Liabilities, Accumulated Fund & Grant 40,285,164 34,544,357
The Financial Statements on pages 94 to 103 were approved by the Board of Directors on 10th May, 2018 and were signed
on its behalf by:
……………………………………….
……………………………………….
CHAIRMAN OF THE BOARD
DIRECTOR
The accompanying notes form an integral part of these Financial Statements.
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CASHFLOWS
2017 2016
GHS GHS
Operating Activities
Cash Generated from Operations 3,434,649 0302 238300 | 03023,619,762
238301
Interest Received 424,141 421,080
www.nicgh.Org
Net Cash Generated from Operating Activities 3,858,790 4,040,842
Cash flow from Investing Activities

Purchase of Property, Plant & Equipment (1,605,217) (401,820)
Proceeds from the Sale of Assets 281,941 2,771
Purchase of Investments (3,473,624) (2,925,726)
Investment Income Received 2,130,791 1,758,558
Net Cash used in Investing Activities (2,666,109) (1,566,217)
Net Increase/(Decrease) in Cash and Cash Equivalents 1,192,681 2,474,625
Movement in Cash and Cash Equivalents

Cash and Cash equivalents at beginning of the year 5,408,509 2,933,884
Increase/(Decrease) in Cash and Cash Equivalents 1,192,681 2,474,625
Cash and Cash equivalents at the end of the year 6,601,190 5,408,509
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FINANCIAL STATEMENTS
1. Accounting Policies and Basis of Presentation
The following Accounting Policies have been used in the preparation of the Financial Statements.
(a) Basis of Accounting

Except for the revaluation of property, the Financial Statements have been 0302 prepared 238300under the historical
| 0302 238301
cost convention and accrual basis and comply with the Ghana National Accounting Standards.
www.nicgh.Org
(b) Property, Plant and Equipment Depreciation
All properties and equipment are recorded at cost less depreciation, Depreciation is calculated to write off
the cost of each asset on a straight-line basis at the following annual rates.
Bungalow & Office Furniture & Fittings 20%

Motor Vehicles 20%
Office Equipment 20%
Office Building 3%
Computers & Accessories 33.33%
Disposals of properties and equipment are accounted for by comparing the net book value with the
proceeds. The resulting profit or loss on disposal is credited or charged to the Income and Expenditure
Account. Depreciation method, residual values and useful life are re-assessed at the end of each financial
year. Any Equipment costing less than GHS 2,000 is written off in the year of purchase.
(c) Cash and Cash Equivalents
For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand and Bank
Balances.
(d) Investments
Investment securities are in the form of Treasury Bills, Fixed Deposits, Non-Negotiable Certificates of
Deposit and Euro-Bonds. Investments are quoted at cost.
(e) Accounts Receivable
Accounts receivable are stated net of bad and doubtful debts.
(f) Transactions in Foreign Currencies
Transactions in foreign currency during the year are translated into Ghana cedis at rates prevailing at the
time of transaction. Monetary assets and liabilities denominated in foreign currency at the balance sheet
date are translated into cedis at the exchange rate ruling on that date. Gains and losses resulting from the
translation are dealt with in the Income and Expenditure Account in the year in which they arise.
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(g) Stocks Buffet Lunch
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Stocks are ordered just for the year and are charged to the Income and Expenditure Account in the year Internet Connectivity
of purchase. However, the quantities of unused Insurance stickers and PVC holders are reflected in the
annual accounts as part of the notes.
2 Income Notes 2017 2016

This is made up as follows: GHS GHS
Levies on Life Insurers 3,411,275 2,685,025

Levies on Non-life Insurers 8,004,985 5,982,605
Levies on Reinsurers 1,351,8000302 238300 | 03021,044,700
238301
Levies on Brokers 831,156 579,866
www.nicgh.Org
Licensing/Renewal Income 1,291,992 1,214,680

Investment Income 2,130,791 1,758,558
Interest Received 2a 424,141 421,080
Motor Contribution 5,064,002 5,045,639
Sale of Fire Certificates 13,500 16,350
Grant Income 10a 101,934 -
Deferred Grant Income 10b 25,435 25,435
Rent Income/Fees - IITC 127,243 78,670
Mega Risk Income 2,715,489 2,230,961
Penalties 98,339 594,623
Exchange Gains 244,117 199,581
Training Fees 63,400 75,813
Other Income 2b 110,944 117,189

26,010,543 22,070,775
2a Interest Received
Call Accounts 410,751 420,875
Current Accounts 13,390 205

424,141 421,080
2b Other Income
Year Book Sales 14,290 22,894
Interest on Loans 35,975 18,207
Gains on Sales of Assets 52,423 2,646
Insurance Claims - 1,473
Others 8,256 71,969

110,944 117,189
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3 Expenditure Notes 2017 2016
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Expenditure is made up as follows: GHS GHS
Training/Workshops/Conferences/Seminars 1,155,665 748,453

Directors’ Remuneration 423,946 192,576
Electricity & Water 357,181 333,163
General Office Expenses 1,397,302 1,140,718
Medicals 168,189 94,316
Public Education 71,733 72,678
Repairs & Maintenance 295,039
For More Information And Reservation, Please Call The241,509
Following Numbers
0302 238300 | 0302 238301
Staff Cost 12,298,772 10,095,551
www.nicgh.Org
Staff Terminal Benefit Scheme Cost 15 4,279,138 1,046,020
Sticker & Adhesive Cost 256,379 229,848
Vehicle Running Cost 604,293 483,943
Rent Expenses 118,072 121,755
Telephone 94,236 75,036
Audit Fees 27,025 23,500
Depreciation 1,253,654 1,114,848
Insurance Premium 154,669 146,508
Internet Services/Subscription 71,599 71,353
Security Services 94,247 93,657

23,121,139 16,325,432
4a Fixed Assets Schedule
4a Property, Plant & Equipment

Office Bungalow
Office Furniture Motor Office Computers & Furniture
Building & Fittings Vehicle Equipment Accessories & Fittings Total
At 1st January
2017 17,632,000 534,622 1,530,957 556,302 433,149 381,573 21,068,603
Additions - 112,010 1,193,738 22,198 136,386 140,885 1,605,217
Disposals - - (394,710) (53,296) (19,411) (272,773) (740,190)

31st December,
2017 (A) 17,632,000 646,632 2,329,985 525,204 550,124 249,685 21,933,630
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Depreciation Mineral Water
At 1 January Internet Connectivity
2017 1,057,920 282,543 1,080,630 396,499 318,677 200,032 3,336,301
Charge for the
year 528,960 107,154 361,856 84,235 123,554 47,896 1,253,655
Disposals - - (272,433) (52,748) (19,400) (166,091) (510,672)

31st December,
2017 1,586,880 389,697 1,170,053 427,986 422,831 81,837 4,079,284
Net Book Value

31st For More Information And Reservation, Please Call The Following Numbers
0302 238300 | 0302 238301
December, Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
2017 16,045,120 256,935 1,159,932 97,218 Tel: 233 127,293 167,848
302 238 300/1 | Fax: 233 17,854,346
www.nicgh.Org
31st December,
2016 16,574,080 252,079 450,327 159,803 114,472 181,541 17,732,302
Cost Fully
Depreciated (B) - 178,543 377,777 150,243 112,652 39,310 858,525
Depreciable
Value (A-B) - 468,089 1,952,208 374,961 437,472 210,375 21,075,105
Disposal of Property & Equipment
Cost - - 394,710 53,296 19,411 272,773 740,190

Accum.
Depreciation - - (272,433) (52,748) (19,400) (166,091) (510,672)
Net Book Value - - 122,277 548 11 106,682 229,518

Proceeds on
Sale - - 109,947 60 - 171,934 281,941
Profit/(Loss) on
Disposal - - (12,330) (488) (11) 65,252 52,423
4b Revaluation Reserve
This represent surplus arising on the revaluation of the Commission’s property plant and equipment.
5 Equity Investments - GHS 40,000
This represent 40% National Insurance Commission’s shareholding in the Ghana Insurance College (GIC).
The book value of the investment on the GIC’s balance sheet is GHS 882,930 as at 31/12/2016.
6 Long -Term Securities
Long-Term Securities are Eurobonds held-to-maturity with a coupon of 8.5% maturing in 2017.
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2017 2016
7 Accounts Receivable and Prepayments GHS GHS

Levies due from Insurers and Brokers 1,696,800 1,078,837

West African Insurance Institute - 155,083
IITC Debtors 51,998 75,679
Staff Advances 610,991 506,906
Sundry Debtors 191,886 85,735
Accrued Investment Income 517,033 631,882
Prepaid Insurance Expenses 152,351
For More Information And Reservation, Please Call The109,775
Following Numbers
0302 238300 | 0302 238301
Penalties Receivable 201,029 185,290
Rent Prepaid 369,600
www.nicgh.Org 10,043
3,791,688 2,839,230
8 Short Term Investments

This is made up as follows:
Fixed Deposits 8,122,934 5,153,196
Treasury Bills 1,905,706 1,643,515
10,028,640 6,796,711
Balance as at 1st January 6,796,711 4,078,590

Additions 3,231,929 2,718,121
10,028,640 6,796,711
Balance as at 31st December 10,028,640 6,796,711
Net Movement in Investments 3,231,929 2,718,121
9 Cash and Cash Equivalents

