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Ghanaian insurance making strides towards international participation

02 February 2017 Insurance Forum

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.

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.

 

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