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National Insurance CommissionAnnual Report 2009

1

Foreword 02Chairman’s Report 03

THE NATIONAL INSURANCE COMMISSION 04

Board of Directors 04 Management Team 04 NIC’s Operations 05

THE INSURANCE MARKET OVERVIEW 11

2009 Economic Environment 11 Ghana Insurance Market Report (2005 – 2009) 13 Financial & Ratio Analysis 25Conclusion 61

APPENDICES 62

1. Corporate Information 63 2. 2009 Financial Reports 653. List of Registered Non-Life Insurance Companies 77 4. List of Registered Insurance Companies 815. List of Registered Insurance Companies 84 6. List of Registered Broking Companies 85

Table of Contents


2

Agricultural Insurance In Ghana

Agricultural Insurance is concerned with providing insurance to farmers. This presents a number of challenges to insurers as the events are not only uncontrollable as most insurance risks are, but there are significant risks of moral hazard and adverse selection.

It is more difficult if it is agricultural microinsurance which is mainly targeted at small-scale farmers. There are several types of agricultural insurance products including specific animal and crops, as well as multi-risk covers offered through indemnity and index- based mechanisms.

Data Availability for Risk Assessment

One of the problems in connection with agricultural insurance in developing countries is data availability for risk assessment and product design.

In the case of Ghana, the meteorological service has time-series daily rainfall data which has been accessed for twenty weather stations located in all the main agro-ecological regions of the country. The available data ranges between twenty-five years to over forty-five years per station.

The Landscape of Agricultural Microinsurance

The 2007 landscape survey undertaken by the microinsurance centre attempted to map the extent of agricultural insurance worldwide by studying specific areas of microinsurance such as regional distribution, types of microinsurance cover, the risk covers, the schemes and pilot programs, and finally the state of microinsurance regulations. Some of the conclusions were as follows: there are very few agricultural insurance schemes in developing countries with products that are accessible to poor farmers. Agricultural microinsurance is concentrated in Latin America.

GTZ and NIC Collaboration

Towards the end of the 2009 the NIC in its effort to let the industry pay attention to agricultural insurance collaborated with the German Technical Cooperation (GTZ) to do a project on agricultural insurance. Most of the work will be done in 2010.

The project, the Innovative Insurance Products for the Adaptation to Climate Change (IIPACC) aims at developing and introducing agricultural Insurance solutions in Ghana. The project started in December 2009 and will run until the end of 2013. It is the wish of the National Insurance Commission (NIC) that during the implementation period of the project, insurance companies in Ghana will be able to develop agricultural insurance products for farmers.

The overall objective of the IIPACC projects is to enable the insurance sector in Ghana to offer innovative and demand- oriented as well as economically sustainable insurance products against financial risks caused by extreme weather events and other forms of climate change.

Foreword


3

In the year 2009 some countries were just recovering from the effects of the Global financial crisis which affected the economies of the USA and some European countries. Most African countries were not much affected probably because of the strong regulatory regimes.

Industry performance

The growth in the insurance industry was not so spectacular. Gross premium income for non-life business increased from GH¢91.6million in the year 2005 to GH¢220.7million in 2009. The growth rate for 2006 was 25% which fell to 23.9% in 2007. This picked up sharply to 31.6% in 2008 but this dropped to 18% in 2009.

Among the reasons for this sharp fall in the growth rate are lack of innovativeness, under-cutting of premium rates and the growth rate of the entire economy in 2009.

It is the hope of the Commission that insurance companies will charge the appropriate rates for the risks they underwrite despite competition. The Commission will be carrying out an insurance audit as part of the on-site inspection to check this problem of under-cutting in the industry.

The growth in the life sector was however very significant. The relatively higher growth rate can be attributed to the emergence of innovative products on the market, the increasing popularity of microinsurance especially credit life and the utilisation of innovative distribution channels. Bancassurance is one of these new distribution channels.

Premium income for life business increased from GH¢31.2million in 2005 to GH¢122.2million in 2009. The growth rate however dropped from 36.1% to 34% in 2009. But as compared to the non-life sector, life experienced a much higher growth rate.

The growth in the life sector increased the market share of life business to 35.7%. It must be noted that for the first time life business has more market share than motor insurance.

It is the desire of the NIC that the industry will develop innovative products for the general public and thus increase the premium income of the insurance industry as a whole.

There must also be an effort by the industry to revive the marine insurance business which has been declining over the years.

Chairman’s Report


4

Board of Directors Mr. Federick Quayenortey ChairmanMrs. Nyamikeh Kyiamah Commissioner of InsuranceMs. Josephine Jennifer Amoah Commissioner of Insurance (Jan. –Nov. 2009) Other Directors Mr. Emmanuel Baba Mahama Ms. Sarah Fafa Kpodo Mr. Justin Amenuvor Dr. Albert Gemegah Mr. Samuel Amankwah Secretary Mr. Ernest Frimpong Management TeamMrs. Nyamikeh Kyiamah Deputy Commissioner of InsuranceMrs. Emma Araba Ocran Legal DirectorMr. Michael Kofi Andoh Head, SupervisionMr. Joseph Bentor Head, Finance & AdministrationMr. Isaac Buabeng Head, Marketing, Research & External RelationsMr. Martin Dornor Abayateye Internal Auditor AuditorsAADS (Chartered Accountants) Republic House 5th Floor Accra Registered office National Insurance Commission Independent Avenue North Ridge P. O. Box CT 3456 Cantonments, Accra

The National Insurance Commission


5

LICENSING

As at December 31, 2009, the number of licensed insurance entities were as follows;

Non-life Companies: 23Life Companies: 17Reinsurance Companies: 2Insurance Brokers: 40Reinsurance Broker: 1Loss Adjuster: 1Agents 1,200

Insurance Companies

Two more insurance companies joined the market in 2009. Allianz Insurance Ghana Limited is a newly licensed non-life company. It is wholly owned by Assurances Generales de France Afrique (AGF), a licensed insurance company registered in France. Apart from Allianz, Beacon Insurance Company Limited also met the separation and re-licensing requirements and was duly re-licensed as a non-life insurance company. Beacon however did not start operation until January 2010 and therefore does not feature in the market statistics in this report.

Insurance Brokers

Premier Brokers and Consultants Limited, an insurance intermediary (broker) firm was also licensed in 2009.

Bancassurance

More bancassurance collaborations were approved during the year 2009. They are:

• Standard Chartered Bank Ghana Limited/Enterprise Insurance CompanyLimited

• International Commercial Bank Ghana Limited/Enterprise Life AssuranceCompany Limited

• BarclaysBankGhanaLimited/EnterpriseLifeInsuranceCompanyLimited

This brought to five, the number of approved bancassurance collaborations at the end of 2009.

Changes in Control

In the course of 2009, there were changes in the ownership of majority shareholdings of four insurance companies as follows:

• GoldenLife InvestmentsLimited, aGhanaian investment companyacquired60% of the equity of CDH Life Insurance Company Limited.

• GroupeColina ofCoteD’Ivoire also acquired 70%of the shares ofBeaconInsurance Company Limited.

NIC Operations


6

• Activa International Insurance Limited fromCameroon acquired 100%of theshares of Global Alliance Company Limited

• Lastly,NSIAParticipationsofLaCoted’Ivoirepurchased64.4%oftheequityofCDH Insurance Company Limited.

Following the changes in control, three of the four companies changed their corporate names in 2009. CDH Insurance became NSIA Insurance Ghana Limited. CDH Life became Golden Life Assurance Limited and Global Alliance Insurance Company Limited became Activa International Insurance Ghana Limited.

COMPLIANCE

In the Commission’s bid to ensure compliance with the Insurance Law, ten broking firms and fifteen insurance companies were inspected. The major concerns among others were:

a. Huge outstanding premiumsb. Huge outstanding claimsc. Payment of commissions to unlicensed agentsd. Inadequate capital

Reinsurance Premium Transfer

The Commission approved the following amounts as overseas transfers in respect of offshore reinsurance placements. These were US$1.86 million, £3,983, €42,250 and the dollar equivalent of GH¢1.19 million. The local companies involved were Ghana Union Assurance, Enterprise Insurance, Phoenix Insurance and Metropolitan Insurance Company Limited.

PRODUCT APPROVALS

The under listed products of nine companies were approved by the Commission for sale in accordance with section 45 (1) of Insurance Act 2006, Act 724.

Company

Donewell Insurance Co. Ltd

Industrial & General Life Assurance (Gh.) Limited

Travel Insurance Policy

• Personal Annuity Plus Plan

• Mortgage Protection Plan

• Dividend Plus Plan• Continuous Education

Endowment

Non-life

Capital Express AssuranceCompany Limited

• GuaranteedEducationProtection Plan

• AssuranceFlexi-3Plan• FuneralPlan• UniversalLife

Assurance Plan

Non-life

Life

Product Class of Business


7

Starlife Assurance Company Limited

Express Life InsuranceCompany Limited

Glico Life Insurance Company Limited

Phoenix Life Assurance Company Limited

Unique Life Assurance Company Limited

Ghana Life Insurance Company Limited

Life

Life

Life

Life

Life

Life

• Multi-Investment Plan• Term Assurance Plan• Endowment

Assurance Plan

• StarLife Home Protection Plan

• StarLife Homecall Plan

• Express Life Protection Plan

• Personal Pension Plan• Multi-Purpose Savings

Plan• Endowment

Assurance Plan• Term Assurance Plan• Multi-Investment Plan

• Funeral Insurance Plan

• Group Assurance Plan

• Workers’ Plan

• Children Starter Policy• Children Welfare

Policy• Credit Life Assurance

Plan• Endowment

Assurance Plan• Funeral Plan• Group Life Assurance

Plan• Master Plan Policy• Mortgage Protection

Plan• Retirement Assurance

Plan

LEGAL MATTERS

Enforcement Actions against Insurance Companies

In the year 2009, the Commission enforced various Sections of the Insurance Act 2006, Act 724. Sanctions were brought against companies which had breached sections of the Insurance Act 2006, Act 724.

In all five non-life insurance companies, 12 broking companies, four life insurance companies and one reinsurance company which failed to submit their quarterly returns, annual returns and actuarial valuation on time to the Commission, were made to pay penalties as prescribed under the Insurance Act 2006, Act 724.


8

The Commission also ensured that all companies complied with the requirement under Section 73 of Act 724 which enjoins them to deposit 10% of their minimum capital requirement with a Bank of their choice and show evidence to the Commission of the said deposit.

Court Cases

Rockson Amoah vrs National Insurance Commission and Others

In the above-mentioned matter, the plaintiff is seeking to enforce judgment obtained against the insured of the defunct Reliance Insurance Company Limited. The case was not called for hearing in 2009 and it is still pending at the High Court.

COMPLAINTS AND SETTLEMENTS BUREAU

In the year 2009, the Bureau continued to receive complaints from the public against some insurance companies.

As has been the case in previous years, most of the complaints received related to motor claims. The areas of common complaints were on repudiation of claim by insurers, delay in settlement of claims, dispute over quantum and delay in payment of settled claims.

Complaints from life Insurance policyholders were on;a. Benefits promised by Insurers differ from benefits on policy documentsb. Insurance company’s failure to cease deductions after Policy had been

surrenderedc. Payment of low surrender valuesd. Delay in processing matured policies for paymente. Delay in returning refund of wrongful deductionsf. Unauthorized premium deductionsg. Period of surrender value

In all 260 complaints were received from the public against some insurance companies during the year under review;

Insurance Companies

SIC Insurance Company Limited 77

IGI (Ghana) Company Limited 27

Star Assurance Company Limited 25

Uninsured 20

Quality Insurance Company Limited 17

Unique Insurance Company Limited 17

Provident Insurance Company Limited 11

Metropolitan Insurance Company Limited 10

Vanguard Assurance Company Limited 10

Donewell Insurance Company Limited 8

Phoenix Insurance Company Limited 6

No. of Complaints


9

Apart from the main Motor and Life insurance complaints received, the Commission amicably resolved two inter-industry complaints it received.

MOTOR COMPENSATION FUND

The Compensation Fund Committee intensified its operations in 2009. The Committee also continued to pursue as one of its objectives, publicity and public education on motor insurance in particular and related matters.

The Awards Sub-committee of the Compensation Fund Committee held 21 sittings during which it interviewed 146 applicants during the year.

The petitions received by the Committee still followed the trend of hit-and-run cases and uninsured vehicles. Other petitions received stemmed from breach of policy conditions such as change of ownership and driving without a licence, which results in the repudiation of claims by insurers.

All 146 applications received the approval of the Committee and were awarded a total of GH¢ 161,000.00. The main grounds for awards were; change of ownership (32 cases), B1 License (41 cases) and Unlicensed (73 cases).

For the year 2009, the fund realized a total income of GH¢ 602,610 made up of contributions from insurance companies, investment incomes and interest earned on bank deposits.

Expenditures on compensations for accident victims, contribution to the Road Safety Commission, public education and general expenses totaled GH¢ 439,805 whilst total investments in shares and T-bills stood at GH¢ 1,437,101.

Enterprise Life Assurance Company Limited 4

Equity Assurance Company limited 4

Glico Insurance Company limited 4

CDH Insurance Company Limited 3

Ecowas Brown Card 3

Ghana Life Insurance Company Limited 3

Beacon Insurance Company Limited 2

Enterprise Assurance Company Limited 2

Capital Express Company Limited 1

International Energy Insurance Company Limited 1

Metropolitan Life Insurance Company Limited 1

Regency Insurance Company Limited 1

Star Life Assurance Company Limited 1

The Great African Insurance Company Limited (delisted) 1

Zenith Insurance Company Limited 1

Total 260


10

SPONSORSHIP OF INSURANCE INDUSTRY PUBLICITY ACTIVITIES

During the year under review, the Commission with the support of the Compensation Fund Committee continued to maintain as one of its objectives, the promotion of public education on insurance in general, and motor insurance in particular.

The Committee was of the view that, a continuous and sustained public education on insurance business and motor insurance in particular will reduce the number of motor insurance claims and invariably claims on the Compensation Fund.

In this regard, the Commission carried out public education programmes in Kumasi, Agona Swedru, Cape Coast, Takoradi, Tamale and Bolgatanga.

The primary focus of these educational programmes were on the role and functions of the NIC, Complaints & Settlement Bureau, Motor Compensation Fund, motor insurance, life insurance and the compulsory fire insurance.

INSURANCE INDUSTRY TRAINING CENTRE (IITC)

The Commission continued to rent out its conference facilities to the public aimed at enhancing its income generating capacity.

HUMAN RESOURCE DEVELOPMENT

Staffing

The total staff strength of the NIC as at December 31, 2009 was 61.

Recruitments

The Commission engaged four new members of staff during the year 2009 as well as four National Service personnel.

Staff Training

Staff of the Commission attended various training programmes both locally and overseas to update their knowledge and professional skills.

Retirement & Resignations

During the year under review, Mr. Jonathan Sasu retired from the services of the Commission upon reaching the retiring age of 60 years.

Also, the appointment of Ms. Josephine Amoah as Commissioner of Insurance was terminated and Mrs. Nyamikeh Kyiamah, the Deputy Commissioner was appointed to act as Commissioner of Insurance.


