Ghana Insurance 2017

28th – 29th March, 2017
Accra, Ghana

OverviewAgendaPresentersRegisterVenueContact

“Innovation, Mass awareness, Technology and Microinsurance: 4 wheels to drive Ghanaian insurance industry forward”

“Can new approaches combat roadblocks for Ghana insurance industry?”

70% of people would prefer to buy insurance from an MNO than from an insurer.

 

About the Event

  • Legal Frameworks:  Market reforms to reduce fragmentation and improve solvency. “No Premium, No Coverage”  is also strengthening the sector’s capital base
  • Merger and Acquisitions: M&A in the Ghana insurance industry and its positive effects on the economy are some of the lightening rods for the silver lining. Companies in the sector are reporting strong profits and good premium growth, while interest is high from international investors, with 2014 and 2015 characterised by a series of major transactions.
  • Bancassurance: Bancassurance is a booming business in Ghana. In early 2015 Société Générale and Prudential Life Assurance signed a bancassurance agreement. Universal Merchant Bank announced plans to expand its bancassurance operations . Stanbic is also in the Ghanaian market.
  • M insurance (Mobile Insurance): There are recent progressions and developments like the penetration of M insurance (Mobile Insurance) in the market which is a success story for the insurance industry owing to the familiarity of MNOs (Mobile Network Operators).
  • Microinsurance: Ghana being a developing economy holds the key to treasure for the microinsurance industry, microinsurance can help the general masses tremendously. the number of policies jumped from 1.7min 2011 to 4m in 2015.
  • Ghana Reinsurance:  Reinsurance industry too is calling for an innovative touch owing to unpredictable global risks and technological advancements.

Ghana Insurance Conference will underline the major issues for the insurance industry while also brainstorming the root causes and effective innovative solutions inspiring the upward growth.

KEY HIGHLIGHTS
  • Role of Ghanaian Insurance Industry in Economic Growth and National Development
  • Review the growth in M-insurance
  • How to bridge the gaps between insurers and M-insurance industry
  • Strategies to Increase Agricultural Insurance Productivity
  • Impact of the digital age on insurance: driving Insurance towards innovation
  • Marketing through social media: insurance needs popularity
  • Drivers of Innovative pull in the reinsurance world
  • Microinsurance: imperative for sustainable development of Ghanaian economy
  • REGIONAL OUTLOOK – Investment in Nigerian insurance industry, Growth in Tanzania’s agricultural model by deploying agro-insurance models
  • Better regulatory framework for deeper penetration of insurance
  • Linking effects of Climatic Change on Ghana Insurance Sector 
  • Mergers and Acquisition: A way forward to economic growth and value creation
  • Cyber insurance: Paving Ways to stabilize future in the digital era
  • Fire insurance Enforcement: Need for better legal structure
  • Bancassurance: Strong pillar of Ghana insurance industry
  • Deposit Insurance law: can do wonders in the insurance world
  • Increase in Investment can alleviate the insurance industry
 
Be Our Partner

Ghana Insurance Conference is an excellent opportunity to enhance business  relations in a positive learning environment. Through this event, you will be able to network with people with varied expertise and can prove beneficial for raising your corporate profile.

 
 

KEEPING UP WITH THE INDUSTRY’S VIEWS

Protecting Agriculture and Livestock in Ghana with Insurance

Posted on: 23 February 2017 

Ghana is highly vulnerable to the effects of climate change. By 2100, it is likely that the average daily temperature will have risen by three degrees, which will have a negative effect on agriculture and livestock. Though climate change increase the frequency and intensity of droughts, floods and other extreme weather events, but uncontrollable pest and diseases which are biological in nature also affect the agricultural production.

An institutionalised insurance scheme in agriculture was much required to improve the agri sector and make it attractive to investors. Along with the agricultural insurance which provides protection to key stakeholders in the agricultural production value chain in the event of crop failure or loss of yield due to natural disasters, to also minimise the high risks associated with livestock farming in the country, the National Insurance Commission (NIA) gave the GAIP the permission to begin the pilot phase of livestock insurance—which cushions farmers in the event of losses on their animals. The focus of these programme is primarily to help smallholder farmers in the country. source1, source2, source3

In line with these developments, Ghana Insurance 2017, scheduled 28–29 March in Accra, Ghana, will examine the underinvestment in agriculture, returns to capital and insurance among farmers in Ghana and explore the possibility of increasing productivity with insurance.

To find out more about Ghana Insurance 2017: Click here

To reserve your spot for Ghana Insurance 2017: Click here

Extending the Reach of Microinsurance in Ghana—Increased by 140% to 7.5M

Posted on: 16 February 2017 

The Microinsurance Landscape survey 2015 revealed that lives/properties covered
increased by 140% to 7.5M. The role of Mobile Network Operators (MNOs) in the industry has been a key enabler for these growth rates. Through partnerships with MNOs, MI providers reached 4.34 million lives (representing 58% of lives covered).

As per experts, one factor pining down microinsurance successes is education of clients; people do not understand the policy and then they feel disappointed when it comes to claim payments, and the second is about collaboration; to get insurance working will involves getting businesses to come together. Deepening education, enforcing collaboration and providing a strict legal framework will spur Ghana on to increase subscriptions for microinsurance, industry watchers have said. Source1, Source2

With the government striving towards making the insurance industry more profitable and promote the growth of microinsurance, Regional Director of MicroEnsure Holdings at Ghana Insurance 2017 conference, scheduled 28-29 March 2017 in Accra, Ghana, will identify the best practices and offer concrete recommendations on the way forward for the development of microinsurance in Ghana.

To reserve your spot for Ghana Insurance 2017: Click here

Promising Prospects for Ghanaian Reinsurance

Posted on: 7 February 2017 

In Africa, the projected average cession rate is 24%, with non-life premiums worth US$ 20.4 billion and cessions of approximately US$ 4.9 billion. This relates, non-life cession rates in Africa are significantly higher than in established markets because of frequently weaker capitalisation levels of primary insurers and a relatively high share of proportional reinsurance arrangements.

Regulators in numerous African countries are recently demanding more risk to be retained and reinsured locally. This scheme does contribute to increasing awareness and insurance penetration, as it encourages the setup of local reinsurers and persuades foreign insurers and reinsurers to set up businesses locally. Economic growth, diversification and societal change have created opportunities for insurers and reinsurers both.

With the bullish prospects of reinsurance market in Africa and the arising opportunities for growth, Ghana is moving towards revolutionizing its reinsurance industry. Following the advancements, Ghana Insurance 2017 conference, scheduled 28-29 March, 2017 in Accra, Ghana will bring about a platform for industry leaders in the sector to keep them updated with the latest industry developments, marketing strategies and opportunities and challenges confronted by Ghana and furthering the potential for Ghana. To discuss these trends in detail Deputy Managing Director/CEO of, Africa RE will be providing a deeper insight into the reinsurance sector of Ghana and provide crucial advice to promote reinsurance business in Ghana.

To reserve your spot for Ghana Insurance 2017: Click here

Emerging Trends in Ghanaian Insurance Market—An Overview

Posted on: 1 February 2017 

According to a report by a UK based IT Solutions, Ghana has one of the fastest growing insurance industries in the world. The industry is expected to grow at a forecast-period CAGR of 23.0% by 2018, supported by an increase in oil and gas production, the implementation of mandatory fire insurance for commercial buildings, and an increase in gold production. With the separation of Life and Non-Life insurance markets, the economy is focusing on strengthening both of these sectors.