2017 2016
GHS GHS
Cash 43,597 40,937
Bank 6,557,593 5,367,572
6,601,190 5,408,509
10 a. Grants
Grants include support from (Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, to
support insurance market development in Ghana and from the insurance industry to sponsor various
programmes and activities
2017 2016
GHS GHS
Grant Received 101,934 -
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b. Deferred Grants Mineral Water
Deferred Grants represent grants received from the World Bank and Government of Ghana through the Internet Connectivity
Ministry of Finance for the construction and furnishing of the Insurance Industry Training Centre (IITC)
building, which is being written-off over its depreciable life.
2017 2016
GHS GHS
Balance at 1st January 249,449 274,884
Transfer to Income and Expenditure Account (25,435) (25,435)
Balance at 31st December 224,014 249,449
0302 238300 | 0302 238301
2017 2016
www.nicgh.Org
11 Accounts Payable and Accruals Notes GHS GHS

Accrued Expenses 12 358,488 209,671
Compensation Fund 240,975 141,616
Fire Maintenance Fund Payable 543 58,076
Motor Contributions Payable 1,380,829 868,818
PAYE Payable 361,031 189,914
SSF Payable 111,056 55,826
Staff Terminal Benefit Payable 15 1,930,547 113,441
VAT Payable 350 1,050
Withholding Tax Payable 69,444 15,164
Sundry Creditors 92,066 14,915
4,545,329 1,668,491
12 Accrued Expenses
Audit Fees 27,025 23,500
Medicals 15,223 80
Repairs and Maintenance 4,850 23,513
Insurance Stickers 34,820 34,820
Telephone 21,647 13,771
Water & Electricity 76,964 40,639
Sundry 177,959 73,348
358,488 209,671
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13 Reconciliation of Excess of Income over Expenditure Mineral Water
to Cash flow from operating activities Internet Connectivity

Amortisation of Capital Grant (25,435) (25,435)

Depreciation 1,253,655 1,114,848
(Gain)/Loss on Disposal of Property & Equipment (52,423) (2,646)
Interest Income (424,141) (421,080)
Investment Income (2,130,791) (1,758,558)
(Increase)/Decrease in Accounts Receivable & Prepayments (952,458) (700,917)
Increase/(Decrease) in Accounts Payable & Accruals 2,876,838
0302 238300 | 0302 238301(331,793)
Cash Generated from Operating Activities 3,434,649
www.nicgh.Org 3,619,762
14 Gain/(Loss) on Disposal of Assets GHS GHS

Cost 740,190 149,634
Accumulated Depreciation (510,672) (149,509)

Net Book Value 229,518 125
Proceeds 281,941 2,771
Gains/(Loss) on Disposal 52,423 2,646
15 Staff end of service benefit Scheme

The Staff Terminal Benefit Scheme is a plan that provides for a lumpsum payment that an employee is
entitled to receive on retirement, dependent on one or more factors such as age, years of service and
salary. An actuarial valuation is yet to be carried out. The Staff Terminal Benefit cost for 2017 includes
benefit for retiring staff for the year and executives who ended their service in the course of the year.
16 Capital Commitment
There were no Capital Commitments as at 31st December, 2017 (2016 : Nil)
17 Contingent Liability
There were no contingent liabilities at 31st December, 2017 (2016: Nil)
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FIRE MAINTENANCE FUND The Directors are responsible for ensuring that the Buffet Lunch
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Fund keeps proper accounting records that disclose Note Pad, Folder And Pen
DIRECTORS REPORT with reasonable accuracy at any time the financial
position of the Fund. The Directors are also responsible
The Directors present herewith the audited Financial for safeguarding the assets of the Fund and taking
Statements of the National Insurance Commission reasonable steps for the prevention and detection of
(NIC) Fire Maintenance Fund for the year ended 31st fraud and other irregularities.
December, 2017.
Principal Activities
Statement of Directors Responsibilities
The principal activities of the Fund are:
The Directors are responsible for the preparation of
the Financial Statements for each financial year which To provide funds and equipment 0302 to238300
state| 0302
institutions
238301
give a true and fair view of the state of affairs of the assigned with Location:
firefighting functions and such other
Fund and of the operating result and Cash flows for organisations as the Commission may determine for
www.nicgh.Org
that year. In preparing these Financial Statements, the the purpose of fighting fires.
Directors have selected suitable accounting policies
and applied them consistently, made judgments and Financial Results
estimates that are reasonable and prudent in the
circumstances and followed the Ghana Acceptable The financial results of the NIC Fire Maintenance Fund
Accounting Standards. are as summarised below:
2017 2016
GHS GHS
Excess of Income over Expenditure 778,466 542,898
Total Assets 2,171,130 1,391,701
Accumulated Fund 1,387,964 845,066
By order of The Board
10th May, 2018
……………………………………….
……………………………………….
DIRECTOR
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Independent auditors report to the the going concern basis of accounting unless the Buffet Lunch
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Honourable Minister of Finance Board of Directors either intends to liquidate the Fund Note Pad, Folder And Pen
or to cease operations, or has no realistic alternative
Opinion but to do so. The Board of Directors are responsible for
overseeing the Fund’s financial reporting process.

We have audited the financial statements of NIC - Fire
Maintenance Fund which comprise the statement of Auditors responsibility
financial positon as at 31 December, 2017 Income
and Expenditure Accounts and cash flow statement Our objectives are to obtain reasonable assurance
for the year then ended, and notes to the financial about whether the financial statements as a whole
statements, including a summary of significant are free from material misstatement, whether due
accounting policies and other explanatory notes as set to fraud or error, and to issue an auditor’s report
out on pages 110 to111 . that includes our opinion. 0302 Reasonable
238300 | 0302assurance
238301
is a highLocation:
level of assurance, but is not a guarantee
In our opinion, the accompanying financial statements that an audit conducted in accordance www.nicgh.Org
with ISAs will
give a true and fair view of the financial position of always detect a material misstatement when it exists.
the Fund as at 31 December, 2017 and of its financial Misstatements can arise from fraud or error and are
performance and its cash flows for the year then considered material if, individually or in the aggregate,
ended in accordance with Ghana National Accounting they could reasonably be expected to influence the
Standards and in the manner required by the Insurance economic decision of users taken on the basis of
Act 2006 (Act 724). these financial statements.
Basis for Opinion As part of an audit in accordance with ISAs, we

exercise professional judgement and maintain
We conducted our audit in accordance with professional skepticism throughout the audit. We also;
International Standards on Auditing (ISAs). Our
responsibilities under those standards are further • Identify and assess the risks of material
described in the Auditor’s Responsibilities for the misstatement of the financial statements,
Audit of the Financial Statements section of our whether due to fraud or error, design and
report. We are independent of the Fund in accordance perform audit procedures responsive to
with the International Ethics Standards Board those risks, and obtain audit evidence that is
for Accountants’ Code of Ethics for Professional sufficient and appropriate to provide a basis for
Accountants (IESBA Code), and we have fulfilled our our opinion.
other ethical responsibilities in accordance with the
IESBA Code. We believe that the audit evidence we • The risk of not detecting a material
have obtained is sufficient and appropriate to provide misstatement resulting from fraud is higher
a basis for our opinion. than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
Responsibilities of the Board of Directors for misrepresentations, or the override of internal
the Financial Statements control.
• Obtain an understanding of internal control

The Board of Directors are responsible for the
relevant to the audit in order to design
preparation of the financial statements in accordance
audit procedures that are appropriate in the
with Ghana National Accounting Standards and in the
circumstances, but not for the purpose of
manner required by the Insurance Act 2006 (Act 724)
expressing an opinion on the effectiveness of
and for such internal control as the Board of Directors
the Fund’s internal control.
determines is necessary to enable the preparation
of financial statements that are free from material • Evaluate the appropriateness of accounting
misstatement, whether due to fraud or error. policies used and the reasonableness of
accounting estimates and related disclosures
In preparing the financial statements, the Board of made by the Board of Directors.
Directors are responsible for assessing the Fund’s
ability to continue as a going concern, disclosing, as • Conclude on the appropriateness of the Board
applicable, matters related to going concern and using of Directors’ use of the going concern basis of
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accounting and, based on the audit evidence We communicate with the Board of Directors regarding, Buffet Lunch
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obtained, whether a material uncertainty among other matters, the planned scope and timing Note Pad, Folder And Pen
exists related to events or conditions that of the audit and significant audit findings, including
may cast significant doubt on the Fund’s any significant deficiencies in internal control that we
ability to continue as a going concern. If we identify during our audit.

conclude that a material uncertainty exists,
we are required to draw attention in our The engagement Partner on the audit resulting in this
auditor’s report to the related disclosures in independent auditor’s report is
the financial statements or, if such disclosures
are inadequate, to modify our opinion. Our Emmanuel Offei – ICAG/P/1102
conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. for: Boateng, Offei & Co. – [ICAG/F/2018/108]
However, future events or conditions may 0302 238300 | 0302 238301
cause the Fund to cease to continue as a going Chartered Accountants
concern. www.nicgh.Org
Correspondent firm; Grant Thornton

• Evaluate the overall presentation, structure International
and content of the financial statements,
including the disclosures, and whether the 9 Bissau Avenue, East Legon
financial statements represent the underlying
transactions and events in a manner that Accra – Ghana
achieves fair presentation.
6th June, 2018
106
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FIRE MAINTENANCE FUND Buffet Lunch