11

ECONOMIC REVIEW 2009

Developing economies such as Ghana were not spared the global economic downturn of 2008. The period of turbulence in the financial markets that followed adversely affected output and employment. The lagged effect of this global recession was a slow and uneven recovery in 2009. In the first quarter of 2009 alone, global GDP was estimated to have contracted by 6.3 per cent (annualised). The year as a whole however registered a global GDP decline of 0.6 per cent (2008: 3% growth). Similarly, Ghana registered a modest GDP growth of 4.7% for 2009 as compared to 7.3% in 2008.

The Ghanaian economy faced severe challenges during the first half of the year. The lingering effects of higher crude oil and food prices in 2008 and a surge in government expenditures heightened inflationary pressures. This widened the fiscal and current account deficits, leading to volatility in the foreign exchange market and loss of international reserves. The decline in Foreign Direct Investment (FDI) lower and deferred Foreign aid disbursement, and reduced foreign remittances put further stress on the economy. Fortunately however, favourable prices in gold and cocoa shielded the economy from the full impact of the global financial crises. Cocoa reached a 30-year high of $3,510 per tonne in mid December 2009 but ended the year at $2,802, while goldclosedtheyearat$1,080/fineounce.

Inflation

Inflation peaked at 20.7% in April 2009 from 18.13% at the beginning of the year following a 30% increase in petroleum prices. Improved food harvest, however, coupled with tight monetary policy by the Central Bank on the back of economic stability measures instituted by the government yielded positive results, bringing inflation down to 15.97% by the close of the year.

Exchange Rate

Throughout much of the year, the Cedi came under intense pressure against the three major currencies, US Dollar, British Pounds and the Euro. By August 2009, the Cedi had depreciated by 14.8% against the US Dollar, 22.4% against the Pound and 16.2% against the Euro. It however stabilized marginally in the last quarter of the year largely due to external support from the IMF and the World Bank for the budget and the balance of payments, shoring up foreign reserves. By the end of the year, the Cedi had lost 15.0% against the US Dollar, 21.5% against the Pound and 16.0% against the Euro.

Interest RateIn an attempt to contain the high inflationary pressures, the Bank of Ghana increased the prime rate from 17% to 18.5% in February 2009. This was brought down to 18% in November, 2009. Interest rates remained generally high during the year, with low liquidity. The benchmark 91-Day Treasury Bill interest rate ended the year at 23.7% after a peak of 25.89% in the third quarter. On the other hand, the 182-Day Treasury Bill closed the year at 26.46% after peaking at 28.86% in the third quarter.

The Insurance Market Overview


12

Outlook for 2010

In 2010, Ghana’s first oil flow in commercial quantities will come on-stream by the last quarter of the year. The country continues to have very high expectations from the income potential of the oil exploitation. The full impact of this will however not be felt immediately as only 120,000 barrels per day is expected to be produced from the beginning. This is expected to double by 2012. The long-term growth outlook for the Ghanaian economy therefore remains positive.


13

INDUSTRY PERFORMANCE

Generally, there was an increase in gross premium income over the period 2005 – 2009. The industry recorded a gross premium income of GH¢ 122.9m and GH¢ 342.7m in 2005 and 2009 respectively.

However, in terms of growth, the industry has had a rather fluctuating experience. Total growth rate dropped from 33.5% in 2006 to 27.6% in 2007 and then dropped to 23.2% in 2009. It however increased in 2008 (Refer to table 1 below).

Ghana Insurance Market Report 2005 - 2009

Table 1: Growth in Total Gross Premium Income ( Non-Life and Life 2005 – 2009)

Year

2005

2006

2007

2008

2009

Premium Income (GH¢)

122,925,795

164,207,266

209,554,718

278,255,336

342,703,760

Growth Rate

-

33.5%

27.6%

32.7%

23.0%

Insurance Penetration

1.26%

1.40%

1.49%

1.57%

1.58%

Figure 1: Growth in Total Gross Premium Income (Life & Non-life)

0

50

100

150

200

250

2005 2006

Non-life

Life

(GH

¢ m

)


14

Gross Non-Life Premium Income

Gross premium income for non-life business increased from GH¢ 91.6m in year 2005 to GH¢ 220.7m in 2009. Growth rate for 2006 was 25%, but this fell to 23.9% in 2007. This picked up sharply to 31.6% in 2008 and then dropped again to 18% in 2009 (Ref. Table 2).

Among the reasons for this sharp fall in the growth rate are lack of innovativeness, under-cutting of premium rates and the low growth rate of the entire economy in 2009.

It is expected that the implementation of section 183 and 184 of Insurance Act, 2006, which require the compulsory insurance of public buildings under construction (for liability) and afterwards against fire, flood etc. will increase non-life gross premiums

Table 2: Growth in Gross Premium Income (Non-Life) 2005 - 2009

Year

2005

2006

2007

2008

2009


91,674,632

114,597,969

142,020,077

187,010,274

220,704,263

Growth Rate

-

25.0 %

23.9 %

31.6 %

18.0 %

Figure 2. Growth in Gross Premium Income (Non-Life)2005-2009


15

Gross Life Premium Income

In terms of real values, increase in gross premiums for life business has been steady, starting from GH¢ 31.2m in 2005 to GH¢121.9m in 2009. However, the growth rate has dipped since 2007 when it dropped from 58.7% the previous year to 36.1% and lately to 33.7%. Compared to the non-life sector, life business experienced a much higher growth. Whereas life business recorded an average growth of 40.9% over the period, non-life recorded 24.6% (Ref. Table 3 below).

The relatively higher growth rate of the life sector can be attributed to the emergence of innovative products on the market, the increasing popularity of microinsurance and utilisation of innovative distribution channels. Bancassurance is fast becoming a popular distribution channel.

So far five banks have signed up as corporate agents in bancassurance partnerships with insurance companies to distribute mainly life products to their clients.

Table 3: Growth in Gross Premium Income (Life) 2005 - 2009

Year

2005

2006

2007

2008

2009


31,251,163

49,609,297

67,534,641

91,245,062

121,999,497

Growth Rate (%)

-

58.7

36.1

35.1

33.7

Figure 3. Growth in Gross Premium Income - Life

(GH

¢ m

)


16

Tabl

e 4:

Com

pany

Per

form

ance

- N

on-L

ife

Com

pany

2005

(GH

¢)20

06 (G

H¢)

2007

(GH

¢)20

08 (G

H¢)

2009

(GH

¢)

Act

iva

Inte

rnat

iona

l

Bea

con

Insu

ranc

e C

ompa

ny L

imite

d

Don

ewel

l Ins

uran

ce C

ompa

ny L

imite

d

Ent

erpr

ise

Insu

ranc

e C

ompa

ny L

imite

d

Equ

ity In

sura

nce

Com

pany

Lim

ited

Gha

na U

nion

Insu

ranc

e C

ompa

ny L

imite

d

Glic

o G

ener

al In

sura

nce

Com

pany

Lim

ited

Indu

stria

l & G

ener

al In

sura

nce

Lim

ited

Inte

rcon

tinen

tal W

apic

Insu

ranc

e C

ompa

ny L

imite

d

Inte

rnat

iona

l Ene

rgy

Insu

ranc

e C

ompa

ny L

imite

d

Met

ropo

litan

Insu

ranc

e C

ompa

ny L

imite

d

NE

M In

sura

nce

Gha

na L

imite

d.

NS

IA In

sura

nce

Gha

na L

imite

d

Pho

enix

Insu

ranc

e C

ompa

ny L

imite

d

Prim

e In

sura

nce

Com

pany

Lim

ited

Pro

vide

nt In

sura

nce

Com

pany

Lim

ited

Qua

lity

Insu

ranc

e C

ompa

ny L

imite

d.

Reg

ency

Alli

ance

Insu

ranc

e C

ompa

ny L

imite

d

SIC

Insu

ranc

e C

ompa

ny L

imite

d

Sta

r Ass

uran

ce C

ompa

ny li

mite

d

Uni

que

Insu

ranc

e C

ompa

ny L

imite

d

Vang

uard

Ass

uran

ce C

ompa

ny L

imite

d

TOTA

L

92,1

99

139,

882

2,61

9,27

2

13,8

46,9

93

-

4,72

3,49

3 -

1,07

6,62

8 - -

9,18

5,53

9 -

1,18

5,67

2

1,08

8,98

8 -

2,54

1,17

0

1,79

0,80

6

62,2

24

36,3

88,7

00

5,93

2,60

0

2,61

9,27

2

6,99

0,48

2

91,6

74,6

32

2,21

8,28

9

133,

956

3,15

9,35

6

13,9

97,4

00

-

4,31

3,94

7

1,88

5,65

0

1,11

5,68

4 - -

10,9

50,9

99

-

2,57

1,53

1

1,32

6,12

5 -

2,65

0,38

8

3,03

4,10

2

108,

391

44,5

81,8

00

7,57

3,00

0

3,15

9,35

6

10,0

52,0

80

114,

597,

969

2,99

9,35

2

97,3

09

7,21

3,87

9

16,5

35,0

00

-

5,60

6,55

3

3,28

5,97

2

1,23

4,76

9 - -

12,5

56,3

97

-

3,91

8,00

0

2,41

2,85

7

447,

400

3,41

8,44

2

4,21

0,82

0 -

52,8

05,5

58

10,1

14,7

89

3,94

3,88

9

11,2

19,0

91

142,

020,

077

6,16

3,02

1

64,7

40

9,42

5,56

7

19,8

86,0

00

552,

530

7,59

6,91

0

7,18

7,19

5

728,

263 -

1,00

8,25

0

15,1

16,7

92

-

5,33

6,00

0

6,04

7,78

4

1,36

8,54

7

3,69

7,99

6

5,88

8,54

6

341,

661

58,0

32,0

81

15,8

88,6

16

4,38

3,57

7

18,2

96,1

98

187,

010,

274

10,0

57,5

00

-

9,

026,

829

26,

403,

000

2,

670,

474

7,

651,

922

5,77

1,46

4

802,

538

2,17

5,28

8

4

,936

,276

22,

683,

972

398,

251

6,

233,

000

6,65

4,03

6

1,79

4,43

4

4

,873

,671

5

,280

,697

2

,057

,774

56,

877,

215

19,

132,

991

4,

092,

148

21,

130,

783

220,

704,

263


17

Tabl

e 5:

Com

pany

Per

form

ance

- Li

fe

Com

pany

2005

(GH

¢)20

06 (G

H¢)

2007

(GH

¢)20

08 (G

H¢)

2009

(GH

¢)

Bea

con

Life

Insu

ranc

e C

ompa

ny L

imite

d

Cap

ital E

xpre

ss A

ssur

ance

(Gh)

Lim

ited

Don

ewel

l Life

Insu

ranc

e C

ompa

ny L

imite

d

Ent

erpr

ise

Life

Ass

uran

ce C

ompa

ny L

imite

d

Exp

ress

Life

Ass

uran

ce C

ompa

ny L

imite

d

Gha

na L

ife In

sura

nce

Com

pany

Lim

ited

Gha

na U

nion

Ass

uran

ce C

ompa

ny L

imite

d

Gol

den

Life

Ass

uran

ce C

ompa

ny L

imite

d

Glic

o Li

fe In

sura

nce

Com

pany

Lim

ited

IGI L

ife In

sura

nce

Com

pany

Lim

ited.

Met

Life

Insu

ranc

e G

hana

Lim

ited

Pho

enix

Life

Insu

ranc

e C

ompa

ny L

imite

d.

Pro

vide

nt L

ife A

ssur

ance

Com

pany

Lim

ited

Qua

lity

Life

Ass

uran

ce C

ompa

ny L

imite

d

SIC

Life

Insu

ranc

e C

ompa

ny L

imite

d

Sta

rlife

Ass

uran

ce C

ompa

ny L

imite

d

Uni

que

Life

Ass

uran

ce C

ompa

ny L

imite

d

Van

guar

d Li

fe A

ssur

ance

Com

pany

Lim

ited

TOTA

L

134,

778

1,23

6

1,83

4,12

9

3,81

2,60

6 -

1,88

5,91

7

54,3

30

240,

067

4,82

6,71

4

70,7

56

2,72

5,03

6

423,

366

1,60

5,16

4

690,

735

8,20

4,40

0

2,91

4,67

5

521,

401

1,30

5,85

4

31,2

51,1

63

107,

309

653

2,37

7,18

6

6,51

5,94

8 -

2,13

6,97

0

220,

725

738,

780

7,04

4,87

8

73,4

94

3,46

8,98

3

616,

668

2,44

3,29

3

1,02

1,60

2

14,2

36,3

00

,094

,492

275,

318

4,23

6,69

7

49,6

09,2

97

83,0

03

-

3,86

6,99

0

10,1

47,8

87

-

2,26

9,78

8

422,

113

790,

000

10,6

56,0

11

70,6

36

4,82

0,00

0

1,03

8,76

1

1,06

8,48

8

1,31

7,27

0

21,2

18,7

73

5,60

3,27

1

308,

412

3,85

3,23

8

67,5

34,6

41

- -

3,59

6,66

8

15,4

29,8

97

-

2,74

2,08

9

597,

157

1,14

3,65

9

12,0

48,1

93

111,

448

6,70

5,00

0

1,33

0,10

9

3,60

0,45

0

1,70

5,80

2

27,7

51,0

00

8,19

6,50

8

491,

149

5,79

5,93

3

91,2

45,0

62

-

90,1

38

4,50

7,87

6

23,3

10,7

41

130,

071

3,01

1,22

2

1,23

8,60

3

964,

990

16,6

43,1

26

138,

183

7,22

2,00

0

1,90

6,71

8

4,12

9,48

8

2,57

6,07

1

33,8

69,6

75

12,3

31,1

91

1,28

2,34

2

8,64

7,06

2

121,

999,

497


18

Life business in Ghana has steadily grown over the years. Usually most direct insurers reinsure just a small portion of their life portfolio. This is as a result of the very nature of the business. Life insurance is long-term and insurers deem it safe to keep a lot for their net account, and build up long-term funds for growth.

Ghana Reinsurance Company Limited is the only reinsurer which underwrites life insurance; therefore the figures in Table 7 represent the company’s performance over the period.

Reinsurance Premium Income

It is generally believed that reinsurers follow the fortunes of their direct insurers. This has been proven by the marginal increase of 6.3% in gross premiums for non-life reinsurance compared to the previous year’s growth of 39%, while that of direct insurers was 18%.

This huge drop may be attributed to the withdrawal of the compulsory cession which Ghana Reinsurance Company Limited had enjoyed since its inception (Section 213 (4) of Act 724). In addition, there is an indirect relationship between the retention levels of direct companies and the extent of reinsurance cover purchased. Reinsurance companies will have to strive harder to make an impact on our market.

Table 6: Growth in Reinsurance Gross Premium Income (Non-Life) 2005 – 2009

Year

2005

2006

2007

2008

2009


24,030,847

32,017,476

38,399,239

53,383,694

56,780,084

Growth Rate

-

33.2 %

19.9 %

39.0 %

6.3 %

Figure 4. Growth in Non-life Premium Income (RI)


19

Table 7: Growth in Reinsurance Gross Premium Income (Life) 2005 – 2009

Year

2005

2006

2007

2008

2009


458,337

820,180

541,500

1,156,607

1,528,296

Growth Rate

-

78.9 %

-33.9 %

113.6 %

32.1 %

Figure 5. Growth in Gross Premium Income - Reinsurance (Life)

Premium Income by Class of Business (2005 - 2009) Motor insurance has always been the highest non-life premium earner. However, its share of the total market premiums has dwindled since year 2006. This line of non-life business earned GH¢ 48.9m in year 2005 and by the end of 2009 its contribution was GH¢ 105.7. It must be noted that for the very first time Life has more market share than motor (Table 8).