With the recent developments in Ghana including rising public awareness about insurance benefits, advancements in the regulatory framework, expansion of the middle class population and acceptance of mobile insurance products, the Ghanaian insurance industry is driving towards progressive growth. Rapid growth in the recent past reveals the huge potential to grow and can contribute enormously in the national development. Some veterans in the field believe that the innovative sound methodologies in the insurance industry can revolutionize the industry and can even result in twofold growth.

The emerging technologies, upcoming developments in terms of client segments and the overall economic expansion in the continent has forced regional insurers to rethink and has forced the global players to look at Ghana as a strategic market for growth.

Due to the budding mobile insurance sector, a sturdy rise has been seen in the insurance sales owing to the trust of the general public in the mobile operators. With the ever so increasing number of MNOs (Mobile Number Operators), the insurers have been given a run for their money. With the advent of providing insurance schemes by the MNOs, people’s attention has been drifting away from the insurers. The insurance industry is looking at forming alliances between the masses and the network providers for staying relevant.

Also, bancassurance is another booming business of the Insurance sector in Ghana. The insurers and banks are actively teaming up in partnerships to offer a wide range of competitive and innovative products. Bancassurance has always been considered optimistic opportunity when it comes to helping the insurance industry owing to customers’ trust on banks and their competitive marketing strategies. Banking institutions have been performing well in selling insurance that traditional brokers are starting to feel the pressure. But even after positive results of market calculations, the insurance industry is stagnant. Edem Dora Agbezuge, Relationship Manager, Barclays Bank Ghana Limited, will be sharing her insights on innovative approaches of the banks and how they can attract bankers towards selling the insurance products. A growing number of insurers and banks have joined forces to offer policies through banking windows; more than 20 banks have already been granted licences to offer bancassurance products.

Another very important part of this sector is Microinsurance which has received an increased attention in the recent years. It has been considered as one of the most viable ‘alternative financial product’ that is delivered to the unserved and underserved market and the most vulnerable and marginalised sector. The affordability of MI products, ease of purchase and high speed of claim settlement are among the positive considerations why MI is a viable business line. Adjoa Boateng, Regional Director for MicroEnsure Holdings, will be joining us to share her in depth industry expertise with the attending audience about the prospects and shedding light on the current developments in the sector, the need for tremendous focus shift to come up with new, competitive and innovative business models for driving towards growth and sustainability, and to make people understand the importance of and create awareness about the concept of microinsurance.

The National Insurance commission noted with concern that some insurance companies have resorted to unconventional practices by reporting huge amounts of outstanding premiums while at the same time making equally large amounts of provision for bad debts without considerable subsequent recoveries. This provoked the need for a regulatory framework that could put a halt over these ill practices. The No Premium, No Cover Policy, since its implementation, has been helping in building and sustaining a more viable and robust insurance sector that can rank and effectively compete with counterparts globally. Future projections have stated that the Ghanaian Insurance market will be better placed and empowered to secure their rightful ranking and recognition within the Ghanaian economy in terms of contribution to GDP, employment opportunities, investment outlets and investable fund channels.

The NIC Non-life insurance sector premium volumes are expected to increase by 2.2 per cent in real terms in 2017 and by 3 per cent in 2018 due to emerging market growth. Nearly half of non-life covers are generated from automotive insurance. Almost another quarter comes from health. Given the relative prosperity in Ghana, the insurance penetration in the non-life sector is improving, suggesting major opportunity for expansion.

On the other hand, the NIC seemed satisfied with the average annual growth rate of 30% of life insurance in Ghana as well as the change in non-life to life premium ratio from 60%: 40% in 2010 to 53%:47% in 2014. It has stressed on the need for insurers and other organizations to protect their most important resource, which is human capital, through interventions such as Group Life Insurance.

It is considered that the life industry depends on the economic growth in Ghana as it is expected that the increased wealth would trigger demand for life products. Products are typically centred on group life covers. The Group Life Insurance is a wonderful opportunity to increase insurance penetration in Ghana, mainly because a single employer can purchase a policy cover for a number of employees. The growth in the life and non-life sectors can be witnessed through the emergence of 23 and 26 in the sectors, respectively.

Agro Insurance, is another much talked about subject. Agriculture is a key sector of Ghana’s economy, accounting for 23% of the national GDP. Farmers with insurance invest more in agricultural inputs, particularly in chemicals, land preparation, and hired labour. The cultivation expenditures go up to more than GHC 250 (US$188) higher for farmers with insurance, representing a 33% increase relative to the comparison group. About 76% of farmers were willing to adopt agriculture insurance and secure their investments. Thus, showing the growing need to develop strategic and innovative approaches in agricultural insurance for farmers to get their compensation as well as counter the unavoidable phenomenons.

Larger and complex risks have arisen, requiring insurance protection and creating product development opportunities. The broader African middle class population is eager to protect its valuables and make future provisions for the same. Plentiful resources, a juvenile and growing population and the need for investments in infrastructure, energy, health, education and other basic facilities drive the demand for insurance protection and reinsurance cessions. Cyber risk is among the top ten risks facing companies today. And not surprisingly, options for managing and mitigating various cyber risks are currently an ongoing topic of discussion. So far, however, most of the focus has been from an insurance perspective. But reinsurance clearly has a significant part to play in confronting this evolving and escalating risk.

In line with African and Ghanaian insurance sector developments, Trade Essential is organizing a conference, Ghana Insurance 2017, scheduled 28-29 March, 2017 in Accra, Ghana. The conference aims to highlight the most recent Opportunities and Challenges including—Strategies to Increase Agricultural Insurance Productivity, Bancassurance, Microinsurance, Cyber Insurance & Reinsurance and Climatic changes affecting the insurance world, Ghana Fire insurance Enforcement, Deposit Insurance Law and much more.

Ghana Insurance 2017 conference will offer a platform for policy makers, regulators, industry executives and researchers from the industry to keep them up-to-date with the latest industry developments, marketing strategies, and product innovations relevant for the Ghana Insurance sector. The conference is attracting many regional and international participants to gain insights into the growth prospects for coming years.

To reserve your spot for Ghana Insurance 2017: Click here

Ghanaian Insurance Making Strides Towards International Participation

Posted on: 24 January 2017 

To extend the market’s reach beyond the borders, Ghanaian insurers are focusing on alternative pathways. Recently, the Ghanaian insurance market has witnessed collaborations with the major European and African players. In 2015, Prudential UK, joined hands with Express Life Insurance Company by acquiring a 78% stake in LeapFrog Investments, a specialist investor in emerging markets. Whereas in 2016, Leapfrog Investments reportedly took over a majority stake in Ghana's UT Life Insurance.

The prime factors leading to this transition included prospects for growth, stability in the government, vigorous regulatory framework and exploration of oil and gas. In addition to that, an FDI limit of 60% and upgradation of the minimum capital requirement from GHS5m to GHS15m for insurers and reinsurers were the driving forces for Ghana to extend its frontiers. Source

Following the advancements in the Ghanaian insurance industry, Ghana Insurance 2017 conference, scheduled 28-29 March, 2017 in Accra, Ghana will bring about a platform for industry leaders in the sector to keep them updated with the latest industry developments, marketing strategies and product innovations with the objective of expanding Ghana’s presence in the international insurance market. To add to the pool of learning, Executive VP of Stanbic Bank will be emphasizing M&A in the insurance industry, the key opportunities and challenges that need to be catered to regarding collaborations and acquisitions. Further, CEO of Activa International Insurance, will be providing an outlook of the significant growth patterns in Ghana, in terms of financial services, economic development, and the contribution of insurance industry to the overall GDP, with respect to current and future perspectives.