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INCOME AND
EXPENDITURE ACCOUNT
2017 2016
NOTES GHS GHS
Income 2 934,590
0302 238300 | 0302 238301 716,387
www.nicgh.Org
Expenditure 3 (156,124) (173,489)
Excess of Income Over Expenditure 778,466 542,898
Accumulated Fund
Balance at 1st January 1,387,964 845,066
Excess of Income over Expenditure for the year 778,466 542,898
Balance at 31st December 2,166,430 1,387,964
The accompanying notes form an integral part of these Financial Statements
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STATEMENT OF FINANCIAL POSITION

2017 2016
Current Assets NOTES GHS GHS
Accounts Receivable 4 168,639 158,673
Short Term Investments 5 1,747,059 649,363
6 0302 238300 | 0302 238301
Cash & Cash Equivalent 255,432 583,665
2,171,130 www.nicgh.Org
1,391,701
Accumulated Fund
Accumulated Fund 2,166,430 1,387,964
Current Liabilities
Accounts Payable 7 4,700 3,737
Total Liabilities & Accumulated Fund 2,171,130 1,391,701
The Financial Statements on page 107 to 111 were approved by the Board of Directors of the NIC on 10th May, 2018 and
were signed on its behalf by:
……………………………………….
……………………………………….
DIRECTOR
The accompanying notes form part of these Financial Statements
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STATEMENT OF CASH FLOWS

2017 2016
Notes GHS GHS
Operating Activities
Cash Generated from/(used in) Operating Activities For More 8 403,843Please Call The337,997
Information And Reservation, Following Numbers
0302 238300 | 0302 238301
Net Cash Generated from (used in) Operating Activities 403,843 337,997
www.nicgh.Org
Cash flow from Investing Activities

Purchase of Investments (1,097,696) (149,363)
Investment Income Received 365,620 167,545
Net Cash Inflow from Investing Activities (732,076) 18,182
Net Increase in Cash and Cash Equivalents (328,233) 356,179
Movement in Cash and Cash Equivalents

Cash & Cash Equivalent at the beginning of the year 583,665 227,486
Increase in Cash and Cash equivalents 7 (328,233) 356,179
Cash & Cash Equivalent at the end of the year 255,432 583,665
The accompanying notes form an integral part of these Financial Statements.
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NOTE FORMING PART OF

THE FINANCIAL STATEMENTS

1 Accounting Policies
The following is a summary of the significant accounting policies
Foradopted by the And
More Information Fund.
Reservation, Please Call The Following Numbers
0302 238300 | 0302 238301
www.nicgh.Org
a. Basis of Accounting
The Financial Statements have been prepared under the historical cost convention and accruals basis
and comply with Ghana Acceptable Accounting Standards.
b. Investments
Investments in treasury bills and fixed deposits are stated at cost.
c. Accounts Receivable
Accounts receivable are stated at a net of bad and doubtful debts.
d. Cash and Cash Equivalents

For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand,
deposits held at call with banks.
2017 2016
2 Income GHS GHS
Contribution from Insurance Companies 568,970 548,842
Investment Income 365,620 167,545
934,590 716,387
3 Expenditure
Audit Fees 4,700 3,525
Bank Charges 2,509 965
Support to Ghana National Fire Service 127,598 100,000
General Office Expenses 6,352 12,434
Public Education 5,745 37,817
Travelling & Transport 9,220 18,748

156,124 173,489
2017 2016
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4 Accounts Receivable 2017 2016
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Penalties Receivable 25,000 25,000
Accrued Investment Income 143,639 75,717

National Insurance Commission - 57,956

168,639 158,673
5 Short Term Investment

Fixed Deposit 1,747,059 649,363
Balance as at 1st January 649,363Please Call The500,000

For More Information And Reservation, Following Numbers
0302 238300 | 0302 238301
Additions 1,097,696 149,363
Balance as at 31st December 1,747,059
www.nicgh.Org
649,363
Net Investments 1,097,696 149,363
6 Cash & Cash Equivalents 2017 2016

GHS GHS
Bank and Cash 255,432 583,665
255,432 583,665
7 Accounts Payable
Audit Fees 4,700 3,525
Withholding Tax - 211
4,700 3,736
8 Reconciliation of Excess of Income over Expenditure

to Cash Flow from operating Activities
Excess of Income over Expenditure 778,466 542,898
Investment Income (365,620) (167,545)
(Increase)/Decrease in Accounts Receivable (9,966) (35,628)
Increase/(Decrease) in Creditors 963 (1,728)
Cash Generated from / (used in) Operating Activities 403,843 337,997
9 Contingent Liabilities
There were no contingent liabilities at 31st December, 2017 (2016 : Nil)
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ADDRESS/TEL. & FAX NOS./HEAD OFFICE

NAME OF COMPANY CONTACT LOCATION
CODE: (0302)
PMB KA 85, Airport, Accra Ghana

3rd Floor, Heritage Tower
6th Avenue, West Ridge, Accra
1. Activa International Mr. Solomon Lartey
Tel: 0302 686 352 / 672145 / 685118/19/20,
Insurance Company- Ghana Limited Chief Executive Officer 0277764933, 026228888
0302 238300 | 0302 238301
Fax: 0302 685176
www.nicgh.Org
e-mail ghana.activa@group-activa.com s.kyerematen@
group-activa.com
PMB CT 353 Cantonments-Accra, Ghana

Tel: +233 (0)302 764 893-94 / 764 891
Fax: +233 (0)302 765 140
2. Allianz Insurance Company Gh. Darlington Munhuwani
Loc: Lexta Square No.79 Achimota Road, Ebony
Ltd Chief Executive Officer Cresent (Off Olusegun Obansajo Highway) Opposite
Roman Ridge - Accra
E-mail: allianz.ghana@allianz-gh.com
www.allianz-ghana.com
P. O. Box CT 11022
Cantonments-Accra
Franklin O. Asafo-Adjei Loc: Opp. American House, East Legon
3.Best Assurance Company Limited
Chief Executive Officer Tel: +233(0)302 544145/46/48/49
Info: bestpointinsurance.com
www.bestpointinsurance.co,
P. O. Box GP2136, Accra

Tel. 763065, 763118, 763171, 7011560/1, 772778
4. Donewell Insurance Mr. Seth Aklasi Fax:760484
Company Managing Director e-mail: donewell@africaonline.com.gh
www.donewellinsurance.com
F33/1 Carl Quist Street, Kuku Hill Osu RE
P. O. Box GP 50, Accra

666856-8/666847-9
5. Enterprise Insurance Mr. Kwame Ofori
Fax: 677677
Company Executive Director
e-mail: cservice.eic@enterprisegroup.com.gh
Enterprise House, 11 High Street
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ADDRESS/TEL. & FAX NOS./HEAD OFFICE Mineral Water
NAME OF COMPANY CONTACT LOCATION Internet Connectivity
CODE: (0302)
P. O. Box 16235 KIA

Accra
Tel: 0302 - 770548, 769542
Fax:0302 769592
6. Equity Assurance Mr. S. Yemi Adetuwo
Location: 48 Senchi Street, Off Aviation Road,
Company Managing Director/CEO
Airport Residential
For More Area
Information And Reservation, Please Call The Following Numbers
0302 238300 | 0302 238301
Accra, Ghana
www.nicgh.Org
e-mail: info@equityassuranceltd.com,.gh www.
equityassuranceltd.com
P. O. Box 1322, Accra

0302 - 780625/6, 780628/9-10
7. Ghana Union Aretha Duku
Fax: 0302 - 780647
Assurance Managing Director
Loc. F828/1Ring Road East, Osu
e-mail: gua@ghanaunionassurancecompany.com
P. O. Box 4251, Accra-Ghana

Tel.: 0302 - 253021,245235,
Mr. Andrew Achampong-
8. Glico General Fax: 0302 - 258211
Kyei Esq.
Insurance Company Glico Hs. No. 47 Kwame Nkrumah Avenue e-mail:
Managing Director
info@glicogeneral.com
www.glicogeneral.com
P. O. Box PMB K.I.A Accra-

Tel. 770338, 769365
9. Heritage Energy
Mr. Uche Okugo Fax : 768944
Insurance Company
Managing Director Location: C 132/21
Limited
11 Saflo Street Abelemkpe Residential Area
e-mail: info@ieinsuranceco.com
P. O. Box CT 10686, Cantonments Accra,

10. Imperial General Tel. 0577667436-8/0577656170/0204653496
Mrs. Esther Osei Yeboah
Assurance Company Loc. Ring Road Central, Accra Adjacent Paloma Hotel
Managing Director
Ltd. e-mail: ingfo@imperialgeneral.com
website:www.imperialgeneral.com
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CODE: (0302)

0302-220966 / 2227439 / 2241322 / 2242554
/2225296 / 2225289 / 120070 / 1
11. Hollard Insurance Mr. Daniel Boi Addo Fax:
Ghana Limited Managing Director e-mail: info@hollard.com.gh, lyndaO@hollard.com.gh,
JamesA@hollard.com.gh
No. 11 Patrice Lumumba Road
0302 238300 | 0302 238301
Airport Residential Area, Accra www.nicgh.Org
P. O. Box YK 1173, Kanda, Accra