In Ghana, motor insurance is the only line that is compulsory and also governed by tariffs. A 30% increase in tariff has been agreed and will take effect from 1st August, 2010. This is expected to increase gross premiums in this sector.

Gross premium amount for accident insurance includes general accident, burglary, engineering and workmen’s compensation among others. Accident insurance was the 3rd highest non-life premium earner in 2009, but the 4th in terms of total market premiums. Gross premium was GH¢ 17.9m in year 2005 and this increased to GH¢ 37.9 m in 2007, while increasing again to GH¢ 48.8m in 2009. With respect to market share, accident contributed 17.7% in year 2008 but this dipped to 14.2% in 2009.

Fire insurance recorded a little over GH¢ 50m in gross premium in year 2009. This was the 2nd highest contributor to total non-life market premium in year 2009. It started with a gross premium income of GH¢ 15.4m in 2005. It is worthy to note that its growth rate increased from 11.2% to 14.6% between 2008 and 2009. It is expected that both

Table 7: Growth in Reinsurance Gross Premium Income (Life) 2005 – 2009

Year

2005

2006

2007

2008

2009


458,337

820,180

541,500

1,156,607

1,528,296

Growth Rate

-

78.9 %

-33.9 %

113.6 %

32.1 %


20

accident and fire insurance premiums will record significant increases when sections 183 and 184 of Insurance Act, 2006 (Act 724) become fully operational.

Marine insurance does not just continue to have the smallest share of the market premiums but its share has also consistently dwindled over the years. In Ghana this line of business comprises mainly cargo. It is important to note that the absolute gross marine premium income fell from GH¢ 13.1 million in year 2008 to GH¢ 9.94 million in 2009. The market share also declined from 4.8% to 2.9%. This worrying trend is mainly due to the fact that the industry has not been able to effectively enforce section 37 of the Insurance Act.

The life insurance sector experienced a tremendous growth over the period and in 2009 had the highest market share of 35.7%. The sector was the only one that did not experience fluctuations within the period. It started with a gross premium of GH¢ 31.2m in 2005 and increased steadily to GH¢ 67.5m in 2007 and GH¢ 121.9 m in 2009.

Life insurance companies have been very innovative and developed a lot of new products for the market. Presently some companies are into microinsurance and some banks have entered into bancassurance partnerships with insurance companies. The advantage of this partnership is that insurance companies have access to existing client base of banks, while the banks also gain the opportunity of increasing their earnings by way of commissions.

In conclusion, non-life gross premium income continued to increase in year 2009 albeit at a decreasing rate in the non-life sector. Insurance companies have developed new products and also found new ways of selling these products. Consequently, it is expected that this positive trend will continue.

The industry still has a lot of potential and can go a long way if certain provisions of the Insurance Act are fully implemented.

Figure 6. Premium Income Distribution by Class of Business


21

Tabl

e 8:

Pre

miu

m In

com

e D

istri

butio

n B

y C

lass

of B

usin

ess

2005

-200

9

Com

pany

2005

(GH

¢)20

07 (G

H¢)

Mot

or

Acc

iden

t

Mar

ine

Fire

Oth

ers*

Life/Health

TOTA

L

48,9

83,0

58

17,9

05,6

40

9,36

6,01

0

15,4

19,9

24

-

31,2

51,1

63

122,

925,

795

69,0

68,8

58

37,9

17,4

57

9,96

4,21

5

24,6

46,1

92

423,

355

67,5

34,6

41

209,

554,

718

%%

39.8

14.5 7.6

12.5 -

25.6

100

32.9

18.1 4.9

11.7 0.2

32.2

100

2006

(GH

¢)

59,0

33,7

90

22,3

37,5

33

9,77

0,86

0

23,4

55,7

86

-

49,6

09,2

97

164,

207,

266

% 35.9

13.6 6.0

14.3

30.2

100

2008

(GH

¢)

91,4

46,1

50

49,3

44,7

56

13,1

08,8

18

31,0

61,2

00

2,0

49,3

50

91,2

45,0

62

278,

255,

336

% 32.8

17.7 4.8

11.2 0.8

32.7

100

2008

(GH

¢)

105,

735,

687

48,

869,

059

9,

953,

017

50,

087,

462

6

,154

,637

121,

999,

497

342,

703,

760

% 30.9

14.2 2.9

14.6 1.7

35.7

100

*Inc

lude

s Tr

avel

and

Bon

ds

Tabl

e 9.

Pre

miu

m In

com

e D

istri

butio

n B

y C

lass

of B

usin

ess

- 200

9

Cla

ss o

f Bus

ines

sA

mou

nt (G

H¢

)

Mot

or

Fire

Gen

eral

Acc

iden

t

Mar

ine

Car

go

Oth

ers

(incl

. Tra

vel,

Bon

ds

Engineering/CAR

Public/BankersLiability

Pers

onal

Acc

iden

t

MarineHull/Aviation

Wor

kmen

’s C

ompe

nsat

ion

Bur

glar

y

Tota

l

105,

697,

447

50,0

61,1

72

37

,494

,234

8,9

79,8

74

6,1

54,6

37

5

,126

,947

3,

659,

815

1

,163

,163

9

63,5

83

934

,203

473

,188

220

,704

,263


22

THE BROKER MARKET

One new broking firm, namely: Premier Brokers and Consultants Limited was licensed in year 2009.

Performance Of The Broking Companies

The brokerage amount for year 2009 represents the actual contributions of thirty-seven companies which had submitted their audited accounts as at the time this report was being prepared. A ten percent increase in earnings was projected for four companies with the three stars after their names, because they had not submitted their audited accounts to the Commission.

Table 10: Brokerage Earned by Broking Companies 2005 – 2009

Company 2005 (GH¢) 2006 (GH¢) 2007 (GH¢) 2008 (GH¢) 2009 (GH¢)

KEK Insurance Brokers Limited

Edward Mensah, Wood & Associates

Crown Insurance Brokers Limited

Gras Savoye Ghana Limited

Safety Insurance Brokers Limited

KEK Reinsuance Brokers Limited

Horizon Insurance Brokers Limited

All Risks Consultancy Limited

Tri-Star Insurance Services Limited

Danniads Limited

CLAIM Limited

Alpha

Akoto Risk

Insurance Consult.

Marine & Gen.

Trans-National

Midas

Universal***

Progressive

Ghana International Insurance Brokers

First Anchor

AG & Assoc.

Prudent

Lordship

Newland Risk

Dynamic

2,201,940

680,780

141,599

-

137,181

-

92,135

158,571

250,968

191,359

233,155

-

90,582

158,045

107,804

97,598

-

95,927

6,870

-

5,138

23,156

17,553

102,181

17,418

2,642,328

941,097

234,780

-

157,216

-

125,015

202,245

171,266

252,623

242,467

-

133,347

229,891

125,216

102,364

-

117,878

23,784

-

14,258

65,233

27,032

122,617

18,006

2,191,152

1,080,230

290,613

3,640

324,055

63,367

226,286

251,295

264,602

332,527

252,469

-

165,316

180,551

193,456

150,977

-

127,024

56,399

5,438

21,777

77,132

39,715

112,707

19,543

2,756,246

1,610,991

428,168

382,505

534,470

302,231

273,906

275,864

297,975

453,737

266,957

263,384

190,263

185,279

217,186

116,070

38,962

154,258

67,833

152,866

52,766

104,058

135,991

124,884

60,656

3,868,654

2,052,984

682,447

584,334

545,373

540,846

540,603

524,748

521,096

454,828

323,408

267,071

242,446

224,952

213,486

208,129

178,835

169,684

167,664

150,900

140,462

129,145

122,274

120,038

108,773

105,718


23

Note: ***A 10% increase in gross earnings has been projected for companies whose audited accounts for year 2009 had not been submitted as at the time of this report..

Maxpal Interm.

Double D & M***

Ceris***

Saviour

Global Impact***

Jerock

Insurance Centre

Ark

Apex

Int’l Consort.

Manyo-Plange

Asterix

Inter-Africa

Shield

Allied

Alliance

UD Ins. Serv.

TOTAL

47,212

46,220

-

35,581

47,215

9,086

-

14,020

20,513

17,962

8,670

-

4,421

-

2,988

120,496

2,881

5,066,727

46,010

61,213

-

17,275

75,337

36,342

-

27,506

14,205

31,838

13,183

-

5,164

-

3,287

172,577

3,458

6,283,451

58,911

76,104

66,116

19,155

55,666

43,637

39,519

45,132

32,421

36,970

19,278

-

6,524

-

11,198

-

4,125

6,945,054

65,901

73,183

70,596

68,152

57,229

58,616

49,695

101,520

40,643

40,717

28,502

7,344

15,747

-

19,354

-

-

10,144,705

86,916

80,501

77,655

65,287

62,952

61,967

59,967

55,178

50,330

41,418

40,196

34,364

23,222

23,135

11,727

-

-

13,963,713

Earnings of top 10 companies

Percentage of top 10 companies

4,084,803

80.6

5,207,260

82.8

5,406,685

77.8

7,316,093

72.1

10,315,913

73.8

Table 11: Growth in Commissions Earned 2005 - 2009

Year

2005

2006

2007

2008

2009

Commission Earned (¢)

5,066,727

6,283,481

6,945,054

10,144,705

13,963,713

Growth Rate

-

24.0

10.5

46.1

37.6

Total gross brokerage increased over the period. In 2005 market brokerage was GH¢ 5.06m and by 2009 had increased to GH¢ 13.9m (refer to table 11). There have been fluctuations in the growth of brokerage. In 2006 earnings increased by 24% but this fell sharply to 10.5% the following year and then rose steeply to 46.1% in 2008. As at the end of 2009 it had reduced to 37.6%.


24

The top 10 broking companies contributed GH¢ 4.08m and GH¢ 10.3m and a market share of 80.6% and 73.8% in 2005 and 2009 respectively. These had KEK Brokers and Edward Mensah, Wood and Associates occupying the two topmost positions with Tri-Star and Danniads taking the bottom two positions. Crown Brokers earned the 3rd while Safety contributed the 5th highest brokerage. Safety Brokers Limited contributed the 3rd highest brokerage in 2008.

Some broking firms are making an impact on the Ghanaian insurance market. For instance Gras Savoye, a fairly new company managed to contribute the 4th highest brokerage in 2009. It is expected that a lot more companies will adopt vigorous marketing strategies and also help direct insurers develop more innovative products for sale. We look forward to a time where most broking companies will shift from just selling products for insurers and actually undertake risk assessment and draft policy wordings for negotiation.

Figure 7. Brokerage in millions of Cedis

Table 12. Contribution of 10 Top companies2005 - 2009

Year

2005

2006

2007

2008

2009

Commission Earned (¢)

5,066,727

6,283,481

6,945,054

10,144,705

13,963,713

Earnings by Top 10 Companies

4,084,803

5,207,260

5,406,685

7,316,093

10,315,792


25

INTRODUCTION

Whereas the Life sector grew by 33% from 2008 to 2009, the non-life sector grew by just 18% in terms of gross premium income. The low growth rate of the non-life sector can be attributed to the low growth rate of the general economy in 2009, and the effects of the intense competition the sector is currently witnessing. The other growth indicators have been summarized in the tables below.

Table 13: Key Growth Indicators (LIFE) 2008 - 2009

Indicator

Premium Income

Total Assets

Total Investments

Actuarial Liabilities

Total Capitalisation

2008 (GH¢’ m)

91.2

193.6

144.4

119.6

64.2

2009 (GH¢’ m)

121.9

252.1

172.3

167

70.7

Growth Rate

33%

30%

19%

40%

10%

Table 14: Key Growth Indicators (NON-LIFE) 2008 - 2009

Indicator

Premium Income

Premium Debtors

Total Assets

Total Investments

Technical Provisions

Total Capitalisation

2008 (GH¢’ m)

187.2

114.3

405.5

158

93

201.3

2009 (GH¢’ m)

220.8

130

471

211.3

129

220.8

Growth Rate

18%

14%

16%

15%

28%

10%

Insurance Market Financial And Ratio Analysis


26

The industry average key performance indicators (ratios) have been presented in the tables below for non-life and life respectively

Table 15: Industry Average Ratios (Non-life) 2007 - 2009

Ratio

Claims (%)

Expense (%)

Combined (%)

Return on Equity (%)

Retention (%)

Investment Income as a % of Investments (%)

Investment Income as a % of Premiums (%)

Gross Premium to Equity

Outstanding premiums as % of Gross Premium (%)

Outstanding premiums as a % of Total Assets (%)

Underwriting Profit as a % of Gross Premium (%)

Return on Assets (%)

Investments to Total Assets(%)

2009

18

43

61

10

72

14

7

1.9x

44

29

-6

6

39

2008

17

34

51

21

62

9

6

1.8x

43

29

2

9

45

2007

16

30

46

18

64

10

6

1.9x

34

25

4

6

52

Table 16: Industry Average Ratios (Life) 2007 - 2009

Ratio

Claims (%)

Expense (%)

Combined (%)

Return on Equity (%)

Retention (%)

Investment Income as a % of Investments (%)

Investment Income as a % of Premiums (%)

Gross Premium to Equity

Underwriting Profit as a % of Gross Premium (%)

Return on Assets (%)

Investments to Total Assets (%)

2009

39

59

98

-12

96

16

26

3.9x

-49

-5

62

2008

36

40

76

16

96

11

18

2.0x

-16

4

72

2007

31

32

63

7

98

6

16

1.2x

-16

7

72


27

CLAIMS RATIO

The claims ratio which is the percentage of claims incurred to gross premiums, measures underwriting efficiency. The lower the ratio, the better the underwriting efficiency. The claims figures used to calculate this ratio include surrenders, withdrawals and maturities.

Performance Indicators, Life Companies

Table 17: Claims Ratio

Company

Industry Average

Capital Express Assurance (Ghana) Limited

CDH Life Assurance Company Limited

Donewell Life Insurance Company Limited

Enterpirse Life Assurance Company Limited

Express Life Insurance Company Limited


Ghana Union Assurance Life Company Limited

GLICO Life Insurance Company Limited

IGI Life Assurance (Ghana) Limited

Metropolitan Life Insurance Company Limited


Provident Life Assurance Company Limited

Quality Life Assurance Company Limited

SIC Life Company Limited

StarLife Assurance Company Limited


Vanguard Life Assurance Company Limited

2009

39

1

31

43

20

1

76

15

41

57

36

22

72

21

59

31

17

45

2008

36

-

51

29

18

-

55

14

40

71

40

20

50

21

56

31

20

53

2007

31

-

68

-

13

-

77

-

32

54

33

10

19

16

51

31

55

41

Percentage (%)

The industry average moved up from 36% in 2008 to 39% in 2009 due mainly to increase in surrender rates. SIC Life, Ghana Life and Provident Life recorded the highest claims ratio. The very low ratios for Capital Express and Express Life is due to the fact that they are new companies.


28

EXPENSE RATIO

The expense ratio is the percentage of total management expenses to gross premiums. The lower the ratio, the better in terms of management efficiency.

The industry average, just like the non-life has risen sharply from 32% in 2008 to 59% in 2009. Clearly the ratios of Capital Express and Express Life are out of range because they are new companies. Even though IGI Life is not a new company, its revenues are unable to sustain its overheads. Generally, the ratios of Metropolitan Life, Ghana Life, Donewell Life, CDH Life and Unique Life are too high.