To reserve your spot for Ghana Insurance 2017: Click here

Different Faces of Ghana Insurance Industry

 

The veterans in the insurance industry are optimistic regarding the Ghana insurance industry’s future.  According to the  trade specialists, the industry is going to thrive in the markets owing to the technological changes and positive law enforcements.

Due to M-insurance(Mobile Insurance), the rise has been seen in the insurance sales owing to trust of the general public in the mobile operators. Their rapid distribution and competitive marketing strategies have lifted the economic gains above dark clouds. However, this has left the general  insurance industry in jeopardy. However, the industrialists believe that the formation of alliance between the two can be a win win situation for both the giants.

Also, there’s a focus shift towards deploying bancassurance. The forward-thinking professionals in the industry are pondering upon combating the issues between bankers and luring their trust in the insurance products which can help with the  healthier marketing of the policies.

The changing law framework such as the  introduction of ‘No Premium No Cover’ and various fire insurance enforcement can bring sunshine into the insurance industry, according to the field specialists.They also believe that with better law structure, the trust of people in insurance policies can be built more firmly, resulting in a sound development of the insurance industry. And with Mergers and Acquisition going on Ghanaian land, they see expansion both in terms of sales and overall growth.

Also, some analysts strongly assert the marketing of insurance products and policy through social media, owing to its huge popularity among the citizens.  The platform can be used for marketing as well as for understanding the customer better by tracking its selling/buying records and developing strategies accordingly. Optimising social media even helps in better ROI (Return on Investment).

“Innovation, Mass awareness, Technology and Microinsurance: 4 wheels to drive Ghanaian insurance industry forward”

“Can new approaches combat roadblocks for Ghana insurance industry?”

70% of people would prefer to buy insurance from an MNO than from an insurer.

CONFERENCE AGENDA*

GHANA INSURANCE 2017 
28–29 March 2017
Accra, Ghana

Day 1: MARCH 28, 2017
 
8.30 AM REGISTRATION & COFFEE
9.00 AM CHAIRMAN’S WELCOME REMARKS
9.10 AM
KEYNOTE SESSION: ‘No Premium,
No Cover’ Policy:  Recasting the Future of Ghana Insurance Industry

The introduction of the No Premium, No Cover Policy has helped in building and sustaining a more viable and robust insurance sector that is ranking and effectively competing with counterparts globally. With the No Premium, No Cover Policy, the Ghanaian insurance sector is better placed and empowered to secure their rightful ranking and recognition within the Ghanaian economy in terms of contribution to GDP, employment opportunities, investment outlets and investable fund channels.

  Presenter:
Simon Nerro
K. Davor
Deputy Commissioner
National Insurance Commission

 

9.50 AM
Comprehensive Overview of the Ghanaian Insurance Industry

 

  Presenter:
Dr. Albert Gemegah
CEO
AG Associates

 

10.30 AM Morning Coffee Break & Networking
11.00 AM
Future Growth Perspective: Highlighting the Creation of Legal and Regulatory Framework for Development and Enhancement of Microinsurance in Ghana

 

The lack of legal accountability leads to unsettled disputes between the insurer and the policyholders, marring their interest in the insurance industry. Probing into the proper legal framework to aid the growth of the insurance industry and evaluating and overcoming the key issues in designing the framework is the need of the hour.

  Presenter:
Afua Boahemaa Donkor
Executive Director
Star Microinsurance Services Limited


11.40 AM
Growing Role of Ghanaian Insurance Industry in Economic Growth and National Development

 

Ghana insurance has a huge potential to grow African nations economically. Currently, it inflows only 2% of GDP as compared to that of Kenya (3.2%), Namibia (7.5%), and South Africa (14.5%). Since the implementation of policies and structural reforms in the 1980s and 1990s, the insurance industry of Ghana has accomplished a significant growth in terms of financial services, strengthening its role in economic development.

  Presenter:
Solomon Lartey
Managing Director/Chief Executive Officer
Activa International Insurance

 

12.20 PM
State of Mobile Insurance: Bridging the Gap between Mobile Insurance and Insurers

 

With the ever so increasing number of MNOs (Mobile Number Operators), the insurers have been given a run for their money. With the advent of providing insurance schemes by the MNOs, people’s attention has been drifting away from the insurers. The insurance industry is looking at forming alliances between the masses and the network providers for staying relevant. However, the bridge formation between the two sectors needs more stones owing to the different nature and power hold of the two industries.

  Presenter:
Agnes Allotey,
Head of Strategic Partnerships
BIMA (Milvik Ghana Ltd)


1.00 PM Networking Lunch
2.00 PM
Why Insured are Insured and Uninsured Remain Uninsured?

 

Microinsurance (MI) has received an increased attention in the recent years. In particular, the Philippine Government. In the 2011-2016 Philippine Development Plan, MI has been considered as one of the viable “alternative financial product” that is delivered to the unserved and underserved market and the most vulnerable and marginalized sector.
MI offers a huge market potential. Also, the affordability of MI products, ease of purchase and high speed of claim settlement are among the positive considerations why MI is a viable business line.

  Presenter:
Jo-Dann N. Darong
Insurance Planning Officer III, Department of Finance
Insurance Commission of the Philippines


2.40 PM
Mergers and Acquisitions: Way Forward to Economic Growth and Value Creation for Ghana Insurance Industry 

 

  Presenter:
Randolph Rodrigues 
Executive VP
Stanbic Bank Ghana


3.20 PM Afternoon Coffee Break & Networking
3.50 PM
Microinsurance: Understanding the Drivers for Sustainability and Growth

Although trade analysts have a huge faith in insurance, it cannot overshadow the barriers it faces. The voluntary purchase of insurance is not prevalent in Ghana. Therefore, there is a need to make people understand the importance of and create awareness about the concept of microinsurance. There is a need for tremendous focus shift to come up with new and innovative business models for driving towards growth and sustainability.

  Presenter:
Adjoa Boateng
Regional Director
MicroEnsure Holdings


4.30 PM Q & A
5.00 PM End of Day 1
 
Day 2: MARCH 29, 2017
 
9.00 AM CHAIRMAN’S WELCOME REMARKS
9.10 AM
Health Insurance: An Acturial Approach

 

  Presenter:
Richard Clottey Anang
Lecturer
Department of Statistics, University for Development Studies


9.50 AM
Corporate Life Insurance (Group Life Assurance): The Untapped Potential for Increasing Insurance Penetration, Density, Risk Protection and Enhancing Financial Inclusion in Ghana

 

  Presenter:
Sosthenes Konutsey
Head–Corporate Business
Old Mutual Ghana


10.30 AM Morning Coffee Break & Networking
11.00 AM
Comprehensive Overview of the Nigerian Insurance Industry

 

  Presenter:
Adedayo Arowojol
Managing Director
Wapic Insurance Ghana


11.40 AM
Reinsurance has Got Our Back: Innovative Pull in Reinsurance World

 

Cyber risk is among the top ten risks facing companies today. And not surprisingly, options for managing and mitigating various cyber risks are currently an ongoing topic of discussion. So far, however, most of the focus has been from an insurance perspective. But reinsurance clearly has a significant part to play in confronting this evolving and escalating risk. 

  Presenter:
Ken Aghoghovbia
Deputy Managing Director/ Chief Operating Officer
Africa RE


12.20–1.30 PM Lunch
2.00 PM End of Conference

*Agenda content and timeline subject to change.