Tel: 0303978389
12. Loyalty Insurance Mr. Frank Yeboah Loc: 3rd Floor, Ghana Shippers House, No. 12
Cruickshank Street, Ambassadorial Enclave, West
Company Limited Managing Director Ridge, Accra
info@loyaltyinsurancegh.com
www.loyaltyinsurancegh.com
P. O. AT 128, Achimota, Accra

Tel. 0302 766633, 0544322144
13. Millennium Mr. Godfried Love Djanie
Fax: 0302 763323
Insurance Company Managing Director
Location No. 4, 7th Street, Airport Residential Area
Accra
P. O. Box KS 1480, Adum-Kumasi

Tel:03220 37350, 03220 37351
14. Multi Insurance Mr. Mark Ampadu
Fax : 03220 27602
Company Ltd. Managing Director/ CEO
Loc. H/N ZE 71, Manhyia-Kuamsi
e-mail: multiinsurance@gmail.com
P.O. Box 3 GP 114, Accra

Tel.0302 - 210180
15. NSIA Ghana Mr. Yaw Adom Boateng
Fax: 0302 - 210181
Company Limited Managing Director
www.groupensia.com
Location: 14/16 Main Street Tesano
P. O. Box 17753, Accra-North, 911
Tel. 246319, 245921
Fax: 246311
16. Phoenix Insurance Mr. Henry Bukari
e-mail: info@phoenixghana.com
Company Managing Director
Website: www.phoenixghana.com
244/3 6th Ringway Link Estates, Accra
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CODE: (0302)

221096/229807/233964
17. Provident Insurance Mr. Ato Awusie Wilson
Fax:239463
Company Ag. Managing Director
Provident Towers, Ring Road Central
e-mail: provident@provident-gh.com
0302 238300 | 0302 238301
P. O. Box Tel:
GP23321222 Accra
302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
Tel. 0302 2229062/ 0302 233499/ 0302 234078

18. Prime Insurance Mr. Joseph N. Dorh 0302 3976799
Company Limited Managing Director Location: Platinum Place Kanda High Street, Accra
e-mail: info@primeinsuranceghana.com
www.primeinsuranceghana.com
P. O. BOX GP 13808 Accra

Tel: 0302 979478,979477 0243138803,055
3019060,0505719499
19. Priority Insurance Mr. Matthew Aidoo
Location Priority House No. 502/1, Avenor Junction
Company Ltd. Managing Director
Adjacent to C. Woermann (Ghana) Ltd. .Kwame
Nkrumah Circle to Caprice Rd.
info@priorityinsuranceghnana.net
P. O. Box MP1252, Mamprobi, Accra

Tel. 258125-30,258130-4, 241016
20. Quality Insurance Mr. Kobina Addison
Fax:220165/258135/258136
Company Chief Executive Officer
Quality House, Ring Road Central, Kokomlemle
e-mail: headoffice@qicghana.com www.qicghan.com
Tel. 0302 769789/ 768463/ 778106/ 220798

Fax: 0302 782871
21. RegencyNem
Mr. Bode Oseni Location: 65 Patrice Lumumba Road, Airport
Insurance Ghana
Chief Executive Officer Residential Area, Accra
Ltd.
e-mail: info@regencynem.com
www.regencynem.com
Mrs. Mabel Nana Nyarkoa Tel: 026093726/0576782571/ 0234414957

22. Saham Insurance
Porbley Loc: # 18 Dr. Isert Road, Ridge-Accra
Ghana Limited
Managing Director e-mail: infoghana@sahaminsurance.com
www.sahaminsurance.com.gh
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CODE: (0302)

Tel. 780600-9
23. SIC Insurance Mr. Stephen Oduro Fax: 780615
Company Limited Managing Director e-mail: sicinfo@sic-gh.com, bacolatse@sic.com
Head Office: Ring Road East (Nyamitei House)Website
www.sic-gh.com
P. O. Box 7532, Accra-North 0302 238300 | 0302 238301
028935337/ 0289353538/0289353539,
www.nicgh.Org
245906/245908
24. Star Assurance Mr. Kofi Duffuor Fax:230624
Company Managing Director e-mail: sac@starassurance.com
www.starassurance.com
1st floor, Stanbic Heights Building, 215 South
Liberation Link
P. O. Box AN 5721, Accra-North

Tel. 0302 -248174-7, 2248175, 228176, 2248177,
2241892
Fax: 0302 2248173, 2221430
25. Unique Insurance Mr. Victor Obeng Adiyiah
e-mail: uniqueinsurance-gh.com
Company Limited Managing Director
www.uniqueinsuranceghana.com
No. 86 North Ridge, Ring Road Central Formers office
of KLM, behind Total Filling Station and next to DHL
Head office
P. O. Box 1868, Accra, Ghana

0302 - 666485-7 / 782921-2
780146 /7010677/9
26. Vanguard Assurance Dr. Gideon Amenyidor
Fax:668610
Company Limited Chief Executive Officer
No. 21 Independence Avenue
e-mail: vanguard@ghana.com www.
vanguardassurance.com
PMB 163 K.I.A-Accra

Tel. 772606, 773616, 773609
Fax: 773749
27. Wapic Insurance Mr. Adedayo Arowojolu
Location: 35, Aviation Road Airport, Residential Area
(Ghana) Limited Managing Director
Accra
e-mail: wapic-info@ghana.wapicinsuranceplc.com
www.wapic.com/gh
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CODE: (0302)
Hse. No. C112513, 7th Avenue North Ridge

P.O. Box AN 5879, Accra-North
28. GN Insurance Company Albert Eyeson-Ghansah Tel: 0501673296/0501673297
Email: info@gninsuranceghana.com
www.gninsurance.com
0302 238300 | 0302 238301
www.nicgh.Org
Registered Life Insurance Companies

CODE: (233-0302)
P. O. Box 16192, KIA -Accra

1. African Life Tel: 769666/769615/769518
Assurance Company Managing Director Fax:
Limited Email: info@africanlifeghana.com
www.africanlifeghana.com
P. O. Box AD 655, Adabraka-Accra

2. A-Plus Life
Mr. Oyebanji Ade Ademola Email: a-pluslife2014@gmail.com
Assurance Company
Chief Executive Officer Location: 9/1 & 9/2 Saxel Avenue, Tesano, Accra
Limited
Tel: 0244-258490
P. O. Box CT115 Cantonments, Accra

Tel.: 220409, 0289546118,028 9546151
3. Avance Life Assurance (Gh) Mrs. Judith A. Asamoah Fax : 247942
Ltd. Managing Director e-mail: judadjorks@yahoo.com
HD16, Sekou Toure Street, Ridge Residential Area near
NHIA Office

772778, 763321, 763266
4. Donewell Life Mrs. Stella Segbawu
Fax:763266
Company Ag. Managing Director
e-mail: marketing@donewellinsurance.com
2nd floor F33/1 Carl Quist Street, Kuku Hill Osu RE
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Private Mail Bag, General Post Office Accra, Ghana Mineral Water
Tel. 689940, 689943, 669945
5. Enterprise Life Mrs. Jackie Benyi
Fax: 677073
Assurance Company Executive Director

Enterprise House, 11 High Street
e-mail: info@elacghana.com
P.O. Box CT 8309 Cantonments, Accra

Tel. 201980, 201981`
6. Esich Life Assurance Cynthia Odoi Tenkorang Loc: 2nd RingForLink North Ridge Residential Area opposite
Company Ltd. Ag. Chief Executive Officer IC Securities 0302 238300 | 0302 238301
e-mail info@esichlife.com
www.nicgh.Org
www.esichlife.com
P. O. Box CT 10536, Cantonments-Accra
Managing Director Tel 0302 – 231520, 231521/2

7. First Insurance
Nuckchady Sanjiv e-mail: info@firstinsurnace.net
Company Limited
Chowbay www.firstinsurance.net
#59 Ring Road Central, Asylum Down, Accra

781118, 780543,771298
8. Ghana Life Mr. Ivan A. Avereyireh Fax: 769096
Insurance Company Chief Executive Officer Location: 17 Aviation Road Airport Residential Area
E-mail info@ghanalife insurance.com
www.ghanalifeinsurance.com

9. Ghana Union 764674, 783021
Mr. Kwesi Offeh
Assurance Life Fax: 764168
Chief Executive Officer
Company e-mail: life@gualife.com
Loc: F828/1 Ring Road East, osu

Tel. 246140, 246142
10. Glico Life Insurance Mr E. Fokuo-Kyei Fax: 258210
Company Managing Director Glico Hs. No. 47 Kwame Nkrumah Avenue
e-mail info@glicolife.com
www.glicolife.com.
118
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Buffet Lunch
Mineral Water
P. O. Box AN 5879, Accra-North Note Pad, Folder And Pen
Tel: 0302-221885
11. GN Life Assurance Mr. Fiifi Simpson Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
Fax: 0302-256344
Limited Chief Executive Officer
Location: Former Ocean Wave Hotel
Sakumono - Accra