Table 18: Expense Ratio

Company

Industry Average


















2009

59

546

87

51

26

581

57

39

28

201

60

67

43

48

24

36

87

28

2008

40

-

52

39

28

-

35

43

31

236

53

62

37

50

22

40

96

25

2007

32

-

44

-

27

-

35

-

23

66

61

49

19

12

19

44

82

32

Percentage (%)


29

COMBINED RATIO

This is calculated as Total Claims + Total Management Expenses divided by Gross Premium. It is the combination of the claims and management ratios.

The industry average has risen from 63% in 2007 to 98% in 2009.

Gross premium received by the two new companies and five existing companies cannot cover their claims and management expenses. Cost control measures have to be instituted by the existing companies in order to remain viable.

Table 19: Combined Ratio

Company

Industry Average


















2009

98

547

118

94

45

583

133

53

69

258

96

89

115

69

83

67

104

72

2008

76

-

103

68

46

-

90

57

71

307

93

82

86

70

77

71

116

79

2007

63

-

112

-

40

112

-

56

120

93

59

38

28

70

75

137

73

Percentage (%)


30

RETURN ON EQUITY RATIO

Return on equity is the net profit after tax as a percentage of shareholders’ funds (Equity). It measures the profitability of the companies; the higher the percentage, the more profitable the company.

The high expense and combined ratios have led to the massive deterioration in the return on equity from positive 16% in 2008 to negative 12% in 2009. The shareholders are therefore not getting the needed return on their investments.

Table 20: Return On Equity Ratio

Company

Industry Average


















2009

-12

-71

41

108

29

-96

5

12

26

-30

-351

17

-226

9

-8

18

-26

-1

2008

16

39

59

160

43

-

15

5

12

26

-102

3

5

1

10

26

16

33

2007

7

-

1

-

39

-

173

1

43

12

-246

24

1

17

12

3

1

28

Percentage (%)


31

RETENTION RATIO

Retention ratio is a risk management ratio. This ratio measures the percentage of net premiums to gross premiums. It indicates the portion of the underwritten risks that have

Apart from Ghana Union, almost all the Life companies are not ceding some of their risks to reinsurers. This is typical of life companies who have to invest in long term assets because of the nature of their business.

Table 21: Retention Ratio

Company

Industry Average


















2009

96

100

91

100

98

100

100

60

99

100

99

94

100

99

100

100

99

97

2008

96

-

80

100

99

-

100

77

99

100

99

91

100

99

100

100

99

96

2007

98

-

100

-

98

-

100

-

100

100

98

92

98

100

99

100

99

98

Percentage (%)


32

INVESTMENT INCOME AS A PERCENTAGE OF TOTAL INVESTMENT RATIO

Investment income as a percentage of total investments measures the rate of return on investments. It gives an indication of the quality of the investments made and held by the various companies.

The increase from 11% in 2008 to 16% in 2009 can be attributed to the high interest rates in 2009 mainly in fixed deposits of banks.

Table 22: Investment Income As A Percentage Of Total Investment Ratio

Company

Industry Average


















2009

16

26

10

17

16

26

17

17

9

10

21

12

20

22

18

11

21

14

2008

11

-

2

11

8

-

11

17

6

6

28

10

17

13

9

9

16

14

2007

6

-

2

-

7

-

16

1

6

2

15

6

5

12

7

9

7

9

Percentage (%)


33

INVESTMENT INCOME AS A PERCENTAGE OF PREMIUM RATIO

Investment income as a percentage of premium compares a company’s income from investment to its premium income. This ratio measures the extent of support from investment income. It indicates both the quality and adequacy of the investments. This is very relevant considering the fact that life companies usually make underwriting losses and have to depend on income from investments to make profits.

The relatively high increase from 18% in 2008 to 26% in 2009 is influenced by the 126% recorded by the new company, Express Life Insurance Company Limited.

Table 23: Investment Income As A Percentage Of Premium Ratio

Company

Industry Average


















2009

26

41

13

16

20

126

32

37

15

34

40

17

25

41

22

21

41

13

2008

18

-

3

16

11

-

24

41

11

59

27

16

29

26

15

16

51

16

2007

16

-

10

-

9

27

-

7

22

32

10

23

26

10

16

49

12

Percentage (%)


34

GROSS PREMIUM TO EQUITY RATIO

The premium equity ratios try to assess the capital adequacy of insurance companies. The ratio measures how much capital is available to support the premiums underwritten by a company. As at 2009, the industry average of 2.9 means that GH¢1 of capital supports as much as Gh¢2.9 of gross premium.

The benchmark or industry best practice is however pegged at 2. This means that a ratio significantly above 2 indicates that the company may be overtrading whiles a ratio which is well below 2 means that the company is not utilizing its capital. The low ratios of Phoenix, Ghana Union Life, IGI Life, Capital Express and Express Life are due more to low business volumes than to high capitalisation.

Table 24: Gross Premium To Equity Ratio

Company

Industry Average


















2009

2.9

0.2

0.8

2.7

2.3

0.2

1

1.1

1

0.2

9.2

1.5

12.6

2

1.5

2.6

0.7

4.5

2008

2.0

-

1.9

8.4

1.8

-

1.2

0.6

0.9

0.1

26.6

1.3

3.4

1.4

0.9

2.9

0.6

2.9

2007

1.2

-

0.2

-

1.9

-

-1.3

-

2.5

0.1

7.7

1.1

1.1

1.1

0.9

0.9

0.3

3.0

Percentage (%)


35

NET PREMIUM TO EQUITY RATIO

The net premium to equity ratio does the same function as the gross premium to equity ratio. The only difference is that the net premium to equity ratio measures the relation of the net premium and not the gross premium of a company to its capital. The industry average rose from 1.9 in 2008 to 2.8 in 2009.

The high ratios of Metropolitan Life and Provident Life are due to capital inadequacy.

Table 25: Net Premium To Equity Ratio

Company

Industry Average


















2009

2.8

0.2

0.7

2.7

2.2

0.2

1

0.6

1

0.2

9.1

1.4

12.6

2

1.5

2.6

0.6

4.3

2008

1.9

-

1.5

8.4

1.8

1.2

0.5

0.9

0.1

26.3

1.1

3

1.4

0.9

2.9

0.6

2.8

2007

1.2

-

0.2

-

1.9

-1.3

-

2.5

0.1

7.6

1.0

1

1.1

0.9

0.9

0.3

2.9

Percentage (%)


36

CAPITAL TO LIABILITIES RATIO

The capital to total liabilities ratio compares the liabilities of the company to its capital. A capital to total liabilities ratio of 2.5 for example means for every cedi of equity, the company has GH¢ 2.5 cedis of liabilities.

Table 26: Capital To Liabilities Ratio

Company

Industry Average


















2009

0.5

2

0.6

0.1

0.4

1.5

0.4

0.9

0.9

1.2

0.04

0.5

0.05

0.3

0.5

0.2

1

0.2

2008

2.5

0.0

0.4

23.2

1.7

-

2.9

0.7

1.3

0.4

48.7

1.8

6.8

3.1

0.9

5.7

2.7

3.6

2007

2.3

-

1.1

-

1.7

-

3.9

-

3.3

0.3

19.1

1.5

5.7

2.4

1.1

1.2

0.9

4.5

Percentage (%)


37

UNDERWRITING PROFIT AS A PERCENTAGE OF GROSS PREMIUMS RATIO

This ratio measures underwriting profits as a percentage of gross premiums. It generally tries to ascertain the portion of the gross premiums that is available to contribute towards profits. It is calculated by dividing the underwriting profit by the gross premiums. Underwriting profits for this purpose is defined as net earned premium minus

Even though the life companies have been making underwriting losses since 2007, the extent of the losses have certainly increased mainly due to the very high expense and combined ratios. Only two companies, Enterprise Life and Glico Life recordered underwriting profit in 2009.

Table 27: Underwriting Profit as a Percentage of Gross Premiums Ratio

Company

Industry Average


















2009

-49

-409

-56

-58

1

-574

-58

-3

10

-264

-70

-22

-43

-36

-28

-15

-81

-13

2008

-16

-

-35

-62

0.4

-

-11

3

2

-357

-6

-18

-28

-27

-5

-10

-24

-5

2007

-16

-

-20

-

-3

-

-159

-

5

-201

-39

-2

-22

-10

-3

-12

-46

-21

Percentage (%)


38

INVESTMENT TO TOTAL ASSETS RATIO

Investment to total asset ratio measures the portion of a company’s asset that are in real investments and is therefore readily available to be converted into cash to settle liabilities. In a way it gives an indication of the quality of the company’s assets.

Generally, the life companies have better ratios than the non-life mainly because the life companies do not have the problem of outstanding debtors which deprive them of investible funds.

The industry average dipped drastically from 72% in both 2007 and 2008 to 62% in 2009.

Table 28: Investment to Total Assets Ratio

Company

Industry Average


















2009

62

23

41

31

90

63

55

18

73

42

73

72

73

75

59

89

62

71

2008

72

34

68

50

91

-

67

84

76

75

52

75

76

69

76

83

76

72

2007

72

-

73

-

84

-

76

-

68

79

83

76

75

74

73

72

96

72

Percentage (%)


39

RETURN ON ASSETS RATIO

This ratio measures the return that a company makes on the assets it employs in its operations. It is calculated as the net profit before tax divided by total assets.

As expected, the declining profitability of the life sector shows in the steady downward trend in this ratio from 7% in 2007 to 3% in 2009. Six out of 17 companies made net loss before tax in 2009 whilst one company made neither profit nor loss.

Table 29: Return on Assets Ratio

Company

Industry Average


















2009

3

-59

16

12

9

-58

1

6

12

-16

15

5

-11

2

-2

3

-13

0

2008

4

-

15

-6

16

-

4

3

5

19

-2

2

1

0

5

4

-16

7

2007

7

-

-1

-

14

-

60

1

10

-10

-12

16

0

5

6

2

9

-5

Percentage (%)


40

LIFE INSURANCE INDUSTRY AGGREGATED BALANCE SHEET

Table 30: Life Insurance Industry Aggregated Balance Sheet as at 31 Dec, 2009

Stated Capital

Capital Surplus

Income Surplus

Contingency Reserve

Shareholders’ Funds

Represented By:

Fixed Assets

Investment Properties

Long Term Investments

Current Assets

Policy Loans

OtherDebtors/Loans

Amount Due From Reinsurers

Taxation

Short Term Investments

CashFunds/Resources

Current Liabilities

Provision For Unearned Premiums

Provision For Claims

Amount Due To Reinsurers

Bank Overdraft

Creditors

Taxation

Proposed Dividend

NetCurrentAsset/Liabilities

2008

GH¢

47,915,120.00

11,594,362.00

2,888,310.00

1,819,083.00

64,216,875.00

13,782,299.00

12,987,250.00

60,111,845.00

86,881,394.00

650,856.00

18,217,649.00

-

254,269.00

71,352,142.00

9,279,223.00

106,754,139.00

100,066.00

1,051,695.00

122,556.00

471,832.00

5,212,839.00

82,474.00

420,217.00

7,461,679.00

99,292,460.00

2009

GH¢

56,916,168.00

13,871,044.00

(3,281,561.00)

3,190,416.00

70,696,067.00

19,463,644.00

19,440,054.00

45,216,391.00

84,120,089.00

15,157,726.00

23,569,485.00

304,904.00

382,882.00

108,196,591.00

20,376,799.00

167,988,387.00

-

1,057,027.00

703,737.00

725,236.00

11,301,060.00

187,414.00

387,268.00

14,361,742.00

153,626,645.00

Notes

1

2

3


41

Actuarial Liabilities

Other Long Term Liabilities

NetAssets/Liabilities

119,557,008.00

2,399,971.00

121,956,979.00

64,216,875.00

166,980,073.00

70,594.00

167,050,667.00

70,696,067.00

Table 31: Notes to the Life Industry Aggregate Balance Sheet

Note 1 - Fixed Assets

Land & Buildings

Furniture, Fittings & Equipment

Motor Vehicles

Work in Progress

Intangibles

Computer Equipment

Note 2 - Long Term Investments

Quoted Shares

Unquoted shares

Government Bonds

Others

Corporate Bonds

NOTE 3 - Short Term Investments

Treasury Bills

Fixed Deposits

Call Accounts

Unit Trusts

Bonds

2009

GH¢

9,895,018.00

2,455,105.00

3,075,843.00

2,709,490.00

122,525.00

1,205,663.00

19,463,644.00

25,985,916.00

6,890,335.00

315,707.00

11,874,465.00

149,968.00

45,216,391.00

29,081,505.00

74,709,663.00

2,804,377.00

1,032,039.00

569,007.00

108,196,591.00

2009

GH¢

9,895,018.00

2,455,105.00

3,075,843.00

2,709,490.00

122,525.00

1,205,663.00

19,463,644.00

25,985,916.00

6,890,335.00

315,707.00

11,874,465.00

149,968.00

45,216,391.00

29,081,505.00

74,709,663.00

2,804,377.00

1,032,039.00

569,007.00

108,196,591.00


42

Table 32: Make Up Of Assets

Fixed Assets



Investments in Subsidiaries

Policy Loans

Other Debtors

Amount Due from reinsurers

Taxation


CashFunds/Resources

2009

GH¢

19,463,644.00

19,440,054.00

45,216,391.00

-

15,157,726.00

23,569,485.00

304,904.00

382,882.00

108,196,591.00

20,376,799.00

252,108,476.00

2008

GH¢

13,782,299.00

12,987,250.00

60,111,845.00

-

7,650,856.00

18,217,649.00

-

254,269.00

71,352,142.00

9,279,223.00

193,635,533.00

%

7.7

7.7

17.9

0.0

6.0

9.3

0.1

0.2

42.9

8.1

100

%

7.1

6.7

31.0

0.0

4.0

9.4

0.0

0.1

36.8

4.8

100.0


43

CLAIMS RATIO

The claims ratio, which is the percentage of claims incurred to gross premiums, measures underwriting efficiency. The lower the ratio, the better the underwriting efficiency.

The industry average has gradually but steadily increased from 16% in 2007 to 18% in 2009. Ghana Union, NSIA, Donewell and GLICO General recorded the most significant increases in their claims ratios. On the other hand, Activa and Equity recorded dramatic reductions whiles Intercontinental Wapic shows almost nothing.

Performance Indicators, Non-Life Companies

Table 33: Claims Ratio

Percentage (%)

2009

18

5

32

25

7

35

29

27

-

1

12

21

15

6

22

10

14

23

28

12

22

15

14

13

2008

17

50

12

22

18

29

19

5

11

-

1

23

13

-

12

14

12

23

23

11

17

13

15

10

2007

16

6

12

17

-

27

21

6

18

-

-

29

15

-

21

8

1

24

19

-

18

22

16

12

Company

Industry Average

Activa International Insurance Company Ltd

Donewell Insurance Company Limited

Enterprise Insurance Company Limited

Equity Assurance Limited

Ghana Reinsurance Company Limited

Ghana Union Assurance Company Limited

GLICO General Insurance Company Limited

IGI Insurance Company Limited

Intercontinental Wapic Insurance

International Energy Insurance Company Limited

Mainstream Reinsurance Company Limited

Metropolitan Insurance Company Limited

NEM Insurance (Ghana) Ltd

NSIA Ghana Insurance Company Limited

Phoenix Insurance Company Limited

Prime Insurance Company Limited

Provident Insurance Company Limited

Quality Insurance Company Limited

Regency Alliance Insurance Limited

SIC Insurance Company Limited

Star Assurance Company Limited

Unique Insurance Company Limited

Vanguard Assurance Company Limited


44

EXPENSE RATIO

The expense ratio measures management expenses as a percentage of gross premiums. The lower the ratio, the better in terms of management efficiency.