KEEPING UP WITH THE INDUSTRY’S VIEWS

Protecting Agriculture and Livestock in Ghana with Insurance

Posted on: 23 February 2017 

Ghana is highly vulnerable to the effects of climate change. By 2100, it is likely that the average daily temperature will have risen by three degrees, which will have a negative effect on agriculture and livestock. Though climate change increase the frequency and intensity of droughts, floods and other extreme weather events, but uncontrollable pest and diseases which are biological in nature also affect the agricultural production.

An institutionalised insurance scheme in agriculture was much required to improve the agri sector and make it attractive to investors. Along with the agricultural insurance which provides protection to key stakeholders in the agricultural production value chain in the event of crop failure or loss of yield due to natural disasters, to also minimise the high risks associated with livestock farming in the country, the National Insurance Commission (NIA) gave the GAIP the permission to begin the pilot phase of livestock insurance—which cushions farmers in the event of losses on their animals. The focus of these programme is primarily to help smallholder farmers in the country. source1, source2, source3

In line with these developments, Ghana Insurance 2017, scheduled 28–29 March in Accra, Ghana, will examine the underinvestment in agriculture, returns to capital and insurance among farmers in Ghana and explore the possibility of increasing productivity with insurance.

To find out more about Ghana Insurance 2017: Click here

To reserve your spot for Ghana Insurance 2017: Click here

Extending the Reach of Microinsurance in Ghana—Increased by 140% to 7.5M

Posted on: 16 February 2017 

The Microinsurance Landscape survey 2015 revealed that lives/properties covered
increased by 140% to 7.5M. The role of Mobile Network Operators (MNOs) in the industry has been a key enabler for these growth rates. Through partnerships with MNOs, MI providers reached 4.34 million lives (representing 58% of lives covered).

As per experts, one factor pining down microinsurance successes is education of clients; people do not understand the policy and then they feel disappointed when it comes to claim payments, and the second is about collaboration; to get insurance working will involves getting businesses to come together. Deepening education, enforcing collaboration and providing a strict legal framework will spur Ghana on to increase subscriptions for microinsurance, industry watchers have said. Source1, Source2

With the government striving towards making the insurance industry more profitable and promote the growth of microinsurance, Regional Director of MicroEnsure Holdings at Ghana Insurance 2017 conference, scheduled 28-29 March 2017 in Accra, Ghana, will identify the best practices and offer concrete recommendations on the way forward for the development of microinsurance in Ghana.

To reserve your spot for Ghana Insurance 2017: Click here

Promising Prospects for Ghanaian Reinsurance

Posted on: 7 February 2017 

In Africa, the projected average cession rate is 24%, with non-life premiums worth US$ 20.4 billion and cessions of approximately US$ 4.9 billion. This relates, non-life cession rates in Africa are significantly higher than in established markets because of frequently weaker capitalisation levels of primary insurers and a relatively high share of proportional reinsurance arrangements.

Regulators in numerous African countries are recently demanding more risk to be retained and reinsured locally. This scheme does contribute to increasing awareness and insurance penetration, as it encourages the setup of local reinsurers and persuades foreign insurers and reinsurers to set up businesses locally. Economic growth, diversification and societal change have created opportunities for insurers and reinsurers both.

With the bullish prospects of reinsurance market in Africa and the arising opportunities for growth, Ghana is moving towards revolutionizing its reinsurance industry. Following the advancements, Ghana Insurance 2017 conference, scheduled 28-29 March, 2017 in Accra, Ghana will bring about a platform for industry leaders in the sector to keep them updated with the latest industry developments, marketing strategies and opportunities and challenges confronted by Ghana and furthering the potential for Ghana. To discuss these trends in detail Deputy Managing Director/CEO of, Africa RE will be providing a deeper insight into the reinsurance sector of Ghana and provide crucial advice to promote reinsurance business in Ghana.

To reserve your spot for Ghana Insurance 2017: Click here

Emerging Trends in Ghanaian Insurance Market—An Overview

Posted on: 1 February 2017 

According to a report by a UK based IT Solutions, Ghana has one of the fastest growing insurance industries in the world. The industry is expected to grow at a forecast-period CAGR of 23.0% by 2018, supported by an increase in oil and gas production, the implementation of mandatory fire insurance for commercial buildings, and an increase in gold production. With the separation of Life and Non-Life insurance markets, the economy is focusing on strengthening both of these sectors.

With the recent developments in Ghana including rising public awareness about insurance benefits, advancements in the regulatory framework, expansion of the middle class population and acceptance of mobile insurance products, the Ghanaian insurance industry is driving towards progressive growth. Rapid growth in the recent past reveals the huge potential to grow and can contribute enormously in the national development. Some veterans in the field believe that the innovative sound methodologies in the insurance industry can revolutionize the industry and can even result in twofold growth.

The emerging technologies, upcoming developments in terms of client segments and the overall economic expansion in the continent has forced regional insurers to rethink and has forced the global players to look at Ghana as a strategic market for growth.

Due to the budding mobile insurance sector, a sturdy rise has been seen in the insurance sales owing to the trust of the general public in the mobile operators. With the ever so increasing number of MNOs (Mobile Number Operators), the insurers have been given a run for their money. With the advent of providing insurance schemes by the MNOs, people’s attention has been drifting away from the insurers. The insurance industry is looking at forming alliances between the masses and the network providers for staying relevant.

Also, bancassurance is another booming business of the Insurance sector in Ghana. The insurers and banks are actively teaming up in partnerships to offer a wide range of competitive and innovative products. Bancassurance has always been considered optimistic opportunity when it comes to helping the insurance industry owing to customers’ trust on banks and their competitive marketing strategies. Banking institutions have been performing well in selling insurance that traditional brokers are starting to feel the pressure. But even after positive results of market calculations, the insurance industry is stagnant. Edem Dora Agbezuge, Relationship Manager, Barclays Bank Ghana Limited, will be sharing her insights on innovative approaches of the banks and how they can attract bankers towards selling the insurance products. A growing number of insurers and banks have joined forces to offer policies through banking windows; more than 20 banks have already been granted licences to offer bancassurance products.

Another very important part of this sector is Microinsurance which has received an increased attention in the recent years. It has been considered as one of the most viable ‘alternative financial product’ that is delivered to the unserved and underserved market and the most vulnerable and marginalised sector. The affordability of MI products, ease of purchase and high speed of claim settlement are among the positive considerations why MI is a viable business line. Adjoa Boateng, Regional Director for MicroEnsure Holdings, will be joining us to share her in depth industry expertise with the attending audience about the prospects and shedding light on the current developments in the sector, the need for tremendous focus shift to come up with new, competitive and innovative business models for driving towards growth and sustainability, and to make people understand the importance of and create awareness about the concept of microinsurance.

The National Insurance commission noted with concern that some insurance companies have resorted to unconventional practices by reporting huge amounts of outstanding premiums while at the same time making equally large amounts of provision for bad debts without considerable subsequent recoveries. This provoked the need for a regulatory framework that could put a halt over these ill practices. The No Premium, No Cover Policy, since its implementation, has been helping in building and sustaining a more viable and robust insurance sector that can rank and effectively compete with counterparts globally. Future projections have stated that the Ghanaian Insurance market will be better placed and empowered to secure their rightful ranking and recognition within the Ghanaian economy in terms of contribution to GDP, employment opportunities, investment outlets and investable fund channels.

The NIC Non-life insurance sector premium volumes are expected to increase by 2.2 per cent in real terms in 2017 and by 3 per cent in 2018 due to emerging market growth. Nearly half of non-life covers are generated from automotive insurance. Almost another quarter comes from health. Given the relative prosperity in Ghana, the insurance penetration in the non-life sector is improving, suggesting major opportunity for expansion.