Tel 633933
12. Metropolitan Life Fax: 685466, 685440And Reservation, Please Call The Following Numbers
For More Information
Mr. Tawiah Ben-Ahmed 0302 238300 | 0302 238301
Insurance Ghana e-mailLocation: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
Chief Executive Officer Tel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
Limited www.metropolitan.com.gh
www.nicgh.Org
Loc: No. 81 Tabon Link North Ridge Crescent near DHL

offices – North Ridge

Tel : 0302 224299,264552,
Mrs. Gifty Ama Fiagbe-
13. Saham Life Insurance Fax :0302-260020
Alabi
Ghana Ltd. Loc : 4th Floor Sethi Plaza near Adabraka Police Station
Kwame Nkrumah Avenue
e-mail : sahamlife.gh@sahaminsurance.com
P. O. Box 1975 Achimota Market, Accra

Tel. 249061, 245737, 228420
Mr. Kwaku Yeboah- Fax: 250343

14. UT Life Company
Asuamah e-mail: info@utlife.com
Co. Ltd.
Chief Executive Officer www.utlifeghana.com
kwaku.yeboah-asuamah@utlife.com
Location: UT Life Plaza, Legon West Road, Kisseman
P. O. Box an 5457, Accra-North

0302-230638/230646/252132/233938
Fax:239463
15. Old Mutual Life Mr. George Addison
e-mail: admin@oldmutual.com.gh
Assurance Co. Ghana Managing Director
Website: www.oldmutual.com.gh
2nd Floor
Provident Towers, Ring Road Central
119
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Mineral Water
P. O. Box 17753, Accra-North, Note Pad, Folder And Pen
Tel. 0243690442/3, 0302 667426, 671050 Fax:
16. Phoenix Life Mr. Richard S. Eshun Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns
E-mail: info@phoenixghana.com
Assurance Company Managing Director Website: www.phoenixghana.com
CDH House, No. 36 Independence Avenue, North Ridge-
Accra
P. O. Box AN 10476, Accra, Ghana

17. Prudential Life Mr. Emmanuel Aryee Tel.0302 252487 0289555580
Insurance Ghana Chief Executive Officer e-mail: customerservice@prudential.com.gh
0302 238300 | 0302 238301
Loc: Hs. No. 35 North St. Tesano, opposite Hobats Clinic
www.nicgh.Org
Mr. Raymond Afrifa P. O. Box AD14 Adabraka Accra

18. Quality Life
-Yamoah 234016, 252328, 258146-8 Fax:258150
Assurance Company
Chief Executive Officer e-mail: qlacgh@gmail.com
P. O. Box CT 3242
Cantonments-Accra
Mrs. Elizabeth Wyns- Tel: 0302 678130, 662317

19. SIC Life Company
Dogbe Fax: 0302 662286
Ltd.
Chief Executive Officer e-mail info@siclife-gh.com.
www.siclife-gh.com.
No. 1 Jones Nelson Road, Adabraka Freetown, Accra
P. O. Box AN 5783
Accra-North
Tel: 0302 258943-7, Fax: 0302 258947
20. Starlife Assurance Mrs. Kakra Duffour-Nyarko
e-mail: info@starlife.com.gh
Company Chief Executive Officer
Website: www.starlife.com.gh
Location: Plot Z20 B, Mankata Avenue, Airport
Residential Area, Accra
P. O. Box AN 5721, Accra-North

Tel. 0302 225572/ 0302 225590
21. Beige Assure Mr. Sheriff Abudu Fax: 248173
Company Chief Executive Officer e-mail: info@beigeassure.com
Loc : No#. Samora Machel Street, Asylum Down, Accra
www.beigeaasure.com
Special House, 1st Floor, Airport Residential Area
22. Hollard Life Insurance Ghana Mr. Nashiru Iddrisu P.O. Box GP 20084, Accra
Company Managing Director Tel: +233(0)32220366/2227439
www.hollard.com.gh
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Buffet Lunch
PMB CT 353 Cantonments, Accra-Ghana Mineral Water
Tel +233(0)302 789074/ 772 980
Fax +233(0)302 773 085
23. Allianz Life Insurance Company Mr. Patrick Prado

Ghana Limited Email: allianz.ghana@allianz-ghana.com
Managing Director
Website: www.allianz-ghana.com
Location: 18 North Airport Road Adjacent Villagio
Apartments, West Airport Residential Area.
PMB CT 455, Cantonments

Tel: 253242, 235434/50302 238300 | 0302 238301
24. Vanguard Life Mr. Isaac Senior Damptey Fax: 235437
www.nicgh.Org
Assurance Company Chief Executive Officer Loc. No. 21 Independence Avenue

E-mail: info@vanguardlife.com
Website www.vanguardlife.com
Registered Reinsurance Companies

CODE: (233-0302)
P. O. Box 7509,
Accra-North,
George Y. Mensah Tel. 0302 633733
1. Ghana Reinsurance Company
Managing Director Fax: 221958
Plot 24, Sudan Road, Ambassador Area, Ridge, (next
to Stanbic Bank Head Office)
P. O. Box CT.3959
Cantonments - Accra
2. Mainstream Reinsurance Dr. Adom Frimpong Tel. 0302-788326,7011886,0244-335711

Company Limited Managing Director Fax 788325
3rd Kuku Crescent, Osu - Accra
info@mainstream.gh.com
P. O. Box AC 17187, Accra

Tel: 050-1278160
3. GN Reinsurance Company Joseph Kusi-Tieku
Limited Email: kwameasomaning@ggfghana.com
Managing Director
Location: House No 350, Ward E Block 2, Nima
Court Avenue, Bridge Examination Loop Road, Accra
121
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Reinsurance Contact Offices Buffet Lunch
Mineral Water
P.O. Box GP19389, Accra, Ghana
4.Munich Reinsurance Company Tel. 0302 507210
of Africa Limited
Fax: 0302 507211
e-mail:www.munichre.com info@munichre.com
Loc. 2nd Floor Emporium Commercial
Movenpick Ambassador Hotel
P.O. Box AN 5042, Accra-North
0302 238300 | 0302 238301
5. WAICA Re Corporation Plc. Clement Owusu, Tel. 0302 631,164, 0244
Tel: 233 302 238 300/1 | 734534
Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
Country Head www.waicarecapital@waica.com info@

waicarecapital.com
Loc. Suite No. 10, The Emporium Movenpic
Ambassador Hotel, 2nd Floor
Registered Insurance Broking Companies
ADDRESS/TEL. & FAX NOS./HEAD

NAME OF COMPANY CONTACT OFFICE LOCATION
CODE: (233-0302)
P. O. Box SK 26 Sakumono Community 13

Dr. Albert Gemegah Tel: 024-4731209
1. AG Associates
Chief Executive Officer e-mail: agassociatesgh@gmail.com
1st Floor Pavilion E

237573, 225330, 227813, 228905
2. Akoto Risk Mr. Nathan Adu
Tel./Fax:246543
Management Managing Director
e-mail: akotorisk@4u.com.gh
90 Kwame Nkrumah Avenue
P. O. Box K. 649, Accra Newtown – Accra

3. Allied Insurance Mr. J. I. Mensah Gadu Tel. 233459, 237248
Brokers Managing Director e-mail: alliedinsurancebrokers@ymail.com
www.alliedinsurancebrokersltd.com
P. O. Box CT 6104, Cantonments Accra

Mr. Peter Osei Duah Tel : 0302 243690, 0244362432
4.. AllStar Insurance Brokers
Executive Director Location : Marbel Plaza, Behind Hotel
President, Asylum Down, Accra
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ADDRESS/TEL. & FAX NOS./HEAD Mineral Water
NAME OF COMPANY CONTACT OFFICE LOCATION Internet Connectivity
CODE: (233-0302)
P. O. Box 11585, Accra-North

0302 259853/259854/0244-354165
E-mail: info@arclghana.com/ abrock@
5. All Risks Mr. Albert Gladstone Brock arclghana.com/ agbrock1949@hotmail.
Consultancy Ltd. Managing Director com/ jagbanavor@arclghana.com
Website: www.arclghana.com
Loc. 2nd Floor,
0302Caledonian
238300 | 0302 House,
238301 Kojo
Thompson Road, Adabraka, Accra
www.nicgh.Org

Tel : 661572, 681156
6. Alpha Insurance Mr. Kofi Ampaw
Fax : 661572
Brokers Ag. Managing Director
e-mail : kofi.ampaw@yahoo.com / Location:
First Floor Republic House, Annex ‘B’ Room
109 Accra Central
P. O. Box OS 853, Osu-Accra
7. Anchor Premier Brokerage Alhaji Huudu Yayaha Tel: 0243029337/0244356397/02443

26326
Limited Managing Director
Loc: Ghana Procurement Agency Building,
Kokomlemle Main Road
P. O. Box KN 3068,
Kaneshie-Accra
8. Apex Insurance Mr. Emman Amartey Mensah
Tel: 0208226823, 0277610368
Brokers Limited Managing Director
Loc: No. 58 Owusu Kofi Street, Darkuman-
Accra
P. O. Box KN 4769, Accra
9. Arrowclass Insurance Tel. 0302248265/0263238868

Mr. Matthias Dapilah
Brokers Company Email. mathias@arrowclassinsurance.com /
Chief Executive Officer mathias.dpilah.1@gamil.com
Ltd.
Loc : 2nd Floor of L’aine Office, Kojo
Thompson Road Complex, Adabraka
P. O. Box CT 138 Cantonments –Accra