There was a sharp rise in the industry average from 34% in 2008 to 43% in 2009. All the non-life companies except Provident and Metropolitan and the two reinsurers recorded significant increases in their expense ratios.

Table 34: Expense Ratio

Percentage (%)

2009

43

19

66

24

48

19

17

41

-

41

58

15

21

103

56

33

59

53

50

44

47

36

57

32

2008

34

12

51

21

13

18

15

22

128

-

169

18

22

-

30

28

42

57

23

125

40

25

45

28

2007

30

17

45

22

-

19

18

26

57

-

-

19

21

-

32

39

95

50

19

-

38

28

42

33

Company

Industry Average

























45

The increasing ratio of the industry average is an indication of declining profitability of the companies.

COMBINED RATIO

The is calculated as total claims + total management expenses divided by gross premium. It is the combination of the claims and management ratios.

Table 35: Combined Ratio

Company

Industry Average
























2009

60

24

98

49

54

55

46

68

-

42

71

37

36

109

79

44

73

76

77

56

69

51

71

45

2008

51

62

63

43

31

47

34

27

139

-

70

41

35

-

42

42

54

80

46

135

58

39

60

38

2007

46

22

57

39

-

46

39

32

75

-

-

48

35

-

53

47

96

73

38

-

55

50

58

45

Percentage (%)


46

Table 36: Return on Equity Ratio

Company

Industry Average
















2009

10

20

-30

5

25

18

36

24

-

-0.4

-21

12

26

-11

-25

38

2008

21

36

4

13

-58

38

41

31

-7

-

-24

14

34

-

26

25

2007

18

-3

19

16

-

28

33

30

-

-

-

9

10

-

40

13

Percentage (%)

RETURN ON EQUITY RATIO

Return on equity is the net profit after tax as a percentage of shareholders’ funds (Equity). It measures the profitability of the companies; the higher the percentage, the more profitable the company.









22

3

18

7

10

20

15

17

2

3

39

-34

13

31

21

15

-19

6

29

-

13

16

21

26

Most of the non-life companies recorded significant declines in their ROE. A number of them actually recorded losses (negtive ROE). This pushed down the industry average from 21% in 2008 to just 10% in 2009.


47

RETENTION RATIO

Retention ratio is a risk management ratio. This ratio measures the percentage of net premiums to gross premiums. It indicates the portion of the underwritten risks that have not been passed on to reinsurers.

The ratio increased from 62% in 2008 to 72% in 2009. The companies thus reduced passing on their underwritten risks to reinsurers.

Table 37: Retention Ratio

Percentage (%)Company

Industry Average
























2009

72

19

92

54

83

92

46

93

-

88

90

71

39

99

66

65

67

78

69

93

72

74

73

56

2008

62

9

76

44

77

91

38

70

73

-

22

71

49

-

64

56

78

77

79

85

74

55

75

44

2007

64

10

76

46

-

93

41

84

73

-

-

78

42

-

64

59

77

79

76

-

68

69

78

48


48

INVESTMENT INCOME AS A PERCENTAGE OF TOTAL INVESTMENTS RATIO

Investment Income as a percentage of total investments measures the rate of return on investments. It gives an indication of the quality of the investments made and held by the various companies. The industry average moved up from 9% in 2008 to 14% in 2009 mainly due to the high interest rates in 2009.

Table 38: Investment as a Percentage of Total Investments Ratio

Percentage (%)Company

Industry Average
























2009

14

3

0

7

20

14

10

21

-

10

25

10

21

23

14

15

27

7

19

16

5

12

13

12

2008

9

0

5

6

13

10

8

12

7

-

8

11

13

-

10

10

22

6

14

11

5

9

7

12

2007

10

0

6

10

-

9

9

10

2

-

-

14

6

-

9

7

31

5

14

-

4

5

7

27

SIC, Enterprise and Provident recorded relatively low incomes whilst Prime, IEI and NEM recorded higher investment incomes when compared with treasury bills and fixed deposit rates prevailing on the market.


49

INVESTMENT INCOME AS A PERCENTAGE OF GROS S PREMIUMS

Investment income as a percentage of premiums tries to compare a company’s income from investment to its premium income. This ratio measures the extent of support from investment income. It indicates both the quality and adequacy of the investments. This is very relevant considering the fact that, most companies make underwriting losses and have to depend on income from investments to make profit.

Ghana Union, NSIA, GLICO General and Ghana Re recorded very impressive ratios. Donewell, Activa and International Energy recorded the lowest ratios.

Table 39: Investment as a Percentage of Gross Premiums Ratio

Percentage (%)

2009

9

0.2

0.2

5

6

21

13

13

-

6

2

9

9

40

12

7

4

4

10

4

3

9

7

4

2008

6

0

1

6

16

10

9

5

10

-

4

9

7

-

8

4

5

5

7

8

4

8

4

4

2007

6

0

4

3

-

9

19

5

1

-

-

11

3

-

8

4

19

5

7

-

3

5

4

11

Company

Industry Average

























50

GROSS PREMIUM TO EQUITY RATIO

The premium equity ratios try to assess the capital adequacy of insurance companies. The ratios measure how much capital is available to support the premiums underwritten by a company.

Table 40: Gross Premium to Equity Ratio

Company

Industry Average


Beacon Insurance Company Limited






GLICO General Company Limited

















2009

1.9

6.5

1.0

2.0

1.2

2.1

0.8

1.6

2.6

-

1.1

1.6

1.1

2.7

0.3

2.4

2.0

2.1

0.9

2.0

1.4

0.9

2.5

1.7

3.0

2008

1.8

4.3

-

2.5

1.0

0.9

0.8

2.2

4.3

0.5

-

0.3

1.3

2.2

-

1.9

2.9

1.3

0.7

2.4

0.4

0.9

2.2

2.0

3.0

2007

1.9

3.3

-

5.0

1.6

-

0.9

2.3

2.8

1

-

-

1.1

2.7

-

1.8

2.1

0.5

0.6

2.7

-

1.0

2.0

2.2

2.3

Percentage (%)

The gross premium to equity ratio of 1.9 means that Gh¢ 1 of capital supports as much as Gh¢ 1.9 of gross premium. The benchmark or industry best practice is however pegged at 2. This means that a ratio significantly above 2 indicates that the company may be overtrading whiles a ratio which is well below 2 means that the company is not utilising its capital capacity efficiently.


51

NET PREMIUM TO EQUITY RATIO

The net premium to equity ratio does the same function as the gross premium to equity ratio. The only difference is that the net premium to equity ratio measures the relation of the net premium and not the gross premium of a company to its capital.

Table 41. Net Premium to Equity Ratio

Company

Industry Average
























2009

1.2

1.2

1.8

0.7

1.8

0.7

0.8

2.4

-

1.0

1.5

0.8

1.1

0.3

1.6

1.3

1.4

0.7

1.4

1.3

0.7

1.9

1.2

1.7

2008

1

0.4

1.9

0.4

0.7

0.8

0.8

3.0

0.4

-

0.2

0.9

1.1

-

1.2

1.6

1.0

0.5

1.9

0.3

0.7

1.2

1.5

1.3

2007

1.0

0.3

3.8

0.8

-

0.9

1.0

2.4

0.7

-

-

0.9

1.1

-

1.2

1.2

0.4

0.5

2.0

-

0.7

1.4

1.7

1.1

Percentage (%)


52

CAPITAL TO LIABILITIES RATIO

The capital to total liabilities ratio compares the total liabilities of the company to its capital. A capital to liabilities ratio of 1.1 for an example means for every cedi of equity, the company has GH¢ 1.1 of liabilities.

Table 42: Capital to Liabilities Ratio

Company

Industry Average
























2009

1.1

0.2

0.4

1.3

0.8

1.1

0.5

0.4

-

1.2

0.9

0.9

0.9

6.8

0.5

0.7

0.8

1.6

0.6

1.6

1.1

0.4

0.8

0.6

2008

1

0.4

1.9

0.4

0.7

0.8

0.8

3.0

0.4

-

0.2

0.9

1.1

-

1.2

1.6

1.0

0.5

1.9

0.3

0.7

1.2

1.5

1.3

2007

1.5

1.8

8.3

1.1

-

0.9

3.2

1.7

0.9

-

-

1.0

1.3

-

1.1

1.6

0.3

0.5

1.9

-

0.7

2.4

2.1

1.2

Percentage (%)


53

OUTSTANDING PREMIUMS AS A PERCENTAGE OF GROSS PREMIUMS

Outstanding premiums as a percentage of gross premiums compares outstanding premiums as at the end of the year to the total premiums written during the year. This efficiency ratio tries to assess how well management makes use of the company’s assets. Specifically, the objective is to find out how long it takes management to collect premium debts and put such funds into use.

The issue of outstanding premiums is adversely affecting the profitability and solvency of insurance companies. This makes the management of credit risk one of the major issues for Ghanaian insurance companies. Seven non-life companies and two reinsurers recorded ratios in excess of 50%. This means that more than half of the gross premiums written during the year was outstanding as at the end of the year.

Table 43: Outstanding Premiums as a Percentage of Gross Premiums Ratio

Company

Industry Average
























2009

43

23

59

17

31

77

31

50

-

58

45

75

19

33

29

66

47

23

41

36

59

33

61

30

2008

43

27

54

23

53

74

23

54

64

-

43

70

23

-

32

47

57

14

30

48

57

32

58

24

2007

34

12

55

18

-

72

23

23

32

-

-

75

20

-

19

48

44

11

24

-

37

32

50

25

Percentage (%)


54

OUTSTANDING PREMIUMS AS A PERCENTAGE OF TOTAL ASSETS

This ratio measures the outstanding premiums as a percentage of the company’s total assets. It is an indication of asset quality. Since trade debtors are not regarded as good quality assets especially where they are quite old, the lower the ratio, the better.

The industry average remained at 29% for both 2008 and 2009

Table 44: Outstanding Premiums as a Percentage of Total Assets Ratio

Company

Industry Average
























2009

29

28

32

12

30

30

17

36

-

35

34

40

24

10

22

51

45

12

29

30

28

22

44

35

2008

29

34

43

13

20

34

18

50

42

-

10

41

21

-

24

46

42

6

25

14

28

22

43

31

2007

25

14

30

14

-

34

19

24

51

-

-

42

24

-

16

38

14

4

22

-

21

19

35

26

Percentage (%)


55

RETURN ON ASSETS

Return on asset is defined as the net profit before tax as a percentage of total assets. It is an efficiency ratio which measures how efficiently the company make use of the assets under its control to generate returns for the policyholders and shareholders. The industry average, dropped from 9% to 6%.

Five Companies made negative ROA in 2009.

Table 45: Return on Assets Ratio

Company

Industry Average
























2009

6

4

-8

4

12

11

14

11

-

-0.2

-10

8

17

-10

-4

21

10

3

9

4

6

7

10

9

2008

9

11

13

8

-25

-

11

7

-

-

-21

6

15

-

10

8

1

2

14

-26

7

9

8

6

2007

6

1

-1

7

-

-

7

11

-

-

-

5

4

-

23

13

-15

4

10

-

7

5

7

12

Percentage (%)


56

INVESTMENT TO TOTAL ASSETS RATIO

This isanassetadequacy/quality ratio. It is intended toascertain thepercentageofthe company’s total assets that are in the form of real investments that can be easily converted into cash to take care of policyholder and other liabilities.

The industry average fell significantly from 52% in 2007 to 45% in 2008 and further down to 39% in 2009. The ratios of Donewell, Prime, Activa, International Energy and Regency Alliance are too low.The declining industry ratio indicates a fall in the quality of the assets portfolio of the companies.

Table 46: Investment to Total Assets Ratio

Company

Industry Average
























2009

39

11

28

53

30

57

70

46

-

36

11

52

54

52

66

36

13

34

35

19

34

51

39

42

2008

45

45

21

60

49

41

77

43

-

-

15

53

66

-

68

66

19

39

40

46

42

58

45

51

2007

52

47

17

72

-

59

74

57

53

-

-

48

57

-

74

52

25

42

48

-

54

58

45

56

Percentage (%)


57

UNDERWRITING PROFITS AS A PERCENTAGE OF GROSS PREMIUMS

This ratio measures underwriting profits as a percentage of gross premiums. It generally tries to ascertain the portion of the gross premiums that is available to contribute towards profits. It is calculated by dividing the underwriting profit by the gross premiums. Underwriting profits for this purpose is defined as net earned premium minus commissions, claims and management expenses.

The industry average dipped from 4% in 2007 to 2% in 2008. It is important to note that the ratios of the new companies were excluded from the average to avoid distortions. The ratio dropped to -6% in 2009 depicting poor profitability performance of the companies.

Table 47: Underwiting Profits as a Percentage of Gross Premuims Ratio

Company

Industry Average
























2009

-6

-1

-16

-7

6

-9

2

0.3

-

-8

-31

3

3

-72

-17

19

-14

-3

2

-1

4

2

1

3

2008

2

3

-1

0

-4

-82

3

6

-41

-

-4

-97

7

-

10

6

4

-5

13

-133

14

9

11

1

2007

4

1

2

5

-58

-

6

12

-5

-

-10

-

2

-

5

8

9

-2

8

-

11

5

10

2

Percentage (%)


58

Table 48: Non-Life Insurance Industry Aggregated Balance Sheet as at 31 Dec. 2008

Stated Capital

Capital Surplus

Income Surplus

Contingency Reserve

Shareholders’ Funds

Represented By:

