nic Ghana logo
The insurance industry in Ghana can do more to increase penetration given that life and general insurers now only insure only 2% of the insurable public, says Mr Nashiru Iddrisu, managing director of South Africa-headquartered Hollard Life Assurance.
In an interview with Marcopolis.net, he gives his assessment of the insurance sector in Ghana that he describes as a very competitive industry.
“There are close to 55 underwriters, with about 20 in life and over 30 in general; all of these together with a brokerage market of almost 80 and still counting. We have three or four reinsurance companies and reinsurance brokers as well. It is a well regulated industry. The National Insurance Commission regulates all these players in the market.”
He says that the market is competitive because the potential is huge, but the cake is small. There is a lot of concentration which can be reduced when the cake is made bigger through educating the public.
He said, “We also need to introduce more flexible, affordable, innovative products to the market. It appears that most of the products in the markets are quite rigid and a bit traditional.”
Source MEIR