On the other hand, the NIC seemed satisfied with the average annual growth rate of 30% of life insurance in Ghana as well as the change in non-life to life premium ratio from 60%: 40% in 2010 to 53%:47% in 2014. It has stressed on the need for insurers and other organizations to protect their most important resource, which is human capital, through interventions such as Group Life Insurance.

It is considered that the life industry depends on the economic growth in Ghana as it is expected that the increased wealth would trigger demand for life products. Products are typically centred on group life covers. The Group Life Insurance is a wonderful opportunity to increase insurance penetration in Ghana, mainly because a single employer can purchase a policy cover for a number of employees. The growth in the life and non-life sectors can be witnessed through the emergence of 23 and 26 in the sectors, respectively.

Agro Insurance, is another much talked about subject. Agriculture is a key sector of Ghana’s economy, accounting for 23% of the national GDP. Farmers with insurance invest more in agricultural inputs, particularly in chemicals, land preparation, and hired labour. The cultivation expenditures go up to more than GHC 250 (US$188) higher for farmers with insurance, representing a 33% increase relative to the comparison group. About 76% of farmers were willing to adopt agriculture insurance and secure their investments. Thus, showing the growing need to develop strategic and innovative approaches in agricultural insurance for farmers to get their compensation as well as counter the unavoidable phenomenons.

Larger and complex risks have arisen, requiring insurance protection and creating product development opportunities. The broader African middle class population is eager to protect its valuables and make future provisions for the same. Plentiful resources, a juvenile and growing population and the need for investments in infrastructure, energy, health, education and other basic facilities drive the demand for insurance protection and reinsurance cessions. Cyber risk is among the top ten risks facing companies today. And not surprisingly, options for managing and mitigating various cyber risks are currently an ongoing topic of discussion. So far, however, most of the focus has been from an insurance perspective. But reinsurance clearly has a significant part to play in confronting this evolving and escalating risk.

In line with African and Ghanaian insurance sector developments, Trade Essential is organizing a conference, Ghana Insurance 2017, scheduled 28-29 March, 2017 in Accra, Ghana. The conference aims to highlight the most recent Opportunities and Challenges including—Strategies to Increase Agricultural Insurance Productivity, Bancassurance, Microinsurance, Cyber Insurance & Reinsurance and Climatic changes affecting the insurance world, Ghana Fire insurance Enforcement, Deposit Insurance Law and much more.

Ghana Insurance 2017 conference will offer a platform for policy makers, regulators, industry executives and researchers from the industry to keep them up-to-date with the latest industry developments, marketing strategies, and product innovations relevant for the Ghana Insurance sector. The conference is attracting many regional and international participants to gain insights into the growth prospects for coming years.

To reserve your spot for Ghana Insurance 2017: Click here

Ghanaian Insurance Making Strides Towards International Participation

Posted on: 24 January 2017 

To extend the market’s reach beyond the borders, Ghanaian insurers are focusing on alternative pathways. Recently, the Ghanaian insurance market has witnessed collaborations with the major European and African players. In 2015, Prudential UK, joined hands with Express Life Insurance Company by acquiring a 78% stake in LeapFrog Investments, a specialist investor in emerging markets. Whereas in 2016, Leapfrog Investments reportedly took over a majority stake in Ghana's UT Life Insurance.

The prime factors leading to this transition included prospects for growth, stability in the government, vigorous regulatory framework and exploration of oil and gas. In addition to that, an FDI limit of 60% and upgradation of the minimum capital requirement from GHS5m to GHS15m for insurers and reinsurers were the driving forces for Ghana to extend its frontiers. Source

Following the advancements in the Ghanaian insurance industry, Ghana Insurance 2017 conference, scheduled 28-29 March, 2017 in Accra, Ghana will bring about a platform for industry leaders in the sector to keep them updated with the latest industry developments, marketing strategies and product innovations with the objective of expanding Ghana’s presence in the international insurance market. To add to the pool of learning, Executive VP of Stanbic Bank will be emphasizing M&A in the insurance industry, the key opportunities and challenges that need to be catered to regarding collaborations and acquisitions. Further, CEO of Activa International Insurance, will be providing an outlook of the significant growth patterns in Ghana, in terms of financial services, economic development, and the contribution of insurance industry to the overall GDP, with respect to current and future perspectives.

To reserve your spot for Ghana Insurance 2017: Click here

Different Faces of Ghana Insurance Industry

 

The veterans in the insurance industry are optimistic regarding the Ghana insurance industry’s future.  According to the  trade specialists, the industry is going to thrive in the markets owing to the technological changes and positive law enforcements.

Due to M-insurance(Mobile Insurance), the rise has been seen in the insurance sales owing to trust of the general public in the mobile operators. Their rapid distribution and competitive marketing strategies have lifted the economic gains above dark clouds. However, this has left the general  insurance industry in jeopardy. However, the industrialists believe that the formation of alliance between the two can be a win win situation for both the giants.

Also, there’s a focus shift towards deploying bancassurance. The forward-thinking professionals in the industry are pondering upon combating the issues between bankers and luring their trust in the insurance products which can help with the  healthier marketing of the policies.

The changing law framework such as the  introduction of ‘No Premium No Cover’ and various fire insurance enforcement can bring sunshine into the insurance industry, according to the field specialists.They also believe that with better law structure, the trust of people in insurance policies can be built more firmly, resulting in a sound development of the insurance industry. And with Mergers and Acquisition going on Ghanaian land, they see expansion both in terms of sales and overall growth.

Also, some analysts strongly assert the marketing of insurance products and policy through social media, owing to its huge popularity among the citizens.  The platform can be used for marketing as well as for understanding the customer better by tracking its selling/buying records and developing strategies accordingly. Optimising social media even helps in better ROI (Return on Investment).

  Presenters

Simon Nerro
K. Davor
Deputy Commissioner
National Insurance Commission

Mr. Davor attended School of Administration, University of Ghana from 1984 and 1990 where he obtained B.Sc. Admin. (Accounting) and MBA (Finance) degrees in 1987 and 1990 respectively.

He is a Chartered Accountant by profession and a member of the Institute of Chartered Accountants (Ghana) since 1992.

His working carrier started with Coopers and Lybrands, Chartered Accountants before moving to Bank of Ghana, Cal Merchant Bank Ltd., and ADB where he held Senior Management positions.

He was appointed Deputy Commissioner of Insurance of the National Insurance Commission in September 2010, where he has been instrumental in a number of reforms carried out in the insurance industry.

Jo-Dann N. Darong
Insurance Planning Officer III, Department of Finance
Insurance Commission of the Philippines

Professor Darong is currently an Insurance Planning Officer III of the Department of Finance – Insurance Commission of the Philippines.

Before joining the government service, Professor Darong started his career as a Bank Officer. After a year, he worked as the Project Development Officer II in the Department of Education and later on joined at Metropolitan Bank and Trust Company (Metrobank). He spent five years as a Project Manager and Head of Promotions and Advocacy Group at the Development Academy of the Philippines.

Some of his notable achievements include: Leadership Excellence Awardee in 2003 conferred by the Office of the President of the Republic of the Philippines, Philippine Youth Ambassador for the Environment in 2005 by United Nations Environment Programme and Bayer Germany, National finalist to the Ayala Young Leaders Congress in 2006 by Ayala Foundation and the youngest recipient of the Most Outstanding Project Manager Award in 2014 given by the Development Academy of the Philippines.

Professor Darong is a sought after Economics and Management lecturer in the School of Continuing Professional Education (SCOPE) of the University of Makati, Philippines where he teaches for 6 years now.

