Insurance penetration remains steady at 1% but equity base hits GH₵5.52bn in 2023 – Report

The 2024 Financial Stability Review indicates that Ghana's insurance penetration has remained stable at about 1.0% for five years. The National Insurance Commission (NIC) anticipates growth driven by digitalization, public education, and policyholder protection initiatives.

The industry has shown resilience amidst challenges like COVID-19 and geopolitical tensions, bolstered by improved regulations and increased digital participation.

Notably, the insurance industry's equity base grew from GH₵4.45 billion in 2022 to GH₵5.52 billion in 2023, reflecting strong financial health. The Capital Adequacy Ratio (CAR) remains above the regulatory benchmark, despite a slight decline in the life insurance segment due to risk adjustments.

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