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Top 10 Insurance Companies in Ghana | 2021

Insurance Companies

In Ghana, many people tend to turn a blind eye when it comes to insurance companies mostly because of the disadvantages involved.

The fraudulent act of some companies, unfavourable terms, and conditions as well as the long legal process it takes for one to receive his/her claims has instilled fear in the heart of many.

Therefore, this article would emphasize the top 10 insurance companies in Ghana and why people should not shy away from insurance.

In time memorial to date, insurance companies have been of immense benefit to individuals and even organizations.

So as such, every business and property insured in any of the top 10 insurance companies in Ghana has a lot to benefit from.

But first, quite a several people always ask the question of what insurance is.

What is Insurance?

Insurance simply refers to the extra measures taken by paying some specific amount of money to an insurance company.

In other words, this payment is done over a period to cover for protection of one’s life, the family, their properties, and businesses from financial risk which is inevitable in a person’s life.

Others will also ask why insurance companies if there are banks available where they can save their monies for such eventualities.

The difference between a bank and an insurance company is that banks accept short-term deposits and give out long-term loans to clients.

Whereas insurance companies invest the money they receive from their clients on a long-term investment.

As stated earlier, people mostly overlook the advantages of insurance companies and focus more on the disadvantages.

So let’s take a look at some of the advantages and disadvantages of insurance companies.

Advantages and Disadvantages of Insurance Companies

ADVANTAGESDISADVANTAGES
Provides financial protection from a sudden loss financiallyFinancial support is based solely on the terms and conditions of the company.
Helps maintain a stable standard of living against unforeseen losses.The long legal process involved in receiving one’s claim
Helps persons develop the habit of saving money.Fraudulent companies are also available in society.
Businesses are more prone to acquiring loans from banks once they are insured.Not permanent and can be terminated once a client no longer belongs to the group.
Paves the way for clients to invest in new businesses as well because they feel secure.Some insurance policies are very expensive as compared to others.
Provides flexibility for change within short and long-term coverage.Lack of efficient awareness.
Beneficiaries gain confidentiality especially in the case of death since the money paid to them is not made public.No pay off from some companies if the holder never suffers any loss.

Now with fair knowledge of the advantages and disadvantages, let’s dive into the top 10 insurance companies in Ghana.

Top 10 Insurance Companies in Ghana

Enterprise Insurance Company Limited

Known as the leading insurance company in Ghana, this company has been in existence since 1924.

Common policies they are popularly known for are accidents (vehicle & motorcycles), Fire, and Marine.

The Gross Cash Recovery (GCR) in South Africa has rated this company as financially strong and capable when it comes to paying claims.

They are located at Advantage Place, Mayor Road, Ridge West, Accra.

Their telephone numbers are +233 302 634 777 / +233 54 823 1149 / +233 20 495 4801 or email them via info.insurance@enterprisegroup.com.gh.

Policies they offer involve;

  • Motor Insurance: Motor in this context refers to the client’s vehicle which could be a car or motorcycle.

This insurance policy involves three (3) covers namely third party only, third party fire & theft, and comprehensive.

Third-Party Only: This policy covers you or your motor driver (if you have any) with relation to third parties in death, body injuries, and damages to other person’s properties.

The minimum limit for property damages currently is GH¢5000.00 but can be increased upon the clients’ request.

However, body injuries have an unlimited amount.

Third-Party, Fire & Theft: Aside from the third party explained above, this policy covers the client in case of fire or theft against the clients’ vehicle.

Comprehensive: The comprehensive policy covers all the above-mentioned policies together with accidental damage to a clients’ vehicle which can now be paid within three (3) days.

  • Home Insurance: This policy is specifically designed for the home against earthquakes, fire outbreaks, robberies & burglaries, floods, theft, and many other occurrences.

A clients’ alternative accommodation or rent is also covered in case of any of the above occurrences.

With this policy, a clients’ property and dependants are all fully covered.

  • Travel Insurance: This policy covers only clients who have plans of traveling outside the country (Ghana).

Clients obtain the following benefits with this policy;

  1. Medical expenses with costs of up to 30,000 Euros
  2. Return to Ghana after treatment
  3. Return of clients corpse or ashes to Ghana in case of death
  4. Return of children of clients under 16years insured under the same policy
  5. Loss of luggage
  6. Personal accident
  • Personal Accident: This particular policy provides compensation to clients insured against death or injury sustained from accidental or any visible means.

In case of death, a huge sum of money is paid as compared to the loss of body parts which attract lesser sums.

With temporary disability, a weekly benefit is paid for some time together with the medical expenses incurred at the time of the accident.

This policy has no time limit and is a worldwide cover.