Professor Darong is currently the President of AlphaMind Consulting Partners, Inc. and at the same time, the Chief Executive Officer (CEO) of AdRow Creatives Advertising Inc. Advocate of the need for inclusive social risk protection among the marginalized, the poor and the vulnerable sector of the society, Professor Darong has meritoriously dedicated time and devotion in various government and non-government organizations that champion social and community development both in local and national level.

Richard Clottey Anang
Lecturer
Department of Statistics, University for Development Studies

Richard is a Lecturer in the Department of Statistics of the University for Development Studies, Navrongo Campus. He is the Industrial Attachment Coordinator for the Faculty of Mathematical Sciences. He lectures Risk Theory and Statistical Computing and Data Analysis among many other courses within the department.

He holds an MPhil & BSc in Mathematics both from the Kwame Nkrumah University of Science and Technology, Ghana. He did an extensive work during his MPhil on Ghana’s National Health Insurance Scheme and subsequently published it in a refereed journal. He has a number of publications, conference papers and books to his credit. He also supervised a number of students’ thesis in the same area of Insurance. He is very analytical, approaches challenges with a logical mind and results oriented.

Adedayo Arowojol
Managing Director
Wapic Insurance (Ghana)

Mr. Adedayo Arowojolu serves as Managing Director of Wapic Insurance (Ghana) Limited a subsidiary of Wapic Insurance Plc. Prior to his appointment as the Managing Director, he served as the Head of Corporate II and Controller at Wapic Insurance Plc. Mr. Arowojolu also served as Head of Oil and Gas Upstream at Wapic Insurance Plc. Other than that, he is an Associate member of the Chartered Insurance Institute of Nigeria (CIIN).

Mr Adedayo has over two decades of insurance experience. He holds a Second Class Upper Degree with a Bachelors of Arts Degree and a Masters Degree in Communications both from the University of Ibadan. He also holds an MBA from the Lagos State University.

Dr. Albert Gemegah
CEO
AG Associates Limited

Dr. Albert Gemegah graduated from the University of Ghana in 1978 with a double major in Economics and Statistics. Upon graduation, he served as a teaching/ research assistant in the economics department and at the Institute of Statistical, Social and Economic Research (ISSER), Legon. He then went on to the University of Hamburg where he obtained a Master Degree in Insurance and Industrial Management and further a PhD degree in Risk Management and Insurance.

Dr. Gemegah returned to the University of Ghana where he helped establish the Insurance Programme at the Business School and has been running this Programme since its inception to date. He is a senior lecturer at theBusiness School and has to his credit several publications and conference presentations in Risk Management and Insurance. He has also done extensive consultancy work for various local and international bodies including the Ministry of Finance, the World Bank, Insurance Companies and Banking Institutions. He has advisory capacity for internal organisational issues, strategic planning, market evaluation, project management and co-ordination. He also has research and training capacity in risk management, insurance, finance and management.

In addition to academic work Dr. Gemegah is also an active insurance professional being an Associate of the Chartered Insurance Institute of London (ACII) and a Chartered Insurance Practitioner (CIP). Dr. Gemegah worked with several insurance companies in Germany, including Volksfuersorge Deutsche Lebensversicherung AG., Albingia Insurance Company, Hermes Credit Insurance Company,and Munich Reinsurance Company. He is the head of AG Associates Limited which is a team of very dynamic Risk and Resources Management Consultants as well as independent professional Insurance Intermediaries.

Dr. Gemegah serves as director on boards of several reputable organisations including the Board of the National Insurance Commission, and the Academic Board of the Ghana Insurance College. He also chairs the Board of Road Safety and Transportation Consult.

img_8133

Solomon Lartey
Managing Director/ Chief Executive Officer,
Activa International Insurance

Solomon Lartey is presently working as the Managing Director/ Chief Executive Officer at Activa International Insurance and has worked in different capacities before reaching to this position. Mr Solomon has vast experience in Financial Services. He has a natural flair for business development.

Mr. Lartey holds a Bachelor of Arts Degree (Geography & Resource Development with Economics) from University of Ghana, a Masters in Business Administration (MBA) from Bradford University School of Management, Bradford, United Kingdom. He is presently a member with the Group Activa Executive Committee, and was previously associated as a member with the Globus Network Liability Centre of Excellence/Practice Group, the Ghana Insurers Association’s Marine & Aviation Technical Committee (2015), the Ghana Insurer’s Association’s Accident Technical Committee (2014), and the London Faculty of Insurance, Faculties of Underwriting, Claims & Broking, IFS.

ken-africa-re

Ken AGHOGHOVBIA
Deputy Managing Director / Chief Operating Officer,
AFRICA RE

Since joining the Corporation in 1985, Mr. Ken AGHOGHOVBIA worked in different capacities before rising to the position of Regional Director of the West Africa Regional Office. He was the pioneer Regional Director of this Office when it was established in 2009 and played a pivotal role in the turnaround of the fortunes of the Regional Office, African Oil and Energy Pool and the African Aviation Pool.

Mr. AGHOGHOVBIA holds a Bachelor of Science Degree in Insurance (Nigeria) and a Master’s Degree in Business Administration (Nigeria). He is an Associate (ACII) and a Fellow (FCII) of the Chartered Insurance Institute (UK). He has been a member of various regional professional committees.

Mr. AGHOGHOVBIA became the Deputy Managing Director / Chief Operating Officer of African Reinsurance Corporation on 1st July 2011.

adjoa161

Adjoa Boateng
Regional Director,
MicroEnsure

Adjoa Boateng is Regional Director for MicroEnsure, with responsibility for operations in both Ghana and Malawi.

Having earned a BA at the University of Sheffield (UK), Adjoa started her career as an intern in Goldman Sachs’ London office.

Adjoa was selected by Fortune magazine and the US State Department as one of 26 emerging female leaders in the Fortune & US State Department’s Global Women’s Mentoring Programme, where she interned with Accenture PLC; and was also shortlisted as a finalist in the Financial Sector category of Africa’s Most Influential Women in Business and Government in 2013.”

afua

Afua Boahemaa Owusu
Executive Director,
Star Microinsurance (Ghana)

Ms. Afua Boahemaa Owusu is the Executive Director of Star Microinsurance (Ghana). She is credited with setting up Ghana’s first locally owned Microinsurance Company and developing a set of products initially deployed into newly created markets for Microinsurance products in 2008. She was involved in all aspects of setting up the business, including recruiting and training core staff, defining the business strategy and maintaining oversight for its successful implementation.

Star Microinsurance has also partnered with institutions like the ARB Apex Bank (consisting of 136 rural and community banks), Ghana Association of Microfinance Companies (consisting of 584 MFI’s), Ghana Co-operative Susu Collectors Association and the Ghana Post Services. Star Microinsurance is a success story of a Microinsurance entity which has a vision to expand and cover the whole Africa.

Afua’s first degree was in Mathematics from the University of Cape Coast (Ghana) she also holds an M.Sc. in Actuarial Science (Heriot Watt University, Scotland). She is a Chartered Insure by profession and an Associate of the Chartered Insurance Institute . Currently she is pursuing her PHD in Statistics at the University of Ghana, Legon.

russel-haresign

Russell Haresign
Country Manager,
Ghana at Milvik (BIMA)

Russell has overall strategic and operational responsibility for our Ghana business. Russell has five years’ sales and operational management experience in South Africa with the security company ADT Security. Previously he held a strategy role with Tyco in London and was a Business Analyst at McKinsey & Company.

Russell holds an MA in Economics from University of Cambridge.

