Ghana insurance market: turnover per class of business in 2022
Figures in thousands
| Class of business | 2022 turnover | 2021 turnover | 2021-2022 evolution (1) | 2022 shares | ||
|---|---|---|---|---|---|---|
| GHS | USD | GHS | USD | |||
| Motor | 1 410 217 | 136 749 | 1 165 232 | 188 546 | 21.02% | 23.10% |
| Property damage (2) | 845 411 | 81 979 | 601 717 | 97 364 | 40.50% | 13.85% |
| Third party liability | 217 458 | 21 087 | 96 894 | 15 678 | 124.43% | 3.56% |
| Engineering | 194 522 | 18 863 | 165 850 | 26 836 | 17.29% | 3.19% |
| Marine & aviation | 146 977 | 14 252 | 91 086 | 14 739 | 61.36% | 2.41% |
| Credit & surety insurance | 136 814 | 13 267 | 149 944 | 24 263 | -8.76% | 2.24% |
| Personal accident & health | 108 233 | 10 495 | 76 590 | 12 393 | 41.31% | 1.77% |
| Other risks | 23 633 | 2 292 | 14 463 | 2 340 | 63.40% | 0.39% |
| Total non-life | 3 083 265 | 298 984 | 2 361 776 | 382 159 | 30.55% | 50.51% |
| Total life | 3 021 213 | 292 967 | 2 513 348 | 406 685 | 20.21% | 49.49% |
| Grand total | 6 104 478 | 591 951 | 4 875 124 | 788 844 | 25.22% | 100% |
(1) Growth rate in local currency
(2) Including theft and fire
Source: National Insurance Commission (NIC)
Exchange rate as at 31/12/2022 : 1 GHS = 0.09697 USD; at 31/12/2021: 1 GHS = 0.16181 USD
Read also | Insurance companies in Ghana