Fixed Assets



Current Assets

Policy Loans

OtherDebtors/Loans


Taxation


CashFunds/Resources

Current Liabilities

Provision For Unearned Premiums

Provision For Claims

Amount Due To Reinsurers

Bank Overdraft

Creditors

Taxation

Proposed Dividend

2008

GH¢

46,317,424.00

55,247,610.00

38,050,699.00

61,716,952.00

201,332,685.00

46,177,173.00

15,715,282.00

57,791,245.00

10,294,855.00

129,978,555.00

114,312,497.00

26,702,297.00

9,709,191.00

530,078.00

100,265,957.00

24,000,061.00

275,520,081.00

65,275,999.00

27,681,217.00

66,157,713.00

933,734.00

28,000,057.00

8,216,689.00

2,890,249.00

199,155,658.00

2009

GH¢

71,277,303.00

59,367,382.00

22,398,161.56

67,847,181.00

220,890,027.56

54,976,363.32

17,125,138.00

54,161,677.00

14,022,203.00

140,285,381.32

129,879,487.34

22,377,559.87

20,294,922.00

1,075,511.00

126,020,633.62

31,014,416.19

330,662,530.02

91,260,478.92

37,696,329.94

61,755,362.00

939,641.00

34,878,942.92

13,064,660.00

4,498,613.00

244,094,027.78

Notes

1

2

3

NON-LIFE INSURANCE INDUSTRY AGGREGATED BALANCE SHEET


59

NetCurrentAsset/Liabilities

Other Long Term Liabilities

NetAssets/Liabilities

76,364,423.00

5,010,293.00

5,010,293.00

201,332,685.00

86,568,502.24

5,963,856.00

5,963,856.00

220,890,027.56

Table 49: Notes to the Non-Life Industry Aggregate Balance Sheet

Note 1 - Fixed Assets

Land & Buildings

Furniture, Fittings & Equipment

Motor Vehicles

Work in Progress

Intangibles

Computer Equipment

Note 2 - Long Term Investments

Quoted Shares

Unquoted Shares

Government Bonds

Others

Corporate Bonds

NOTE 3 - Short Term Invetsments

Treasury Bills

Fixed Deposits

Call Accounts

Unit Trusts

Bonds

2009

GH¢

40,033,773.00

3,847,739.50

3,860,251.93

5,173,528.00

383,613.00

1,677,457.89

54,976,363.32

40,035,818.00

9,049,093.00

-

3,651,440.00

1,425,326.00

54,161,677.00

48,728,482.00

74,188,139.62

1,840,318.00

-

1,263,694.00

126,020,633.62

2009

GH¢

36,406,877.00

3,277,664.00

2,358,466.00

2,134,492.00

562,478.00

1,437,196.00

46,177,173.00

44,895,477.00

8,924,232.00

1,477,392.00

1,068,818.00

1,425,326.00

57,791,245.00

48,353,329.00

48,290,786.00

1,600,973.00

70,000.00

1,950,869.00

100,265,957.00


60

Table 50: Make Up of Assets

Fixed Assets



Investments in Subsidiaries

Policy Loans

Other Debtors


Taxation


CashFunds/Resources

2009

GH¢

54,976,363.32

17,125,138.00

54,161,677.00

14,022,203.00

129,879,487.34

22,377,559.87

20,294,922.00

1,075,511.00

126,020,633.62

31,014,416.19

470,947,911.34

2008

GH¢

46,177,173.00

15,715,282.00

57,791,245.00

10,294,855.00

114,312,497.00

26,702,297.00

9,709,191.00

530,078.00

100,265,957.00

24,000,061.00

405,498,636.00

%

11.7

3.6

11.5

3.0

27.6

4.8

4.3

0.2

26.8

6.6

100

%

11.4

3.9

14.3

2.5

28.2

6.6

2.4

0.1

24.7

5.9

100


61

The economies of developing countries which were affected by the global crisis have shown signs of recovery. The insurance industry has positioned itself by forming the Energy pool so that it can underwrite some of the oil and gas business.

As we enter 2010 the National Insurance Commission must take measures to check the undercutting of rates practiced by some insurance companies. This will ensure that adequate premiums are charged for the risks which are underwritten by the industry.

Insurance companies should also be encouraged to underwrite new products on microinsurance and agricultural insurance in order to increase the insurance penetration in the economy.

Conclusion


62

1. Corporate Information 2. 2009 Financial Reports

3. List of Registered Insurance Companies 4. List of Registered Reinsurance Companies 5. List of Registered Broking Companies

Appendices


63

BOARD OF DIRECTORS:

Mr. Federick Quayenortey ChairmanMrs. Nyamikeh Kyiamah Commissioner of InsuranceMs. Josephine Jennifer Amoah Commissioner of Insurance (Jan. - Nov. 2009) OTHER DIRECTORS:

Mr. Emmanuel Baba Mahama Ms. Sarah Fafa Kpodo Mr. Justin Amenuvor Dr. Albert Gemegah Mr. Samuel Abankwah SECRETARY: Mr. Ernest Frimpong MANAGEMENT TEAM:

Mrs. Nyamikeh Kyiamah Commissioner of InsuranceMrs. Emma Araba Ocran Legal DirectorMr. Michael Kofi Andoh Head, SupervisionMr. Joseph Bentor Head, Finance & AdministrationMr. Isaac Buabeng Head, Marketing, Research & External RelationsMr. Martin Dornor Abayateye Internal Auditor AUDITORS:

AADS (Chartered Accountants) Republic House 5th Floor Accra BANKERS:

SG-SSB Bank Limited Merchant Bank (Ghana) Limited Cal Bank Limited Ghana Commercial Bank HFC Bank (Ghana) Limited

Corporate Information


64

The Directors submit their report together with the audited financial statement of National Insurance Commission for the year ended 31 December 2009.

Statement of Directors responsibilitiesThe Directors are responsible for the preparation of financial statements for each financial year which give a true and fair view of the state of affairs of the Commission and of the profit or loss and cash flow for that period. In preparing those 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 Ghana 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.

Principal ActivitiesThe principal activity of the Commission is to regulate the activities of the insurance companies in Ghana.

Financial ResultsThe financial results are as summarized below:

Report of the Directors

Income

Expenditure

Excess of Income over Expenditure

To which is added to the balance brought forward on the

accumulated fund

Giving a balance carried forward on the accumulated fund of

2009

(GH¢)

3,973,151

(3,517,350)

455,801

2,192,072

2,647,873

2008

(GH¢)

3,047,820

(2,696,563)

351,257

1,840,815

2,192,072

BY ORDER OF THE BOARD

..............................................

..............................................

Dated: 30th September, 2010

DIRECTORS


65

Financial Statements for the Year Ended 31st December, 2009INDEPENDENT AUDITORS

Report to Members of National Insurance Commission We have examined the Financial Statements of the National Insurance Commission for the year ended 31st December, 2009 as set out on pages 65 to 75 Which have been prepared under the historical cost convention and on the basis of the accounting policies set out on page 68.

Respective Responsibilities of Directors and AuditorsThe responsibility for the preparation of the financial statements of the Commission rest with the Directors. Our responsibility as auditors is to form an independent opinion based on the audit, on these Financial Statements and to report our opinion to you.

Basis of Opinion We conducted our audit in accordance with International Standards on Auditing and Ghana Standards on Auditing. An audit includes examination, on test bases, of evidence relevant to the amounts and disclosures in financial statements. It also includes an assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the Commission’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error in forming our opinion, we also evaluated the overall adequacy of the presentation of information in the Financial Statements.

OpinionIn our opinion, proper books of account have been kept by the Commission and the financial statements audited by us, which are in agreement therewith present in all material respect, a true and fair view of the financial position of the Commission as at 31st December, 2009 and of its result of operations and cashflows for the year then ended on the date, and comply with the Insurance Law 2006, Act 724 and Ghana National Auditing Standards.

Signature:

Partner signing & membership number: STEPHEN ARMAH (101073)

Name of Firm: AADS Consult (Chartered Accountants)

Dated: 1st December, 2010


66

The accounting polices and notes on pages 69 to 76 form an integral part of these financial statements.

Income and Expenditure Account for the Year Ended 31 December, 2009

INCOME

EXPENDITURE


ACCUMULATED FUND

Balance as at 1 January

Excess of Income over Expenditure for year

Balance as at 31 December

2008

GH¢

3,047,820

(2,696,563)

351,257

1,840,815

351,257

2,192,072

2009

GH¢

3,973,151

(3,517,350)

455,801

2,192,072

455,801

2,647,873

Notes

1

2


67

Balance Sheet as at 31 December, 2009

Non-Current Assets

Property, Plant & Equipment

Equity Shares in GIC

Current Assets


Accounts Receivable

Bank and Cash Balances

Total Assets

Current Liabilities

Accounts Payable and Accruals

Accumulated Fund and Deferred Grant

Accumulated Fund

Deferred Grant

Deferred Rent (GIC)

Total Liabilities, Accumulated Fund & Grant

2008

GH¢

1,002,965

40,000

1,042,965

711,509

620,277

383,699

1,715,485

2,758,450

77,449

77,449

2,192,072

452,929

36,000

2,681,001

2,758,450

2009

GH¢

858,126

40,000

898,126

975,386

1,014,356

626,687

2,616,429

3,514,555

415,188

415,188

2,647,873

427,494

24,000

3,099,367

3,514,555

Notes

3

4

5

6

12

7

8b

9

The Financial Statements on pages 66 to 76 were approved by the Board of Directors on 30th September, 2010 and were signed on its behalf by:

.......................................

.......................................


DIRECTORS


68

Cashflow Statement for the Year Ended 31 Dec, 2009

Operating Activities

Cash Generated from Operations

Interest Received

Net Cash Generated form Operating Activities

Cashflow from Investing Activities

Purchase of Property, Plant and Equipment

Proceed from the Sale of Assets

Purchase of Investment

Investment Income Received

Net Cash used Investing Activities

Cash Flows from Financing Activities

Loan Repayment

Net Cash Generated from (used in)

Financing Fctivities

Netincrease/(decrease)inCash

and Cash Equivalents

Movement in Cash and Cash Equivalents

At Start of the Year

Increase/(Decrease)inCashandCash

Equivalents

At end of the Year

2008

GH¢

462,827

1,664

464,491

(79,408)

10,599

(255,715)

98,718

(195,806)

(2,575)

(2,575)

266,110

117,589

266,110

383,699

2009

GH¢

267,296

6,968

274,264

(38,326)

34,675

(263,877)

236,252

(31,276)

-

-

242,988

383,699

242,988

626,687

Notes

10

1

3

11

5

1



69

Accounting PoliciesBasis of AccountingThe financial statements have been prepared under the historical cost convention and accrual basis and comply with Ghana Accounting Standards.

Property and Equipment and DepreciationAll properties and equipments 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.

Furniture and Fittings 10%Motor Vehicles 20%Office Equipment 20% Office Building 3%Residential Accommodation 20%Computers 33.33%

Disposals of properties and equipments 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. Depreciating method, residual values and useful life are reassessed at the end of each financial year. Equipment less than GH¢ 500 are written off in the year of purchase.

Cash and Cash EquivalentsFor the purposes of the Cashflow Statement, cash and cash equivalents comprise cash on hand and short-term liquid investments.

InvestmentsInvestment securities are in the form of treasury bills, fixed deposits and non-negotiable certificates of deposits. Investments are quoted at cost.

Accounts ReceivableAccounts receivable are stated at a net of bad and doubtful debts and at cost.

Translation of Foreign CurrenciesTranslations in foreign currencies during the year are converted into cedis at rates prevailing at the time of transaction. Monetary assets and liabilities denominated in foreign currencies 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.

StocksStocks are ordered just for the year and are charged to the Income and Expenditure Account in the year of purchase


70

Notes to the Financial Statements for the Year Ended 31 December, 2009

Levies on Insurers

Levies on Brokers

Licensing/RenewalIncome

Investment Income

Interest on Current Account

Motor Contribution

Grant Income

Deferred Grant Income

RentIncome/Fees-IITC

Mega Risk Income

Other Income

2008

GH¢

1,879,082

89,186

120,315

98,718

1,663

575,304

80,145

25,435

143,206

-

34,766

3,047,820

2009

GH¢

2,354,249

119,694

49,090

236,252

6,969

600,804

87,645

25,435

153,824

204,691

134,498

3,973,151

Notes

8a

8b

Year Book Sales

Gain on Sale of Assets

Interest on Loans

Insurance Claims

Penalties

Others

2008

GH¢

3,335

7,066

6,273

11,092

-

7,000

34,766

2009

GH¢

4,430

-

5,790

85

108,791

15,402

134,498

1. Income: GH¢ 3,973,151

This is made up as follows:

Other Income is made up of the following:


71

Staff Cost

Auditors’ Remuneration

Directors’ Emoluments

Depreciation

Sticker Cost

Loss on sale of Assets

2008

GH¢

1,134,826

6,620

415,147

156,716

52,868

-

2009

GH¢

1,462,252

6,700

914,690

139,008

80,040

9,482

Notes

3

2. Expenditure: GH¢ 3,517,350 Expenditure includes:

The average number of persons employed by the Commission during the year was 60 (2008:51)


72

3.

Pro

perty

, Pla

nt a

nd E

quip

men

t

Cos

t

At 1

st J

anua

ry 2

009

(A)

Add

ition

s

Dis

posa

ls

At 3

1st D

ecem

ber 2

009

Dep

reci

atio

n

At 1

st J

anua

ry 2

009

Cha

rge

for t

he Y

ear

Dis

posa

ls

Net

Boo

k Va

lue

At 3

1st D

ecem

ber 2

009

At 3

1st D

ecem

ber 2

008

Cos

t –Fu

lly D

epre

ciat

ed A

sset

s (B

)

DE

PR

EC

IAB

LE V

ALU

E (A

-B)

Dis

posa

l of P

rope

rty &

Equ

ipm

ent

Cos

t

Acc

umul

ated

Dep

reci

atio

n

Net

Boo

k Va

lue

Pro

ceed

s on

Sal

es

Profit/(Loss)onDisposal

GH

¢

823,

450 - -

823,

450

155,

633

24,7

04

-

180,

337

643,

113

667,

817 -

823,

450 - - - - -

GH

¢

165,

539

14,5

27

-

180,

066

85,9

91

16,2

74

-

102,

265

77,8

01

79,5

47

3,42

6

176,

640 - - - - -

GH

¢

392,

933 -

(96,

116)

296,

817

244,

784

51,7

19

(58,

081)

238,

422

58,3

95

148,

149 -

296,

817

96,1

16

(58,

081)

38,0

35

(28,

552)

(9,4

83)

GH

¢

167,

369

13,7

04

(40,

299)

140,

774

129,

280

14,7

86

(40,

299)

103,

767

37,0

07

38,0

89 388

140,

386

40,2

99

(40,

299) - - -

GH

¢

64,1

15

10,0

95

-

74,2

10

41,9

77

16,4

36

-

58,4

13

15,7

97

22,1

38

13,3

29

60,8

81

- - - - -

GH

¢

88,2

91

-

(12,

845)

75,4

46

41,0

66

15,0

89

(6,7

22)

49,4

33

26,0

13

47,2

25

-

75,4

46

12,8

45

(6,7

22)

6,12

3

(6,1

23) -

GH

¢

1

,701

,697

3

8,32

6

(1

49,2

60)

1,59

0,76

3

698

,731

139

,008

(10

5,10

2)

732

,637

858,

126

1,00

2,96

5

1

7,14

3

1,

573,

620

149,

260

(105

,102

)

44,1

58

(34,

676)

(9,4

82)

Offi

ce

Bui

ldin

gFu

rnitu

re

and

Fitti

ngs

Mot

or

Vehi

cles

Offi

ce

Equ

ipm

ent

Com

pute

rs &

A

cces

sorie

sR

esid

entia

l Fu

rnis

hing

Tota

l


73

Treasury Bills

Fixed Deposits

Non-negotiable Certificate of Deposit

Purchase of Investments (Additions during the year)

2008

GH¢

268,198

381,154

62,157

711,509

225,715

2009

GH¢

343,152

555,886

76,348

975,386

263,877

Levies Due from Insurers and Brokers

IITC Debtors

Staff Advances

Sundry Debtors

Accrued Investments Income

Withholding Tax Credit

Receivable from Provident Fund

Prepaid Insurance Expense

Compensation Fund

VAT

Penalties Recievables

Others

2008

GH¢

90,004

3,416

355,959

28,046

40,146

6,293

11,144

23,751

16,047

45,471

-

-

620,277

2009

GH¢

414,772

1,930

348,163

52,551

59,772

6,471

1,898

14,493

-

38,286

61,500

14,520

1,014,356

4. Equity Shares In Ghana Insurance College

This represents National Insurance Commission’s share holding in the Ghana Insurance College

5. Short Term Investments: GH¢975,386


Treasury Bills are debt securities issued by the Bank of Ghana for a term of three months, six months or a year and are classified as available for sale investments. Bills are carried at cost.