Sosthenes Konutsey
Head–Corporate Business
Old Mutual Ghana

Mr Sosthenes Konutsey is the Head, Corporate Business of Old Mutual Ghana. Mr Konutsey has extensive knowledge of the local financial services market having had a combined 15 years’ experience in the Banking, Insurance and Pensions industries in Ghana. These experiences span various capacities with both local and multinational financial institutions in Ghana.
Before joining Old Mutual Ghana, he worked with the Agricultural Development Bank as Branch Manager. Until then, he worked with Stanbic Bank Ghana in various managerial roles within the Personal and Business Banking space. Far earlier in his career, he worked with Standard Chartered Bank Ghana in several other supervisory roles within the Consumer Banking space.

Mr Konutsey has had extensive training in various areas of the financial services sector and has also attended leadership development programs both locally and abroad. He holds academic qualifications in MBA Financial Management from Cambridge International College, UK and also MSc Economics of Technology and Development from University of Cape Coast, Ghana.

Randolph Rodrigues
Head of Investment Banking
Stanbic Bank

Mr Randolph Rodrigues is the Head of Investment Banking at Stanbic Bank. He has extensive experience in the financial services industry and in particular in Mergers & Acquisitions, having previously worked with Credit Suisse and Morgan Stanley in the US as well as in Corporate Finance as a member of the Corporate Development Group at Microsoft. He attended Cornell University, where he obtained his BA in Mathematics with a specialisation in Economics, and Harvard Business School for his MBA. Randolph returned to Ghana in 2011 as Head of Mergers & Acquisitions at Stanbic Bank before assuming his current role.

KEEPING UP WITH THE INDUSTRY’S VIEWS

Protecting Agriculture and Livestock in Ghana with Insurance

Posted on: 23 February 2017 

Ghana is highly vulnerable to the effects of climate change. By 2100, it is likely that the average daily temperature will have risen by three degrees, which will have a negative effect on agriculture and livestock. Though climate change increase the frequency and intensity of droughts, floods and other extreme weather events, but uncontrollable pest and diseases which are biological in nature also affect the agricultural production.

An institutionalised insurance scheme in agriculture was much required to improve the agri sector and make it attractive to investors. Along with the agricultural insurance which provides protection to key stakeholders in the agricultural production value chain in the event of crop failure or loss of yield due to natural disasters, to also minimise the high risks associated with livestock farming in the country, the National Insurance Commission (NIA) gave the GAIP the permission to begin the pilot phase of livestock insurance—which cushions farmers in the event of losses on their animals. The focus of these programme is primarily to help smallholder farmers in the country. source1, source2, source3

In line with these developments, Ghana Insurance 2017, scheduled 28–29 March in Accra, Ghana, will examine the underinvestment in agriculture, returns to capital and insurance among farmers in Ghana and explore the possibility of increasing productivity with insurance.

To find out more about Ghana Insurance 2017: Click here

To reserve your spot for Ghana Insurance 2017: Click here

Extending the Reach of Microinsurance in Ghana—Increased by 140% to 7.5M

Posted on: 16 February 2017 

The Microinsurance Landscape survey 2015 revealed that lives/properties covered
increased by 140% to 7.5M. The role of Mobile Network Operators (MNOs) in the industry has been a key enabler for these growth rates. Through partnerships with MNOs, MI providers reached 4.34 million lives (representing 58% of lives covered).

As per experts, one factor pining down microinsurance successes is education of clients; people do not understand the policy and then they feel disappointed when it comes to claim payments, and the second is about collaboration; to get insurance working will involves getting businesses to come together. Deepening education, enforcing collaboration and providing a strict legal framework will spur Ghana on to increase subscriptions for microinsurance, industry watchers have said. Source1, Source2

With the government striving towards making the insurance industry more profitable and promote the growth of microinsurance, Regional Director of MicroEnsure Holdings at Ghana Insurance 2017 conference, scheduled 28-29 March 2017 in Accra, Ghana, will identify the best practices and offer concrete recommendations on the way forward for the development of microinsurance in Ghana.

To reserve your spot for Ghana Insurance 2017: Click here

Promising Prospects for Ghanaian Reinsurance

Posted on: 7 February 2017 

In Africa, the projected average cession rate is 24%, with non-life premiums worth US$ 20.4 billion and cessions of approximately US$ 4.9 billion. This relates, non-life cession rates in Africa are significantly higher than in established markets because of frequently weaker capitalisation levels of primary insurers and a relatively high share of proportional reinsurance arrangements.

Regulators in numerous African countries are recently demanding more risk to be retained and reinsured locally. This scheme does contribute to increasing awareness and insurance penetration, as it encourages the setup of local reinsurers and persuades foreign insurers and reinsurers to set up businesses locally. Economic growth, diversification and societal change have created opportunities for insurers and reinsurers both.

With the bullish prospects of reinsurance market in Africa and the arising opportunities for growth, Ghana is moving towards revolutionizing its reinsurance industry. Following the advancements, Ghana Insurance 2017 conference, scheduled 28-29 March, 2017 in Accra, Ghana will bring about a platform for industry leaders in the sector to keep them updated with the latest industry developments, marketing strategies and opportunities and challenges confronted by Ghana and furthering the potential for Ghana. To discuss these trends in detail Deputy Managing Director/CEO of, Africa RE will be providing a deeper insight into the reinsurance sector of Ghana and provide crucial advice to promote reinsurance business in Ghana.

To reserve your spot for Ghana Insurance 2017: Click here

Emerging Trends in Ghanaian Insurance Market—An Overview

Posted on: 1 February 2017 

According to a report by a UK based IT Solutions, Ghana has one of the fastest growing insurance industries in the world. The industry is expected to grow at a forecast-period CAGR of 23.0% by 2018, supported by an increase in oil and gas production, the implementation of mandatory fire insurance for commercial buildings, and an increase in gold production. With the separation of Life and Non-Life insurance markets, the economy is focusing on strengthening both of these sectors.

With the recent developments in Ghana including rising public awareness about insurance benefits, advancements in the regulatory framework, expansion of the middle class population and acceptance of mobile insurance products, the Ghanaian insurance industry is driving towards progressive growth. Rapid growth in the recent past reveals the huge potential to grow and can contribute enormously in the national development. Some veterans in the field believe that the innovative sound methodologies in the insurance industry can revolutionize the industry and can even result in twofold growth.

The emerging technologies, upcoming developments in terms of client segments and the overall economic expansion in the continent has forced regional insurers to rethink and has forced the global players to look at Ghana as a strategic market for growth.

Due to the budding mobile insurance sector, a sturdy rise has been seen in the insurance sales owing to the trust of the general public in the mobile operators. With the ever so increasing number of MNOs (Mobile Number Operators), the insurers have been given a run for their money. With the advent of providing insurance schemes by the MNOs, people’s attention has been drifting away from the insurers. The insurance industry is looking at forming alliances between the masses and the network providers for staying relevant.

Also, bancassurance is another booming business of the Insurance sector in Ghana. The insurers and banks are actively teaming up in partnerships to offer a wide range of competitive and innovative products. Bancassurance has always been considered optimistic opportunity when it comes to helping the insurance industry owing to customers’ trust on banks and their competitive marketing strategies. Banking institutions have been performing well in selling insurance that traditional brokers are starting to feel the pressure. But even after positive results of market calculations, the insurance industry is stagnant. Edem Dora Agbezuge, Relationship Manager, Barclays Bank Ghana Limited, will be sharing her insights on innovative approaches of the banks and how they can attract bankers towards selling the insurance products. A growing number of insurers and banks have joined forces to offer policies through banking windows; more than 20 banks have already been granted licences to offer bancassurance products.

