At a compound annual growth rate (CAGR) of 6.5%, the Ghana general insurance market grew from $0.3bn in 2016 to $0.4bn in 2022.
According to the data, the top companies had 50.4% of the general insurance market in Ghana.
1. Enterprise Insurance
Enterprise Insurance was ranked number one in the country, with a premium increase of 29.1% from the year before. It stayed in the same spot among the top general insurance companies as it did the year before.
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2. SIC Insurance
SIC Insurance came in second place in Ghana’s market for general insurance. When compared to the premium in 2020, the company saw a growth of 13.8%. Its position among the top general insurance companies stayed the same from the year before.
3. The insurance company Hollard (Ghana)
Hollard Insurance (Ghana) was the third-best general insurance company in Ghana. Compared to the premium from the year before, the company saw a 23.4% increase. It stayed in the same spot among the top general insurance companies as it did the year before.
4. Assurance Star
Star Assurance, which was ranked fourth in Ghana’s general insurance market, saw a 30.9% increase in premiums from last year. It was number five on the list of the best general insurance companies last year, but it is now number four.
5. Glico General Insurance
Glico General Insurance was the fifth-best general insurance company in Ghana. When compared to last year’s premium, the company saw a growth of 16.9%. The company dropped from number four on the list of the best general insurance companies the year before to number five.