In spite of the COVID-19 and subsequent lockdown of activities non-life insurers performance during the period in relation to income, generation was encouraging for this period under review.
The 29 non-life companies generated total gross premium income of GH¢515,741,117 in the first quarter of 2020 as against GH¢397,461,040 the same period in 2019. This is due to the unwavering stands of the regulator to drive insurance growth and to ensure strict compliance with relevant laws affecting insurance business.
The introduction of Motor Insurance Database (MID) by the regulator and the resilience by the companies to build on innovations not only on the product but also technology and people went a long way to improve the selling of the most popular insurance product – vehicle insurance in the country whereby insurers and their clients will sit at the comfort of their homes to buy insurance.
All the non-life companies grew their first-quarter gross premium income marginally against what they did in the same period in 2019.
First quarter 2019 verses 2020 Non-Life Insurance Companies
| Company | Gross Premium 2020 | Gross Premium 2019 |
| 1. Activa international | 23,676,791 | 22,142,072 |
| 2. Allianz Insurance | 21,723,057 | 9,891,462 |
| 3. Bedrock Insurance | 952,879 | – |
| 4. Best Assurance | 6,921,105 | 5,367,408 |
| 5. Donewell Insurance | 15,159,942 | 35,447,796 |
| 6. Enterprise Insurance | 81,608,536 | 56,638,981 |
| 7. Equity Assurance | – | 12,119,001 |
| 8. Ghana Union Assurance | 18,901,594 | 16,092,159 |
| 9. Glico General | 56,203,137 | 38,013,917 |
| 10. Heritage Insurance | – | – |
| 11. Hollard Insurance | 39,318,803 | 29,229,700 |
| 12. Imperial General | 4,674,089 | 2,843,509 |
| 13. Loyalty Insurance | 2,665,414 | 2,576,626 |
| 14. Millennium Insurance | 10,030,016 | 7,356,577 |
| 15. Multi Insurance | – | 692,882 |
| 16. NSIA Ghana Insurance | 6,337,297 | 4,413,772 |
| 17. Phoenix Insurance | 26,254,732 | 17,614,471 |
| 18. Prime Insurance | 16,225,241 | 11,624,053 |
| 19. Priority Insurance | 8,198,669 | 5,402,177 |
| 20. Provident Insurance | 15,217,625 | 10,271,506 |
| 21. Quality Insurance | 13,002,288 | 10,011,370 |
| 22. RegencyNem Insurance | 11,376,297 | 9,080,877 |
| 23. Saham Insurance | 7,746,912 | 5,751,587 |
| 24. Serene Insurance | 4,600,326 | 1,471,402 |
| 25. SIC Insurance | 50,416,405 | – |
| 26. Star Assurance | 46,642,024 | 36,728,963 |
| 27. Unique Insurance | 5,124,319 | 3,811,195 |
| 28. Vanguard Assurance | – | 37,319,241 |
| 29. Wapic Insurance | 5,902,441 | 5,548,336 |
| Total | 515,741,117 | 397,461,040 |
SOURCE thebftonline.com