Tel. 0244822342
Fax : 0302 – 308598
Abdul Rahman Bawa
10. ARB Insurance Brokers Ltd. Email : rammy82@hotmail.com or raman@
Managing Director
arbinsurancebrokers.com
www.arbinsurancebrokers.com
Loc. B235/25, 13 Akorlu Close Darkuman
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Buffet Lunch
CODE: (233-0302)
P. O. Box 1609, Mamprobi-Accra

Tel./Fax: 0302-767812
e-mail: arkibgh@gmail.com
11. Ark Insurance Mr. Michael Adorboe
www.arkinsurancegroup.com
Brokers Company Managing Executive
Loc.: Ghana/Nigeria Business Council
Floor
For2More , Plot No.
AndC728/4, 4 Please
Crescent
nd th
Information Reservation, Call The Following Numbers
(Nyanyo Link), Asylum Down,| 0302
0302 238300 Accra
238301
www.nicgh.Org
P. O. Box 206, Trade Fair Centre, Accra
Tel. 0243690363
Fax: 0302 761215
12. Ascoma Ghana Mr. Samuel Asamoah
E-mail:ghana@ascoma.com
Ltd. Chief Executive Officer
www.ascoma.com
33 Labone Crescent-North Labone
P. O. Box AD 50 Adarbraka-Accra
Tel: 544060, 020434310
13. Asterix Brokers Mr. Henry Kom Loc.: No. 177 Lagos Avenue, Opp. Zenith
Limited Chief Executive Officer Bank, East Legon, Accra,
e-mail: sylviaoseiasibey@yahoo.com
P. O. Box CT 525 Cantonments-Accra

Tel. : 0312-292977, 0509387602, 0302-
901911
Mr. Stephen E. Hagan Fax. 0302-662320
14. Baobab Brokers Limited
Chief Executive Officer Location : No.18 Otinshie, American House,
East Legon, Accra
Email : info@baobabbrokers.com
www.baobabbrokers.com
P. O. Box TI 469, Taifa, Accra

Tel. 020-2018138, 0302-416853,
0265155560
15. Boaitey & Associates Mrs. Mercy Eunice Kyei
Location : Darfuor House # 47, Aflyee
Insurance Brokers Limited Chief Executive Officer West Achimota, Nsawam Road
Email: boaiteyassociatesins@yahoo.com
www.boaiteyandassociates.com
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Buffet Lunch
CODE: (233-0302)

Tel. 0200114114, 0269366666
16. Byllwych Insurance Samuel Sackey Fax:
Brokers Ltd. Chief Executive Officer Loc: 1st Floor Ike Quartey House, B 795/2
Oblogo Road, Kaneshie Zongo – Junction
Accra
Email: info@byllwychinsurance.com
0302 238300 | 0302 238301
www.nicgh.Org
P. O. Box MP 2225 Mamprobi-Accra
Tel. 0302-673778, 680925,
0244319868, 0208424064
17. Cardinal Insurance Brokers Fax : 0302-680926,
Ltd. Email.cardinalbrokersltd@gmail.com
www.cardinalbrokers@yahoo.com
Loc : Hs. No. 49 Nii Mampong Okai Street
Dansoman

Tel.: (0302) 680925, 671330,
0244319862, 0208404264
18. Ceris International Mr. Dennis Guddah Fax: 680926
Limited Chief Executive Officer e-mail: info@cerisinsurance.com
657/4 2nd Floor (opposite City Paints) Kojo
Thompson Road, Accra
P. O. Box CT. 1731, Cantonments,

Mr. Daniel K. Afriyie 778829 Fax:760830
19. CLAIM Limited
Managing Director e-mail: claimltd@vodafone.com.gh
Trade Fair Centre (Pavilion ‘V’) La, Accra
P. O. AC 663 Accra
Tel.0302 263447
20. Corporate Trust Insurance Victor Day Amoah
Fax 0302 234321
Brokers Managing Director
Email.corporatetrustbk@yahoo.com
Loc. Martco House, Adabraka-Accra
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Buffet Lunch
CODE: (233-0302)
P. O. Box 15282 Accra-North

Tel. 0302 - 237568-9
21. Crown Insurance Mr. Kofi Kyereh-Darkwah Fax: 0302 - 235739
Brokers Executive Director e-mail: info@crowninsurancegh.com
www.corwninsurancegh.com
ForHs.
MoreNo. C418/2And
Information Watson Avenue,
Reservation, Adabraka
Please Call The Following Numbers
0302 238300 | 0302 238301
P. O.Tel:Box 71,
233 302 238Trade Fair
300/1 | Fax: 233 Centre,
302 237 248 |Accra
Email: info@nicgh.Org | Website:
www.nicgh.Org
0302-27908, 251623, 251625,

0544342329 Fax: 0302-233380
Mr. Danny O. Adjei
22. Danniads Limited e-mail: danniads@hotmail.com or
Managing Director
service@danniads.com
Hs. No. D325/4 Brewery Road Official
Town, Adabraka
P. O. Box MP, 812, Mamprobi, Accra

Tel : 0244984615/0200798288/02410
76400
Mr. Mike Gadze
23. Dezag Insurance Brokers Email.dezagbrokers@gmail.com
Managing Director
Location : House No. A 1015/14, Delonix
Street, Dansoman, Last Stop (Ebenezer
SHS)
P. O. Box KN 4034, Kaneshie-Accra

Mr. W.F. Duncan Tel: 682414, 0244-251167
24. Double D & M
Managing Director Loc: Okoama Storey Building, 71 Ring Road
South-Industrial Area
PMB CT 98, Cantonments, Accra

Tel: 0302-713900, 713899
25. Dynamic Insurance Ms. Bernice Martey Fax:0302-713882
Brokers Ag. Managing Director e-mail: dib4u@ymail.com, info@dibghana.

com
Loc. Brigade Bus Stop, Off the Nungua-
Teshie Road
126
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Buffet Lunch
CODE: (233-0302)

0302-229349/224670/233078
Fax: 224809
26. Edward Mensah, Mr. J. S. Wood
e-mail: emwa@africaonline.com.gh
Wood & Associates Managing Director
www.edwardmensahwoodassociates.com
Marydee House C124/3
0302 238300 Farrar
| 0302 238301Avenue
Adabraka, Accra
www.nicgh.Org
P. O. Box AH 1361, Achimota- Accra

Tel. 0302-901519,
Mr. Frankline Gbena 024462257,0248260963
27. Felin Insurance Brokers Ltd.
Chief Executive Officer Email.info@felininsurancebrokers.com
Loc. : Hs. No. 10 Afram Lane, Asylum Down,
Accra near Delta Security Services
P. O. Box AN 5042 Accra-North

Tel. 770510, 0244-94206
Fax: 770511
28. First Anchor Risk Mr. Franklin Asamoah Benefo
Loc. Christman (formally Aviation House)
Management Managing Director
3rd floor, suit 105, Airport-Accra
e-mail: info@firstanchor.com
www.firstanchor.com
P. O. Box WJ 952, New Wieja, Accra

Tel : 0244272066, 0302 -201488
Email : info@functionsriskmanagement.
Mr. Fred Frimpong com
29. Functions Risk Management
Chief Executive Officer www.functionsriskmanagement.com
Location : Ringway Estates House No. 11,
First Ringway Close, Ringway Estates,
Accra
P. O. Box AF 1347, Adenta-Accra

Tel. 233-261509238/0244438704
30. GBL Insurance Mr. Lord Kpodo
Loc: 4th Floor Ghana House (Behind
Brokers Ag. Chief Executive Officer
Barclays High street)
Email: lordkpodo@yahoo.com
127
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Buffet Lunch
CODE: (233-0302)
P. O. Box KN 57 Kaneshie-Accra
Tel. 0244-418495,020-4330449
31. Goodwill Insurance Brokers Mr. Samuel Assan Acquaisie
Email : goodwillbroker@gmail.com
Location : Virtues Trust Building, Off Burma
Camp Road
0302 238300 | 0302 238301
Tel: 0302-250384, 0289551390
32. Ghana International Mr. Michael Teetey-Milligan Fax : 0302-247633 www.nicgh.Org
Insurance Brokers Ag. Managing Director e-mail: giibltd@gmail.com

Loc.: 2nd Floor Coplan House, Off Kojo
Thompson Road, Adabraka-Accra

Tel. 0302-221021, 0208127172
33. Global Impact
Nana Kofi Karikari Fax: 0302-221869
Insurance
Executive Director e-mail: glopactin@yahoo.com
Brokers (Gh) Ltd.
Loc. : Opp Burkina Faso Embassy Asylum
Down, Accra,
P. O. Box CT 9545 Cantonments- Accra

Tel. 0302-244714, 244715, 244478
Fax : 0302-244713
Mr. Kusi-Yeboah
34. Goldlink Insurance Brokers Email. goldlinkinsurancebrokers@yahoo.
Managing Director
com
Loc : No. 32 Farrar Avenue Adarbraka
Sikkins Paint Building
P. O. Box KIA, 30708 Accra

Tel:(0302) 674465, 686400
35. Willis Tower Watson Mr. Mamadou Ndao Fax : 0302-675489
Ghana Limited Managing Director e-mai ; info@gh.grassavoye.com
www. .grassavoye.com
Location: 6th Avenue, Heritage Tower
128
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One Coffee Break
Buffet Lunch
CODE: (233-0302)
P. O. Box CS 8409 Comm. 7 Tema