6. Account Receivable and Prepayment: GH¢1,014,356 This is made up as follows:


74

Balance at 1st January

Additions

Transfer to Income and Expenditure Account

Balance at 31st December

Current Portion (within a year)

Long Term Portion (after one year)

2008

GH¢

478,364

-

478,364

(25,435)

452,929

25,435

452,930

452,929

2009

GH¢

452,929

-

452,929

(25,435)

427,494

25,435

402,059

427,494

EMCB/FINSSPGrantsrepresentsgrantsreceivedfromGoG

through the Ministry of Finance & Economic Planning

2008

GH¢

80,145

2009

GH¢

87,645

7. Accounts Payable and Accruals: GH¢415,188


8. a. Grant Income : GH¢ 87,645

ThisismadeupofEMCB/FINSSPGrantsandDeferredGrantIncome

Deferred income represents grants from the Non-Banking Financial Institutions Project for the construction and furnishing of the Insurance Industry Training Centre (IITC) building, which is being written-off over their respective depreciable lives.

b. Deferred Grant Income: GH¢427,494

Accrued Expenses

Accrued Directors Remuneration

West African Insurance Institute

Sundry Payable

ProvidentFund/WagesPayable

Compensation Fund

Deposit on TV Advertising

Current portion of Long-term Loan

2008

GH¢

44,971

-

17,753

2,000

410

-

9,740

2,575

77,449

2009

GH¢

78,976

297,557

2,308

-

20,049

13,723

-

2,575

415,188

Notes

13


75

Balance at 1st January

Additions

Transfer to Income and Expenditure Account

Balance at 31 December

Current Portion (within a year)

Long term Portion (after one year)

2008

GH¢

36,000

-

36,000

-

36,000

12,000

24,000

36,000

2009

GH¢

36,000

-

36,000

(12,000)

24,000

12,000

12,000

24,000

9. Deferred Rent Income (GIC): GH¢ 24,000

10. Reconciliation of excess of Income over expenditure to cashflow from operating activities


Amortisation of Capital Grant

Amortisation of Rent Income

Depreciation

(Gain)/LossonDisposalofPropertyand

Equipment

Interest Income

Investment Income

Increase/DecreaseinAccountsReceivable

and Prepayment

Increase/(decrease)inAccountsPayable

and Accruals

Cash Generated from Operating Activities

2008

GH¢

351,257

(25,435)

-

156,716

(7,066)

(1,663)

(98,718)

76,349

11,387

462,827

2009

GH¢

455,801

(25,435)

(12,000)

139,008

9,483

(6,969)

(236,252)

(394,079)

337,739

267,296

Notes

8b

9

3

3


76

Cost

Accumulated Depreciation

Net Book Value

Proceeds

Gain/(Loss)onDisposal

2008

GH¢

13,717

(10,184)

3,533

10,599

7,066

2009

GH¢

149,260

(105,102)

44,158

34,675

(9,483)

Audit Fees

Medical Expenses

Telephone

Water and Electricity

Withholding Tax Payable

T & T, Repairs and Others

PAYE and SSF

2008

GH¢

6,620

5,333

3,225

8,145

2,302

19,346

-

44,971

2009

GH¢

6,700

2,499

2,543

12,735

8,198

27,653

18,648

78,976

11. Gain/(Loss)onDisposalofFixedAssets


12. Cash and Cash Equivalent

13. Accrued Expenses: GH¢ 78,976 This is made up as follows:

14. Capital Commitments

There were no capital commitments as at 31 December 2009 (2008 : Nil)

15. Contingent Liabilities

There were no contingent liabilities as at 31 December, 2009 (2008: Nil)

Cash

Bank

2008

GH¢

548

383,151

383,699

2009

GH¢

1,949

624,738

626,687

1,401

241,587

242,988

Changes duringthe year


77

List

of R

egis

tere

d N

on-L

ife In

sura

nce

Com

pani

esC

om

pa

ny

Co

nta

ct D

eta

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ha

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In

sura

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mp

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y Li

mite

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new

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om

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ny

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ran

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ura

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mp

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d

P. O

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ox

31

14

, A

ccra

Tel:

24

95

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, 2

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ail:

info

@cd

hin

sura

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.co

m

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GP

21

36

, A

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76

30

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, 7

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, 7

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ccra

Tel:666856-8/666847-9

Fax:666186/670306

e-m

ail:

eic

ltd@

afr

ica

on

line.

com

.gh

C/oPMBL16,Legon,Accra

Tel:

77

05

48

Fa

x: 7

69

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2

e-m

ail:

info

@eq

uity

ass

ura

nce

ltd.c

om

So

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d,

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lum

Do

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thed

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ku H

ill,

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terp

rise

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Str

eet

48

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chi S

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via

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, A

ccra


78

List

Of R

egis

tere

d N

on-L

ife In

sura

nce

Com

pani

es. C

ont.

Gh

an

a U

nio

n A

ssu

ran

ce C

om

pa

ny

Lim

ited

GLI

CO

Gen

era

l In

sura

nce

Co

mp

an

y Li

mite

d

Act

iva

Inte

rnat

iona

l Ins

uran

ce C

ompa

ny L

imite

d

Indu

stria

l & G

ener

al In

sura

nce

Gha

na L

imite

d

Inte

rcon

tinen

tal W

apic

Insu

ranc

e C

ompa

ny

Lim

ited

Inte

rnat

iona

l Ene

rgy

Insu

ranc

e C

ompa

ny L

imite

d

P. O

. B

ox

13

22

, A

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Tel:780625/6,780628/9

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au

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ssu

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P. O

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42

51

, A

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Tel:

67

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35

, 6

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7

Fa

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PM

B K

A 8

5 A

irpor

t, A

ccra

Tel:686352/762145

Fax:

6851

76

e-m

ail:

gh.a

ctiv

a@gr

oup-

activ

a.co

m

P. O

. Box

GP

138

, Acc

ra

Tel:254487/9239494

Fax:

e-m

ail:

info

@ig

igha

na.c

om

P. O

. Box

GP

353

, Acc

ra

PM

B 2

3, A

ccra

Tel:770338/768335

Fax:

e-m

ail:

info

@ig

igha

na.c

om

F828/1RingRoadEast,Osu

GLI

CO

Ho

use

No

. 4

7,

Kw

am

e N

kru

ma

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ue.

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Ohe

ne D

jan

Sta

dium

, Osu

-Acc

ra

11 S

aflo

Stre

et, A

bele

mkp

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ccra


79

List

Of R

egis

tere

d N

on-L

ife In

sura

nce

Com

pani

es. C

ont.

Met

ropo

litan

Insu

ranc

e C

ompa

ny L

imite

d

Nem

Insu

ranc

e G

hana

Lim

ited

Pho

enix

Insu

ranc

e C

ompa

ny L

imite

d

Pro

vide

nt In

sura

nce

Com

pany

Lim

ited

Prim

e In

sura

nce

Com

pany

Lim

ited

Qua

lity

Insu

ranc

e C

ompa

ny L

imite

d

Reg

ency

Alli

ance

Insu

ranc

e G

hana

Lim

ited

P. O

. Box

200

84, A

ccra

Tel:220966/227439/225296

Fax:237872/3

e-m

ail:

met

@af

ricao

nlin

e.co

m.g

h

P. O

. Box

CT

2728

, Acc

ra

Tel :

232

008

Fax

: 230

084

P. O

. Box

177

53, A

ccra

-Nor

th

Tel:

9110

23-4

, 246

319,

245

921

Fax:

222

008

e-m

ail:

info

@ph

oeni

xgha

na.c

om

P. O

. Box

782

, Acc

ra

Tel:221096/229807/233964

Fax:

233

964

P. O

. Box

AN

764

4 A

ccra

-Nor

th

Tel:

2350

39, 2

2455

8, 0

2443

7132

7

P. O

. Box

MP

125

2, M

ampr

obi,

Acc

ra

Tel:

2340

17

Fax:

220

165

Tel:

7781

06, 7

8287

1

Fax:

e-m

ail:

rege

ncya

llian

cegh

ana.

com

Cal

edon

ian

Hou

se, K

ojo

Thom

pson

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d

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dwic

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, 8 B

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n, A

ccra

224/3,6thRingwayLinkEstates,Accra.Phoenix

Hou

se, K

anda

Hig

hway

Pro

vide

nt T

ower

s, R

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d C

entra

l

Gam

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bdul

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ser S

t., R

ing

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d E

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es, O

su,

Acc

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Pete

rs H

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, Off

Kw

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umah

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brak

a

65 P

atric

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mum

ba R

oad,

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ort R

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entia

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a, A

ccra


80

List

Of R

egis

tere

d N

on-L

ife In

sura

nce

Com

pani

es. C

ont.

SIC

Insu

ranc

e C

ompa

ny L

imite

d

Sta

r Ass

uran

ce C

ompa

ny L

imite

d

Uni

que

Insu

ranc

e C

ompa

ny L

imite

d

Vang

uard

Ass

uran

ce C

ompa

ny L

imite

d

Bea

con

Insu

ranc

e C

ompa

ny L

imite

d

Alli

anz

Insu

ranc

e C

ompa

ny L

imite

d

P. O

. Box

236

3, A

ccra

Tel:

7806

01-1

5

Fax:

780

615

e-m

ail:

sici

nfo@

ighm

ail.c

om

P. O

. Box

753

2, A

ccra

-Nor

th

Tel:242233/240632

Fax:

2371

56

e-m

ail:

sac@

afric

aonl

ine.

com

.gh

P. O

. Box

AN

572

1, A

ccra

-Nor

th

2481

74-7

Fax:

221

430

e-m

ail:

uniq

.ins@

afric

aonl

ine.

com

.gh

P. O

. Box

186

8, A

ccra

Tel:666485-7/669096/7010680-2

780146/7010677/9

Fax:

668

610

e-m

ail:

vang

uard

@gh

ana.

com

P. O

. Box

129

2, A

ccra

Tel:

7602

60, 7

7477

1, 7

6063

9, 7

6056

8

Fax:

760

568

e-m

ail:

vang

uard

@gh

ana.

com

P. O

. Box

Tel:

024

4577

469

Nye

met

ei H

ouse

,

Rin

g R

oad

Eas

t (H

ead

Offi

ce)

No.C551/4,ColaStreetKokomlemle,

(Adj

. AT

TC)

Koj

o B

ruce

Hou

se, 5

Oka

i Men

sah

Link

,

Ada

brak

a

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pend

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nue

near

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L B

ank

Nea

r GC

B, L

A B

each

Roa

d, O

su

Adw

oa A

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aa B

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Osu


81

List

of R

egis

tere

d Li

fe In

sura

nce

Com

pani

esC

ompa

nyC

onta

ct D

etai

lsLo

catio

n

P. O

. Box

508

0, A

ccra

Tel:

2404

09, 2

4794

2

Fax:

P. O

. Box

311

4, A

ccra

Tel:

2490

61, 2

4573

7, 2

2842

0

Fax:

250

343

P. O

. Box

GP

213

6, A

ccra

Tel:

7633

21, 7

6326

6

Fax:

763

147

e-m

ail:

done

wel

linsu

ranc

e.co

m

Priv

ate

Mai

l Bag

, Gen

eral

Pos

t Offi

ce A

ccra

, Gha

na

Tel:

6770

74,6

7707

8

Fax:

677

073

e-m

ail:

elac

@ei

cgha

na.c

om

P. O

. Box

118

, Acc

ra

Tel:

2503

17

Fax:

250

317

P. O

. Box

132

2, A

ccra

Tel:780625/6,780628/9

Fax:

780

647

e-m

ail:

gua@

ghan

auni

onas

sura

ncec

ompa

ny.c

om

Cap

ital E

xpre

ss A

ssur

ance

(Gh)

Lim

ited

Gol

den

Life

Insu

ranc

e C

ompa

ny L

imite

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Don

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l Life

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e C

ompa

ny L

imite

d

Ent

erpr

ise

Life

Ass

uran

ce C

ompa

ny L

imite

d

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ny L

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d

Gha

na U

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ce C

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ny L

imite

d

HouseNo.865A/3,TackieTawiahAve.,Kanda

Hig

hway

, Nor

th R

idge

91 S

axel

Ave

nue,

Opp

osite

Tes

ano

Polic

e S

tatio

n,

Tesa

no

2nd

Floo

r, C

arl Q

uist

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et, K

uku

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,

Osu

-RE

Ent

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Hou

se, 1

1 H

igh

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et, A

ccra

Exp

ress

Tow

ers,

No.

2 B

obo

Link

, Tes

ano

Roa

d, A

ccra

F828/1RingRoadEast,Osu


82

List

of R

egis

tere

d Li

fe In

sura

nce

Com

pani

es. C

ont.

GLI

CO

Life

Insu

ranc

e C

ompa

ny L

imite

d

Gha

na L

ife In

sura

nce

Com

pany

IGI L

ife A

ssur

ance

Gha

na L

imite

d

Met

Life

Insu

ranc

e G

hana

Lim

ited

Pho

enix

Life

Ins

uran

ce C

ompa

ny L

imite

d

Pro

vide

nt L

ife A

ssur

ance

Com

pany

Lim

ited

P. O

. Box

425

1, A

ccra

Tel:

6703

35, 6

8951

6-7

Fax:

701

1575

P. O

. Box

816

8, A

ccra

Tel:

7811

18, 7

8054

3,77

1298

Fax:

769

096

e-m

ail:

ghan

alife

insu

ranc

e.co

m

P. O

. Box

GP

138

, Acc

ra

Tel:254487/9239494

Fax:

e-m

ail:

info

@ig

igha

na.c

om

P. O

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CT

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Can

tonm

ents

, Acc

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Tel 6

8546

0, 6

8547

6,

Fax:

685

466,

685

440

P. O

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177

53, A

ccra

-Nor

th

Tel:911023/4,246319,245921

Fax:

246

311

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ail:

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nixg

hana

.com

P. O

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782

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ra

Tel:221096/229807/233964

Fax:

233

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GLI

CO

Hou

se, N

o. 4

7 K

wam

e N

krum

ah A

venu

e

Ope

ibea

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se, A

irpor

t

Blo

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, Des

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Can

tonm

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, Acc

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4th

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Roa

d

224/3,6thRingwayLinkEstates,Accra

Pro

vide

nt T

ower

s, R

ing

Roa

d C

entra

l


83

List

of R

egis

tere

d Li

fe In

sura

nce

Com

pani

es. C

ont.

Qua

lity

Insu

ranc

e C

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ny L

imite

d

SIC

Life

Insu

ranc

e C

ompa

ny L

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d

Sta

rlife

Insu

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ompa

ny L

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Uni

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Ass

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ce C

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ny L

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d

Vang

uard

Life

Ass

uran

ce C

ompa

ny L

imite

d

P. O

. Box

MP

125

2, M

ampr

obi,

Acc

ra

Tel:

2340

17

Fax:

220

165

Em

ail:

qic@

afric

anus

.net

P. O

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CT

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, Can

tonm

ents

, Acc

ra

Tel:

6622

86, 6

6475

6, 6

6668

2, 6

6343

1

Fax:

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072,

678

125

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ail:

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@si

clife

-gh.