State Insurance Company

Popularly known as SIC, State Insurance focuses more on travel, accident, marine, accidents, aviation, fire, and oil & gas.

Established in 1955, SIC has achieved over 14,000 shareholders with the government of Ghana being the largest shareholder with 40% shareholding.

It is also Ghana’s largest general insurer. They can be located at 28/29 Ring Road East, Osu, Accra, and their numbers are +233 302 780 600 (9) and +233 302 780 615.

They can also be reached via email at sicinfo@sic-gh.com.

Policies at SIC include:

  • Motor Insurance: Similar to Enterprise Insurance, this policy also has three (3) covers namely third party only, comprehensive and third party, fire & theft cover.

Third-Party Only: This policy covers you or your driver (if you have any) against death, body injuries, and damages to third-party properties.

The minimum limit for third-party property damages currently is GH¢2,000.00 but can be increased upon the clients’ request. However, body injuries have an unlimited amount.

Third-Party, Fire & Theft: In addition to the third party elaborated above, this policy provides insurance to a client’s vehicle against fire and theft only.

Comprehensive: The comprehensive policy covers all the above-mentioned policies together with accidental damage to a clients’ vehicle which is caused by:

  1. Accidental clash or somersaulting
  2. Fire or lightening
  3. Theft or robbery
  4. Flood or Earthquake

Additional benefits also include; emergency treatment and medical expenses, compensation for bodily injuries or death, personal accident benefit to clients, towing and storage, tyre replacement, windscreen damage, driving other vehicles, and use outside Ghana (which is international motor insurance for your travels).

  • Fire Insurance: This policy protects the client from the misfortune of a fire outbreak which could lead to loss of property or life.

Fire insurance is suitable for both individuals and organizations as it helps put the client in the same financial position he/she use to enjoy before the loss.

  • Travel Insurance: The policy offers protection for clients who leave the country.

It also provides coverage for unforeseen events that might occur during the trip. Benefits clients get from this policy include;

  1. Emergency medical expense
  2. Delayed departure
  3. Loss of baggage or passport amongst others

This policy offers half price for children under 18 years, group discounts, and families.

  • General Accidents: This covers unforeseen circumstances such as accidents and sudden loss of properties or life.

This policy is divided into four (4) classes namely; insurance of the person, property insurance, pecuniary insurance, and liability insurance.

  • Marine Insurance: This policy is divided into three (3) parts; marine cargo insurance, marine hull insurance, and marine liability insurance.
  • Marine Cargo Insurance: This policy offers coverage to clients whose good/properties gets missing, stolen or damaged while being conveyed by sea or any waterway. This insurance can be used as collateral to banks and also protects personal goods carried by air.
  • Marine Hull Insurance: This policy covers and protects the ocean-going vessels (ships and boats) against loss or damages.
  • Marine Liability Insurance: This covers ship repairers in case of loss of or damage to vessels in their possession. It also covers machinery or equipment which gets damaged or missing during repairs.
  • Aviation Insurance: Aviation insurance covers any and everything (loss or damages) that has to do with aircraft and the operations of aviation facilities on the ground. Star Life Assurance Company:

Star Life Assurance Company

As part of the top three (3) assurance companies in Ghana, star life assurance company offers a wide range of life assurance products to meet up the financial security needs of the public.

They can be located at No. 1 Mankata Avenue, Airport Residential Area, Accra.

Telephone numbers are +233 302 739 600 or +233 302 739 605.

Policies they offer include; corporate products, individual products, special products, and diaspora.

Saham Insurance Company

Saham insurance company was established in 2010 as Colina Insurance and changed to Saham Insurance Ghana Limited in 2014.

It is a subsidiary of Sanlam Pan-Africa.

They are located at No. 18 Dr Isert Road, Ridge Accra. Contact them via +233 302 226 942 or through email info@sahaminsurance.com.

Saham offers a wide range of policies some of which include;

  • Motor Insurance: Motor here refers to the client’s vehicle which could be a car, motorcycle, etc.

This insurance policy involves three (3) covers namely third party only, third party fire & theft, and comprehensive.

Third-Party Only: This policy covers you (the client) with relation to third parties (passengers, pedestrians, and other road users) in death, body injuries, and damages to other person’s properties.

Third-Party, Fire & Theft: In addition to the third party explained above, this policy covers the client in case of fire or theft against the clients’ vehicle.

Comprehensive: The comprehensive policy covers all the above-mentioned policies together with accidental damage to a clients’ vehicle.

  • Fire Insurance: This policy protects the client from the misfortune of a fire outbreak which could lead to loss of property or life.

It usually covers residential, commercial, and industrial premises and their contents. Attached to this insurance for commercial buildings is the coverage of the collapse of the building and also third-party liability.