0303-208856, 208864, 208928,
200999, 0201515500
36. Horizon Insurance Mr. Godwin K. Amoo
Fax: 208856
Email: info@horizoninsurancebrokers.com
0302 238300 | 0302 238301
www.horizoninsurancebrokers.com
www.nicgh.Org
Loc. : 1st Floor, Suite # 9, Kristal Plaza,
Community 4, Tema
P. O. Box CT. 6387, Cantonments-Accra

37. Ideal Insurance Brokers Mr. Paul Laryea Tel. 0501525704/026074277
Limited Managing Director Email : info@idealinsurancebrokers.com
Loc : No. 137/5, Ring Road
P. O. Box CT 6274 Cantoments, Accra

Tel. 0302-239855, 222427
CEO: 0208162185
38. Insurance Centre of Mr. Malcolm Dennis
Fax: 234 128
Excellence Managing Director
E-mail ice.limitd@yahoo.com
Location: H/No 14 Ridge Road,
NT Ridge (Opposite Accra High School)
P. O. Box T.89
Stadium Post Office, Accra
39. Inter-Africa
Ms. Akua Ahimba Hayford Tel. 255357
Brokers
Managing Director e-mail: ekuahyd@yahoo.com
Limited
First floor, Palma House, Tudu, in the same
building as Tudu Clinic behind the Catholic
Book Centre
P. O. Box 4648
231182-3, 667339/229796/662174
40 Insurance
Dr. S. Ashong-Katai Fax: 231184/668199
Consultancies
Managing Consultant e-mail: inconsult@ghana.com, addedpat@
Int. Limited
yahoo.com
Benefits Plaza, Ring Road Central
129
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Buffet Lunch
CODE: (233-0302)
PMB CT 382
41. Insurance Solutions Ms. Josephine J. Amoah
Cantonments-Accra
Tel. 0302 938112, 0243574690
e-mail: islghana@yahoo.com
0302 238300 | 0302 238301
P. O.Tel:Box GP238724,
233 302 300/1 |Accra
Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
Tel. 0243837432, 0267420746

42. Insurance Management Ms. Bianca Nadia Noshie
Loc : No. 3 Afram Road, GOA House –
Services Limited Chief Executive Officer
Asylum Down, Accra
e-mail: info@ims-gh.com
www.ims-gh.com
P. O. Box AF 574, Adenta, Accra
Tel. 0302500168, 0501584161
43. IRisk Management Mr. Christopher Boadi Mensah e-mail: iriskmanagement@gmail.com
Limited Chief Executive Officer Loc. : Assembles Junction, Adenta Road
Adjacent Appliance Master
www.igroupghana.com
P. O. Box CT 8006 Cantonments, Accra
Tel. 0302-984470, 0274734302,
0208132899
44. KAV Insurance Mr. Victor Kyei Agyen
Loc. No. 14 Cairo Street, East Legon,
Brokers Limited Chief Executive Officer Behind GT Bank
e-mail : bkavinsurance@yahoo.com
www.kavinsurancebrokers.com

45. K & A Insurance Brokers Angela Appiah
Tel. 030938515
Loc. : Hse. No. 7, 5th Abossey Okai Link,
Mataheko, Accra
130
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Buffet Lunch
CODE: (233-0302)

764023, 764573, 764573, 764390,
764210
46. KEK Insurance Mr. Charles Oduro Fax:764210
Brokers Managing Director e-mail: kek@kekinsurancegroup.com
website:http/www.ghanaclassifieds.com/
0302 238300 | 0302 238301
KEK Broking House No 40/41Senchi Street
@Aviation Road, Airport Residential Area

www.nicgh.Org
P. O. Box
Tel. 0266812600, 0266335735
47. Kols & Hols Insurance
Dr. Andrew Akolaa www.kholsinsurancebrokers.com
Brokers & Management
Executive Director info@kholsinsurancebrokers.com
Consultants
Loc. NanaSwiss House Plot No. 14
Community 16 Lashibi Tema
P. O. Box CT 8092, Cantonments, Accra

Tel. 0302-710148 710149, 050 512519
Mrs. Francisca Karikari Email : info@libertybrokersgh.com
48. Liberty Insurance Brokers
Chief Executive Officer www.libertybrokersgh.com
Loc. 4th Floor of Dufie Towers, 1st
Junction, Teshie-Nungua
P. O. Box 1144 Achimota, Market

Tel. 781435/781774
Fax: 770432
49. Lordship Insurance Mrs. Edwina Nana Esi Ampofo
e-mail: info@lorshipins.com
Brokers Ag. Chief Executive Officer
www.lordshipins.com
F & D COURT, H/NO. C140 Motorway
Extension Abelemkpe

2254647
50. M & G Insurance Brokers Mr. S A. Appiagyei
Fax: 254649
5th Floor, Sethi Plaza, 123 Kwame Nkrumah
Avenue Adabraka
P. O. Box SD.79, Stadium Accra

51. Maxpal Mr. Paul Quarshie 232795 241216 Fax: 232795
Intermediaries Managing Director e-mail: maxpalint@yahoo.com
B219/10 Bio Street Awudome Kaneshie
131
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Buffet Lunch
CODE: (233-0302)
P. O. Box CT 3865 Cantonments

Tel. 0303 932305 / 932308 Loc. Behind
Ms. Afua T. Boateng the Trade-Fair at the back of Goil filling
Station
52. Metrix Brokerage Limited Managing Director
e-mail : corporate@metrixbrokerage.com
www.meterixbrokerage.com
0302 238300 | 0302 238301
P. O. AN 10554 Accra-North, Ghana
Tel: 021-255168, www.nicgh.Org
53. Midas Insurance Mr. James Anti Fax: 021-258667

Brokers Ltd. Chief Executive Officer Location :Plot No: A10 Awuodome
Roundabout, Kaneshie ,
E-mail: midasbrokers@yahoo.co.uk
P. O. Box KA 30223 Airport

Tel. 0289013928
54. Multinational Insurance Mr. Perry Adamba
Loc. No. 13 Star Avenue, Kokomlemle
Brokers Chief Executive Officer
E-mail info@multinationalinsurance.com.gh
www.multinationalinsurance.com.gh
P. O. Box GP 1388 Accra, Ghana

Tel. 0202019973, 0302 967330
Elizabeth Larmie (Mrs.)
55. NDL Insurance Consult Fax : 0302 760404
Managing Director
Loc : Near VRA Clinic Osu
e-mail ndlinsuranceconsult@yahoo.com
P. O. Box AF 1383 Adenta

56. Novelty Insurance Brokers Mr. Richard Y. Fenuku Doamekpor Tel : 268002
Ltd. Managing Director Loc: Superior Oil Office Complex Ampomah
Junction
P. O. Box KN, 5111, Kaneshie, Accra

Mr. Bernard Ohemeng-Baah Tel : 0302-230060
57. Oak Insurance Brokers
Managing Director Location : House No. 6, Obutu Road
Accra New Town.
P. O. Box CT. 521, Cantonments, Accra

Tel. 0303 932400, 0244788797
58. Pacific Insurance Mr. Kwasi Asante
e-mail:
Loc: H/No. EA 44/11 East Adentan, Sanit
Mary Close, Accra
132
2017 Annual Report

P.A System
One Coffee Break
Buffet Lunch
CODE: (233-0302)
P. O. Box GP 14438 Accra Central

59. Progressive Insurance Mr. Francis Nsiah-Afriyie Tel. 0302-946345, 020-2018102
Services Limited Managing Director e-mail: nsiyie@yahoo.com
Loc: Anum Yemoh Plaza-East Legon
P. O. Box DS 1632 Dansoman

Tel : 0302-915111,
0302 2383000302-918011,
| 0302 238301 028
60. Premier Brokers & Moses A. Darkoh Location: Appiah-Ampofo House, Independence Ave, National Insurance Commission ,GA-016-9180
954 0270
www.nicgh.Org
Consultants Managing Director
Fax : 0302-224804
E-mail premierbroker@gmail.com
P. O. Box AN 8118 Accra-North

Tel. 020-8157160,0244-767037,
Ms. Adelaide Aboagye 0244-883991 Fax:240882
61. Prudent Insurance Brokers
Managing Director e-mail: prudentco@gmail.com
Hse. No. 520/4, Jones Nelson Street,
Adabraka, Accra

Tel : 028891638, 0268131414
Mr. Anthony Apaloo Loc : #309/17, Abavana Junction, Kotobabi,
62. Riscovery Limited
Managing Director Accra
Email : info@riscoveryltd.com
www.riscoveryltd.com
P. O. Box M606 Accra

63. Risk Solutions Mr. Kwasi S. Fynn
Tel. 0302-778820
Fax : 0302- 515479
P. O. BOX AN 123331
Accra- North
64. Risk Management and Mr. Larry Jiagge Tel.0244315384/ 0277595009/

0243227147
Advisory Services Limited Chief Executive Officer
Loc. : No. 120B Spintex Rd Industrial Area
Emails : info@rmasgh.com, larry.jiagge@
rmas.com, rgnturkson@rmasgh.com
133
2017 Annual Report

P.A System
One Coffee Break
Buffet Lunch
CODE: (233-0302)