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P. O

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-Nor

th

Tel:

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Fax:

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P. O

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AN

572

1, A

ccra

-Nor

th

2481

74-7

Fax:

248

173

e-m

ail:

uniq

.ins@

afric

aonl

ine.

com

.gh

PM

B C

T 45

5, C

anto

nmen

ts, A

ccra

Tel:253242,235434/5

Fax:

235

437

e-m

ai :

info

@va

ngua

rdlif

e.co

m

Pete

rs H

ouse

, Off

Kw

ame

Nkr

umah

Ave

. Ada

brak

a

Isla

nd P

rope

rty N

o. 3

3-34

,

Kw

ame

Nkr

umah

Ave

nue

Cre

scen

t Asy

lum

Dow

n

Koj

o B

ruce

Hou

se, 5

Oka

i Men

sah

Link

,

Ada

brak

a

Ako

Adj

ei In

terc

hang

e, N

o. 2

5 O

su R

oad,

Nor

th R

idge


84

Gha

na R

eins

uran

ce C

ompa

ny

Mai

nstre

am R

eins

uran

ce

P. O

. Box

750

9, A

ccra

-Nor

th

Tel:220660/220697/233043/4

Fax:

221

958

P. O

. Box

CT

3959

, Acc

ra

Tel:

6796

11

Fax

6796

13

Em

ail:

info

@m

ains

tream

.gh.

com

No.

4 A

wud

ome

Indu

stria

l Est

ate

9th

Ave

nue

Ext

ensi

on,

Nor

th R

idge

List

Of R

egis

tere

d R

eins

uran

ce C

ompa

nies


85

List

of R

egis

tere

d In

sura

nce

Bro

king

Com

pani

es

Com

pany

Con

tact

Det

ails

Loca

tion

P. O

. Box

SK

26

Sak

umon

o, C

omm

. 13

Tel:

0244

7312

09

P. O

. Box

953

, Acc

ra

Tel:

2375

73, 0

27-5

4565

4

Fax:

2465

43

e-m

ail:

akor

isk@

ghan

a.co

m

P. O

. Box

115

85

Acc

ra-N

orth

Tel:

2294

91, 2

4344

4, 2

2795

3

Fax:

223

915

e-m

ail:

P. O

. Box

K. 6

49, A

ccra

New

tow

n –

Acc

ra

Tel:

2334

59, 2

3724

8

P. O

. Box

CT

6046

, Can

tonm

ents

, Acc

ra

Tel:

6615

72, 6

8115

6

P. O

. Box

KN

306

8, K

anes

hie-

Acc

ra

Tel:

020

8226

823

Fax:

660

650

AG

Ass

ocia

tes

Ako

to R

isk

Man

agem

ent L

imite

d

All

Ris

ks C

onsu

ltanc

y Li

mite

d

Alli

ed In

sura

nce

Bro

kers

Lim

ited

Alp

ha In

sura

nce

Bro

kers

Lim

ited

Ape

x In

sura

nce

Bro

kers

Lim

ited

HouseNo.F386/1KukuHillCresent,Osu

90 K

wam

e N

krum

ah A

venu

e

1st F

loor

, Mar

ydee

Hou

se

C124/3SubukweClose,OffFarrerAvenue

Acc

ra-N

ewto

wn

Ann

ex ‘B

’, R

oom

109

, Firs

t Flo

or

Rep

ublic

Hou

se A

ccra

Hou

se N

o. 6

8, O

wus

u K

ofi S

treet

Dar

kum

an, A

ccra


86

List

of R

egis

tere

d In

sura

nce

Bro

king

Com

pani

es.

Con

t.

Ark

Insu

ranc

e B

roke

rs C

ompa

ny

Ast

erix

Bro

kers

Lim

ited

Cer

is In

tern

atio

nal L

imite

d

CLA

IM L

imite

d

Cro

wn

Insu

ranc

e B

roke

rs

Dan

niad

s Li

mite

d

Dou

ble

D &

M L

imite

d

P. O

. Box

160

9, M

ampr

obi-A

ccra

Tel./Fax:662657

P. O

. Box

AD

50,

Ada

brak

a-A

ccra

Tel :

028

952

3683

E-m

ail :

ast

erix

@as

terix

ghan

a.co

m

P. O

. Box

CT

3547

Can

tonm

ents

-Acc

ra

Tel:

(021

) 680

925,

671

330,

024

4319

862,

020

8404

264

Fax:

680

926

P. O

. Box

CT.

173

1, C

anto

nmen

ts

Tel:

7788

29

Fax:

7608

30

P. O

. Box

152

82 A

ccra

-Nor

th

Tel:249288/249289

Fax:

250

915

P. O

. Box

71,

Tra

de F

air C

entre

, A

ccra

Tel:

2279

08

Fax:

233

380

P. O

. Box

117

, Mam

prob

i-Acc

ra

Tel:

2269

36, 0

24-2

5116

7

PZ

Bui

ldin

g, 1

5 K

wam

e N

krum

ah A

venu

e

No.

117

, Lag

os A

venu

e, E

ast L

egon

Hse.No.657/42ndFloor(oppositeCityPaints)

Koj

o Th

omps

on R

oad,

Acc

ra

Trad

e Fa

ir C

entre

(Pav

ilion

‘V’)

La, A

ccra

2nd

Floo

r (R

. 2E

) Tru

st T

ower

s, O

ff Fa

rrar

Ave

nue

Ada

rbra

ka

HouseNo.D325/4,BreweryRoad

Offi

cial

Tow

n, A

dabr

aka

No.

1 K

was

hiem

an R

oad,

Mat

ahek

o

Acc

ra


87

List

of R

egis

tere

d In

sura

nce

Bro

king

Com

pani

es.

Con

t.

Dyn

amic

Insu

ranc

e B

roke

rs

Edw

ard

Men

sah,

Woo

d &

Ass

ocia

tes

Firs

t Anc

hor R

isk

Man

agem

ent

Gha

na In

tern

atio

nal I

nsur

ance

Bro

kers

Glo

bal I

mpa

ct In

sura

nce

Bro

kers

(Gh)

Ltd

.

Gra

s S

avoy

e G

hana

Lim

ited

Hor

izon

Insu

ranc

e B

roke

rs L

imite

d

Insu

ranc

e C

entre

of E

xcel

lenc

e

P. O

. Box

257

7, T

ema,

Gha

na

Tel:

7139

00, 7

1389

9

Fax:

7138

82

P. O

. Box

168

82, A

ccra

-Nor

th

Tel:229349/224670/233078

Fax:

224

809

P. O

. Box

AN

504

2 A

ccra

-Nor

th

Tel:413892/0244-94206

P. O

. Box

CT

2868

, Can

tonm

ents

, Acc

ra

Tel:

2503

84

Fax:

670

518

P. O

. Box

713

0, A

ccra

-Nor

th

Tel.

2210

21

Fax:

221

869

P. O

. Box

GP

242

, Acc

ra

Te: 0

2443

1600

8

P. O

. Box

CS

840

9, C

omm

. 7, T

ema

Tel:

0244

-372

463,

020

-820

7062

P. O

. Box

306

88, K

IA-A

ccra

Gha

na

Tel:

239

855

Fax:

234

128

E-m

ail i

ce@

4U.c

om.g

h

Hse

. No.

4 A

wik

onaa

St.

Nun

gua

Acc

ra B

ehin

d th

e po

pula

r Agg

ie C

old

Sto

re

MarydeeHouseC124/3FarrarAvenue

No.

8 O

lym

pic

Stre

et K

okom

lem

le, A

ccra

Last

Flo

or, M

arto

Hou

se, O

ff K

ojo

Thom

pson

Roa

d,

Ada

brak

a, A

ccra

Opp

osite

Bur

kina

Fas

o E

mba

ssy,

Asy

lum

Dow

n

15th

Flo

or, H

erita

ge T

ower

, Am

bass

ador

ial E

ncla

ve,

Rid

ge, A

ccra

.

Kris

tal P

laza

Com

m. 4

Tem

a, N

ear E

verg

reen

Sup

erm

arke

t

Location:H/No14RidgeRoad

NT

Rid

ge (O

ppos

ite A

ccra

Hig

h S

choo

l


88

List

of R

egis

tere

d In

sura

nce

Bro

king

Com

pani

es.

Con

t.

Insu

ranc

e C

onsu

ltanc

ies

Inte

rnat

iona

l Lim

ited

Inte

r-Afri

ca B

roke

rs L

imite

d

Inte

rnat

iona

l Con

sorti

um B

roke

rs L

imite

d

JeR

ock

Insu

ranc

e B

roke

rs

KE

K In

sura

nce

Bro

kers

Lim

ited

Lord

ship

Insu

ranc

e B

roke

rs

Mar

ine

& G

ener

al B

roke

rs L

imite

d

P. O

. Box

464

8

Tel:231182-3,667339/229796/662174

Fax:231184/668199

P. O

. Box

T.8

9

Sta

dium

Pos

t Offi

ce, A

ccra

Tel:

027-

7734

385

P. O

. Box

OS

277

4, O

su, A

ccra

Tel:

0244

5760

64,0

2448

4301

85, 0

2081

3999

4

P. O

. Box

TA

469

, Tai

fa, A

ccra

Tel:

020-

2018

138,

024

-328

8703

P. O

. Box

668

1, A

ccra

-Nor

th

Tel:

7640

23, 7

6457

3, 7

6457

3, 7

6439

0, 7

6421

0

Fax:

764

138

e-m

ail:k

ek_i

nsur

ance

@ig

hmai

l.com

P. O

. Box

AH

844

, Ach

imot

a

Tel:781435/781774

Fax:

770

432

P. O

. Box

GP

2913

, Acc

ra

Tel:662744/662833

Fax:

662

833

Ben

efits

Pla

za, R

ing

Roa

d C

entra

l

Firs

t flo

or, P

alm

a H

ouse

, Tud

u

behi

nd C

atho

lic B

ook

Cen

tre

3rd

Floo

r Sw

anm

ill, A

ccra

209

Geo

rs H

ouse

, Nsa

wam

Roa

d, A

chim

ota

BrokingHouseNo.40/41,SenchiSt.,AviationRoad

Airp

ort R

esid

entia

l Are

a, A

ccra

C14

0 M

otor

way

Ext

ensi

on A

bele

mkp

e

Top

Floo

r, S

tand

ard

Cha

rtere

d B

ank

Tudu


89

Max

pal I

nter

med

iarie

s

Mid

as In

sura

nce

Bro

kers

Lim

ited

New

land

Ris

k M

anag

emen

t Lim

ited

Pro

gres

sive

Insu

ranc

e B

roke

rs L

imite

d

Pru

dent

Con

sult

Lim

ited

Saf

ety

Insu

ranc

e B

roke

rs L

td.

Sav

iour

Insu

ranc

e B

roke

rs &

Con

sulta

nts

P. O

. Box

T.7

9, S

tadi

um P

ost O

ffice

Acc

ra

Tel:

2327

95

Fax:

240

569

P. O

. Box

AN

105

54 A

ccra

-Nor

th

Tel:

2551

68

Fax:

258

667

E-m

ail:

mid

asin

sura

nce@

tn.c

om.g

h

P. O

. Box

206

, Tra

defa

ir, A

ccra

Tel :

237

242,

911

785,

024

369

0363

Fax

: 304

977

E-m

ail :

new

land

@k5

onlin

e.co

m

P. O

. Box

GP

144

38 A

ccra

Cen

tral

Tel:

2370

58, 0

20-2

0181

02

P. O

. Box

AN

811

8 A

ccra

-Nor

th

Tel:

020-

8157

160,

0244

-767

037,

024

4-88

3991

P. O

. Box

OS

291

2 O

su, A

ccra

Tel.

7619

44, 7

8660

3, 0

2437

6965

Fax:

786

602

E-m

ail:

jadu

kofi@

afric

aonl

ine.

com

.gh

P. O

. Box

468

, Acc

ra

Tel:

2245

59

26 F

arra

r Ave

nue,

Ada

brak

a

Plo

t No.

A10

, Aw

udom

e R

ound

abou

t

Kan

eshi

e

Sili

con

Hou

se, N

o. 4

Nor

th R

idge

Cre

scen

t

Ban

ku J

unct

ion,

Eas

t Leg

on, A

ccra

Hse.No.520/4,JonesNelsonStreet,Adabraka,Accra

2nd

Floo

r, B

lue

Chi

p B

uild

ing

Kan

da, E

ast A

yaw

aso,

Acc

ra

List

of R

egis

tere

d In

sura

nce

Bro

king

Com

pani

es.

Con

t.


90

List

of R

egis

tere

d In

sura

nce

Bro

king

Com

pani

es.

Con

t.

Tran

s-N

atio

nal B

roke

rs L

imite

d

Tri-S

tar I

nsur

ance

Ser

vice

s Li

mite

d

Uni

vers

al In

sura

nce

Con

sulta

nts

Ltd.

Shi

eld

Insu

ranc

e B

roke

rs L

imite

d

Pre

mie

r Bro

kers

& C

onsu

ltant

s

P. O

. Box

178

41, A

ccra

Tel/Fax:230861,0244272060

P. O

. Box

125

66, A

ccra

-Nor

th

Tel:

(233

-21)

2448

61, 2

5618

3, 2

2030

2

Fax:

(233

)220

319

P. O

. Box

CT

117,

Can

tonm

ents

, Acc

ra

Tel:222076/229362

Fax:

233

944

e-m

ail:u

nicb

rok@

ghan

a.co

m

P. O

. Box

GP

131

97, A

ccra

Tel:

5196

51-2

, 024

3761

632

Fax:

-

e-m

ail:S

teph

en@

deeb

abs.

com

P. O

. Box

DS

163

2 D

anso

man

, A

ccra

Tel:

9151

1, 9

1801

1, 0

28 9

5402

70

Fax:

224

804

e-m

ail:p

rem

ierb

roke

r@gm

ail.c

om

45 D

adeb

an R

oad,

Nor

th K

anes

hie

Indu

stria

l Are

a

213/4,OlympicRoad,Kokomlemle,Accra

1st F

loor

, Sta

ndar

d C

harte

red

Ban

k B

uild

ing

Ada

brak

a

Hs.

No.

5, A

shal

ey B

otw

e R

oad


91

List

of R

egis

tere

d Lo

ss A

djus

ting

Com

pani

es

List

of R

egis

tere

d R

eins

uran

ce B

roki

ng C

ompa

nies

Com

pany

Con

tact

Det

ails

Loca

tion

P. O

. Box

915

5, K

IA, A

ccra

Tel:

024

4327

960,

020

813

2962

, 323

878

Fax:

304

977

E-m

ail:

man

yopl

ange

@ya

hoo.

com

Man

yo-P

lang

e &

Ass

ocia

tes

40 A

dwad

u S

treet

, Mat

ahek

o, A

ccra

Nea

r Kem

bs H

otel

Com

pany

Con

tact

Det

ails

Loca

tion

P. O

. Box

An

6681

Acc

ra-N

orth

Tel:

2300

65, 2

3216

5, 2

3456

8

Fax:

225

654,

221

716,

241

006

e-m

ail:

kek

@ke

kins

uran

ce.c

om.g

h

KE

K R

eins

uran

ce B

roke

rs (A

frica

) Lim

ited

KEKInsuranceBrokingHouseNo.40/41SenchiStreet

@ A

viat

ion

Rd.

, Airp

ort R

esid

entia

l Are

a, A

ccra


92

Notes

Table of Contents€¦ · a project on agricultural insurance. Most of the work will be done in...

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Transcript of Table of Contents€¦ · a project on agricultural insurance. Most of the work will be done in...