Another very important part of this sector is Microinsurance which has received an increased attention in the recent years. It has been considered as one of the most viable ‘alternative financial product’ that is delivered to the unserved and underserved market and the most vulnerable and marginalised sector. The affordability of MI products, ease of purchase and high speed of claim settlement are among the positive considerations why MI is a viable business line. Adjoa Boateng, Regional Director for MicroEnsure Holdings, will be joining us to share her in depth industry expertise with the attending audience about the prospects and shedding light on the current developments in the sector, the need for tremendous focus shift to come up with new, competitive and innovative business models for driving towards growth and sustainability, and to make people understand the importance of and create awareness about the concept of microinsurance.

The National Insurance commission noted with concern that some insurance companies have resorted to unconventional practices by reporting huge amounts of outstanding premiums while at the same time making equally large amounts of provision for bad debts without considerable subsequent recoveries. This provoked the need for a regulatory framework that could put a halt over these ill practices. The No Premium, No Cover Policy, since its implementation, has been helping in building and sustaining a more viable and robust insurance sector that can rank and effectively compete with counterparts globally. Future projections have stated that the Ghanaian Insurance market will be better placed and empowered to secure their rightful ranking and recognition within the Ghanaian economy in terms of contribution to GDP, employment opportunities, investment outlets and investable fund channels.

The NIC Non-life insurance sector premium volumes are expected to increase by 2.2 per cent in real terms in 2017 and by 3 per cent in 2018 due to emerging market growth. Nearly half of non-life covers are generated from automotive insurance. Almost another quarter comes from health. Given the relative prosperity in Ghana, the insurance penetration in the non-life sector is improving, suggesting major opportunity for expansion.

On the other hand, the NIC seemed satisfied with the average annual growth rate of 30% of life insurance in Ghana as well as the change in non-life to life premium ratio from 60%: 40% in 2010 to 53%:47% in 2014. It has stressed on the need for insurers and other organizations to protect their most important resource, which is human capital, through interventions such as Group Life Insurance.

It is considered that the life industry depends on the economic growth in Ghana as it is expected that the increased wealth would trigger demand for life products. Products are typically centred on group life covers. The Group Life Insurance is a wonderful opportunity to increase insurance penetration in Ghana, mainly because a single employer can purchase a policy cover for a number of employees. The growth in the life and non-life sectors can be witnessed through the emergence of 23 and 26 in the sectors, respectively.

Agro Insurance, is another much talked about subject. Agriculture is a key sector of Ghana’s economy, accounting for 23% of the national GDP. Farmers with insurance invest more in agricultural inputs, particularly in chemicals, land preparation, and hired labour. The cultivation expenditures go up to more than GHC 250 (US$188) higher for farmers with insurance, representing a 33% increase relative to the comparison group. About 76% of farmers were willing to adopt agriculture insurance and secure their investments. Thus, showing the growing need to develop strategic and innovative approaches in agricultural insurance for farmers to get their compensation as well as counter the unavoidable phenomenons.

Larger and complex risks have arisen, requiring insurance protection and creating product development opportunities. The broader African middle class population is eager to protect its valuables and make future provisions for the same. Plentiful resources, a juvenile and growing population and the need for investments in infrastructure, energy, health, education and other basic facilities drive the demand for insurance protection and reinsurance cessions. Cyber risk is among the top ten risks facing companies today. And not surprisingly, options for managing and mitigating various cyber risks are currently an ongoing topic of discussion. So far, however, most of the focus has been from an insurance perspective. But reinsurance clearly has a significant part to play in confronting this evolving and escalating risk.

In line with African and Ghanaian insurance sector developments, Trade Essential is organizing a conference, Ghana Insurance 2017, scheduled 28-29 March, 2017 in Accra, Ghana. The conference aims to highlight the most recent Opportunities and Challenges including—Strategies to Increase Agricultural Insurance Productivity, Bancassurance, Microinsurance, Cyber Insurance & Reinsurance and Climatic changes affecting the insurance world, Ghana Fire insurance Enforcement, Deposit Insurance Law and much more.

Ghana Insurance 2017 conference will offer a platform for policy makers, regulators, industry executives and researchers from the industry to keep them up-to-date with the latest industry developments, marketing strategies, and product innovations relevant for the Ghana Insurance sector. The conference is attracting many regional and international participants to gain insights into the growth prospects for coming years.

To reserve your spot for Ghana Insurance 2017: Click here

Ghanaian Insurance Making Strides Towards International Participation

Posted on: 24 January 2017 

To extend the market’s reach beyond the borders, Ghanaian insurers are focusing on alternative pathways. Recently, the Ghanaian insurance market has witnessed collaborations with the major European and African players. In 2015, Prudential UK, joined hands with Express Life Insurance Company by acquiring a 78% stake in LeapFrog Investments, a specialist investor in emerging markets. Whereas in 2016, Leapfrog Investments reportedly took over a majority stake in Ghana's UT Life Insurance.

The prime factors leading to this transition included prospects for growth, stability in the government, vigorous regulatory framework and exploration of oil and gas. In addition to that, an FDI limit of 60% and upgradation of the minimum capital requirement from GHS5m to GHS15m for insurers and reinsurers were the driving forces for Ghana to extend its frontiers. Source

Following the advancements in the Ghanaian insurance industry, Ghana Insurance 2017 conference, scheduled 28-29 March, 2017 in Accra, Ghana will bring about a platform for industry leaders in the sector to keep them updated with the latest industry developments, marketing strategies and product innovations with the objective of expanding Ghana’s presence in the international insurance market. To add to the pool of learning, Executive VP of Stanbic Bank will be emphasizing M&A in the insurance industry, the key opportunities and challenges that need to be catered to regarding collaborations and acquisitions. Further, CEO of Activa International Insurance, will be providing an outlook of the significant growth patterns in Ghana, in terms of financial services, economic development, and the contribution of insurance industry to the overall GDP, with respect to current and future perspectives.

To reserve your spot for Ghana Insurance 2017: Click here

Different Faces of Ghana Insurance Industry

 

The veterans in the insurance industry are optimistic regarding the Ghana insurance industry’s future.  According to the  trade specialists, the industry is going to thrive in the markets owing to the technological changes and positive law enforcements.

Due to M-insurance(Mobile Insurance), the rise has been seen in the insurance sales owing to trust of the general public in the mobile operators. Their rapid distribution and competitive marketing strategies have lifted the economic gains above dark clouds. However, this has left the general  insurance industry in jeopardy. However, the industrialists believe that the formation of alliance between the two can be a win win situation for both the giants.

Also, there’s a focus shift towards deploying bancassurance. The forward-thinking professionals in the industry are pondering upon combating the issues between bankers and luring their trust in the insurance products which can help with the  healthier marketing of the policies.

The changing law framework such as the  introduction of ‘No Premium No Cover’ and various fire insurance enforcement can bring sunshine into the insurance industry, according to the field specialists.They also believe that with better law structure, the trust of people in insurance policies can be built more firmly, resulting in a sound development of the insurance industry. And with Mergers and Acquisition going on Ghanaian land, they see expansion both in terms of sales and overall growth.

Also, some analysts strongly assert the marketing of insurance products and policy through social media, owing to its huge popularity among the citizens.  The platform can be used for marketing as well as for understanding the customer better by tracking its selling/buying records and developing strategies accordingly. Optimising social media even helps in better ROI (Return on Investment).

 
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Address: Pmb Ct 97, Cantonments, Accra, Ghana
Phone: +233 30 274 0930
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