Tel :. 0244848784, 0202011488
Mr. Ebo Morrison
65. Risk Partners Limited Email : morrison@riskpartnersltd.com
Loc. : #. 24, 5th Crescent, Asylum Down,
Accra
P. O. Box AN 11115, 0302Accra-North
238300 | 0302 238301
66. Safeguard Insurance Leila Kamara Tel.Tel:
0302233 302–238
784596, 0302
300/1 | Fax: 233 784594
www.nicgh.Org
Brokers Ltd. Chief Executive Officer Fax: 786602

Loc: No. 6 Osu Doku Street, Osu, Accra
P. O. Box OS 2912Osu, Accra

Tel. 761944, 786603, 024376965
67. Safety Insurance Mrs. Lena Adu-Kofi Fax: 786602
Brokers Ltd. Chief Executive Officer e-mail: ladukofi@africaonline.com.gh, info@
safetyinsurancebrokers.com
2nd Floor, Blue Chip Building
68. Saviour Insurance Tel/Fax:224559,
Mr. Charles Antonio
Brokers & 0277426580,0289538285
Managing Director
Consultants e-mail: saviourbrokers@gmail.com
Kanda, Accra East Ayawaso

Tel.: 519651/2 0544 356 888
69. Shield Insurance Mr. Pius Boateng
e-mal: info@shieldinsurancebrokers.com.gh
Brokers Managing Director
Location: Kangaroo Hs. Adjacent Flyover,
Manet Court off Spintex Road.
P. O. Box WJ 526, Weija- Accra

Tel.: 02444664540, 0235664540
70. Strategic Insurance Consult Nii Adjri Sackey
e-mal: nilasackey@gmail.com
Loc.: Gicel Estates, New Weija DVLA , Block
A, Room 8/9
P. O. Box WY 1641, Kwabenya, Accra
Tel.: 0245212770, 0303 938822,
71. Supreme Trust Insurance Mr. Patrick Doe Gadikor 0244438702
Brokers Limited Managing Director e-mal:
Loc.: Plot 2, London Street, Opp Baatsona
Total Filing StationS
134
2017 Annual Report

P.A System
One Coffee Break
Buffet Lunch
CODE: (233-0302)

Tel./Fax: 235603, 949803, 0244272060,
0209420518
72. Trans-National Brokers Mr. E. B. Nsiah
e-mail: transnationalbrokers@yahoo.com
www.transnationalinsurancebrokers.com
C154/19And
For More Information Tesano Business
Reservation, Centre
Please Call The Following Numbers
Opposite Santana Market,
0302 238300 | 0302Tesano
238301
www.nicgh.Org
P. O. Box GP 1800 Accra
Tel. . 0302 764117, /764018
0509244277, 0244786258
73. Trinity Insurance Brokers Mr. Harry Obuobi-Akyem Staudt
Loc. HNO. 509C/1 Oxford St. Osu opposite
Ltd. Managing Director
Osu Presby Cluster of Schools
Email : trinitybrokers@gmail.com/
hostaudt@gmail.com

Tel.: (233-21)244661, 256183, 220302
Fax: (233)220319
74. Tri-Star Insurance Rev. Asante Marfo-Ahenkora
e-mail: info@tristarghana.com ahenkora@
Services Limited Managing Director
hotmail.com
No. 14 Naa Ata Street Tesano Accra
E-mail info@tristarghana.com
P. O. BOX AN 18864 Accra-North

Tel. 0208242534
Mr. David Osei-Manu
75. UGroup Limited e-mail : info@ugroup.com
Executive Director
www.ugrouplimited.com
Location : HSE NO. CFC 352 Dome-Accra
P. O. Box C117, Cant.

222076/229362
Mr . Osei Kufuor (Daasebre Oguakuro
76. Universal Insurance Fax: 233944
Osei Bediako II)
Consultants Ltd. e-mail: unicbrok@4u.com.gh
Managing Director
1st Floor, Standard Chartered Bank building,
Adabraka
135
2017 Annual Report

P.A System
One Coffee Break
Buffet Lunch
CODE: (233-0302)

Tel 0244644155
Vincent Sali-Dokpor
77. Visal Insurance Brokers Loc : Plot No. 46, 48 boundary Rd. near
Managing Director
UBA Bank American House East Legon
e-mail:vincentsali@yahoo.com
P. O. Box 217 Trade 0302Fair, Accra
238300 | 0302 238301
Tel Tel:
0245501301
233 302 238 300/1 | Fax: 233 302 237 248 | Email: info@nicgh.Org | Website:
www.nicgh.Org
78. Worldwide Insurance Isaac Yao Tedeku Email : info@worldwidepartnersgh.org
Brokers Limited Managing Director www .worldwidepartnersgh.org
Loc : QFS Building Comm. 11, Hospital
Road, Tema
P.O Box CO 4970 Community 1, Tema

Alfred Yaw Ofori-Kuragu House No.43/44 Community 25, Tema
79. A P& L Consult Limited
Managing Consultant Tel : 020 8233960/026 2233962
Web site : www.asasebrokers.com
LOSS ADJUSTING COMPANIES

CODE: (233-0302)
P. O. Box GP 22926, Accra-Central

Tel: 0249949311/0207963058/0261384828
1. I AM Loss Adjusters (Gh.) Engr David Oluniyi Odusanya
Limited Loc: 3rd Floor White House Plaza, Opp Ebenezer Funeral
Managing Director
House, Aigbe Town Bus Stop, Close to West Hills
P. O. Box 9155, KIA, Accra

Tel: 313954, 0244327960, 0208132962,
2. Manyo-Plange Mr. E. A. Manyo-Plange Fax: 021-304977
Associates Managing Director 40 Akwadu St. Near KEMBS HOTEL
METAHEKO, ACCRA GHANA
136
2017 Annual Report

P.A System
One Coffee Break
Buffet Lunch
P.O Box MP 315 Mamprobi, Accra Mineral Water
Location: 1st Floor, plt No. 48 Palace Street Near PNT Internet Connectivity
Frederick Amui Oblitey
3. RCH Loss Adjusters Pharmacy , Swan Lake, Accra
Managing Director
Tel: +233-20-786-3369/020 816 3569
Email: rch-adjusters@gmail.com
REINSURANCE BROKERS
P. O. Box An 6681 Accra-North
0302 238300 | 0302 238301
Tel. 770617,764210, 764273
www.nicgh.Org
Fax: 764138
1. KEK Reinsurance Brokers Shaibu Ali
reinsurance@kekinsurancegroup.com
(Africa) Limited Chief Executive Officer
Location: KEK Insurance Broking House
No. 40/41 Senchi Street @ Aviation Rd. Airport
Res. Areas, Accra
Mainstream House, 3rd Kuku Cresent Osu, Accra

P.O. Box OS 2912, Osu, Accra
2. Afro-Asian Reinsurance Brokers Samuel Adoteye-Asare
Ghana Limited Tel: 0302 783 292/ 024 468 3100/024
Managing Director
4222686
Email: aarb@afroasian-reinsurancegh.com
137
Notes

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2017

Standard Conference Package

The National Insurance Commission

Standard Conference Package

or pensioners. The breakdown Ghana. to sell to. The balance sheet of

in the external family system as most insurance companies do not

Standard Conference Package

• An AML/CFT Unit has been created at the

Standard Conference Package

Outlook for 2018 Total premium for 2017

Standard Conference Package

These solutions are expected to culminate in the

Inadequate capitalization also restricts the retention

The National Insurance Commission (NIC) was established under

Standard Conference Package

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

Commissioner of Insurance (Appointed

Standard Conference Package

Universal Merchant Bank (Ghana) Limited

Registered office: National Insurance Commission

Mr. Emmanuel Ray Ankrah Mr. Justice Yaw Ofori

Prof. Bill Buenar Puplampu Mr. Kwame-Gazo Agbenyadzie

Standard Conference Package

Mr. Sampson Akligoh Mr. Emmanuel Amofa

Mrs. Geta Striggner-Quartey Mrs. Emma Ocran

Standard Conference Package

1. Mr. Justice Yaw Ofori 5. Mr. Joseph Bentor

2. Mr. Michael Andoh 6. Mr. Martin Dornor Abayateye

3. Mrs Emma Ocran 7. Mr. Moses Ackah-Jayne

4. Mr. Seth Eshun 8. Mrs. Esther Armah

In 2017, a total of six new companies were licenced by the

Standard Conference Package

Figure 1: Analysis of Regulated Entities

Standard Conference Package

• Re- Revocation of UT Bank Limited and Capital

• New Reinsurance Guidelines

Standard Conference Package

An out of court settlement was reached in 2017 and

Standard Conference Package

The tables below show the distribution of complaints by companies.

Standard Conference Package

** merger Regency Insurance and NEM Insurance

COMPLAINTS AGAINST LIFE INSURANCE COMPANIES

Standard Conference Package

No. of awards 115 107 128 105 78

Client Rescue Fund • REVIEW OF THE 2015 NATIONAL RISK

Standard Conference Package

Deficiency Progress Made

The absence of specific provisions in Law or

• REVIEW OF ANTI-MONEY LAUNDERING from the insurance industry to review that

Standard Conference Package

During the year under consideration, insurance

a. Board Approved Internal Guidelines

Standard Conference Package

Standard Conference Package

Standard Conference Package

Figure 2(a): Analysis of Industry Total Assets

I ndus tr y T ota l As s ets

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

Total Assets: Yearly Aggregate Life and Non Life Contribution

2017 2016 2015 2014

Standard Conference Package

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

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