  • Personal Accidents: Clients insured against death or injury in an accident are those who benefit from this policy by gaining compensation.

This policy also covers medical expenses concerning the accident.

  • Money Insurance: Money in a safe, on the premises of the client or en route to a safe location like the bank is covered for by this policy should it get missing.
  • Goods-In-Transit Insurance: This policy is mostly for importers and exporters since it covers goods lost or damaged by fire, accident, or theft during transportation by road.

Activa International Insurance Ghana

This very company amongst other insurance companies called the Activa was established in the year 2005 as a non-life insurance company.

It is also a member of Ghana Club 100.

Activa is located at Ferguson Chapman Grant House, No. 5 Farrar Avenue, Barnes Road, Adabraka Accra (GA-050-0037).

They can be reached via info@activa-ghana.com or telephone numbers +233 302 686 352 / +233 302 685 118 / +233 302 685 120.

Their policies include;

  • Motor Insurance: Same as the SIC insurance, this policy also has three (3) covers namely third party only, comprehensive and third party, fire & theft cover.

Third-Party Only: This policy is compulsory for all vehicles and it covers third parties only (passengers, pedestrians, and other road users) against death, body injuries, and damages to third-party properties.

This cover has a limit of up to GH¢2,000.00. However, the property damage limit of the third party can be increased upon the clients’ request.

Third-Party, Fire & Theft: In addition to the third party elaborated above, this policy provides compensation to a client against fire and theft of the insured vehicle.

Comprehensive: The comprehensive policy covers all the above-mentioned policies together with accidental damage to a clients’ vehicle.

  • Travel Insurance: Together in partnership with AXA Assistance, Activa offers you one of the best international air travels policies you could ever imagine.

It covers clients who may be involved in an accident or sustain an injury on a trip.

The policy covers medical expenses, loss of luggage, and return of corpse in case of death amongst others.

  • Marine Insurance: This policy covers either the Cargo or the Hull against accidental damages or loss to the property as a result of unforeseen events such as storms, fire seawater damage, etc.
  • Personal/Group Accident: With this policy, compensation is provided to the client or group of people insured should they be involved in an accident or death through any visible means. These benefits are paid from the policy should the client be involved in; death, temporary or permanent disability as well as medical expenses.

Global Institute of Islamic Banking, Insurance, and Consultancy Limited

Launched in 2005 as the largest leading Islamic insurance company in Ghana, GIIBIC cannot be left out when it comes to the top 10 insurance companies in Ghana.

They are located in Kumasi, the Ashanti Region in Ghana.

They can be reached on phone via +233 322 494 851 or call +233 542 014 094 or email them at info@giibic.com.

Their goals are to strengthen the financial sector Islamically and act as an advisory and consultancy body to Islamic finance in Ghana.

Hollard Insurance Company

Hollard Insurance was established in Ghana in 1993 as Madison Insurance.

In 1997, they changed their name to Metropolitan Insurance Company Limited (MET) and finally to Hollard in 2015 when the company was acquired by the Hollard Group as a majority shareholder.

They have offices scattered all over the country like Tamale, Kumasi, Takoradi, and Tema.

Their telephone number is +233 302 220 966.

Their policies include:

  • Personal Accident: This policy compensates you if you are between the ages of 15 and 70, have sustained body injuries caused by a severe accident of any visible means, and if the accident results in death, permanent or temporary disfigurement as well as medical expenses.
  • Travel Insurance: This policy aids you in receiving your visa letter immediately. It also provides you with affordable insurance rates, online claims submission, and fair claim handling.
  • Motor Insurance: This insurance policy involves three (3) covers namely third party only, third party fire & theft, and comprehensive.

Third-Party Only: This policy covers you (the client) with relation to third parties (passengers, pedestrians, and other road users) in death, body injuries, and damages to other person’s properties.

Third-Party, Fire & Theft: In addition to the third party explained above, this policy covers the client in case of fire or theft against the clients’ vehicle.

Comprehensive: The comprehensive policy covers all the above-mentioned policies together with accidental damage to a clients’ vehicle.

  • Home Insurance: Home insurance covers your building, swimming pools, fences, plumbing, and other parts of your home. It also covers for injury or damage to the property of a third party.

Allianz Insurance Company

Established in 2009, Allianz Insurance provides a wide range of policies such as home, motor, travel, injury, and disability insurances.

The company is owned by the Allianz group in Germany.

They are located at lexta square, No. 79, Achimota Road, Accra.

They can be reached on phone via +233 302 764 893 / +233 302 267 892 or email them at allianz.ghana@allianz.com.

Their policies include;

  • Motor Insurance: This insurance policy involves three (3) covers namely third party only, third party fire & theft, and comprehensive.

Third-Party Only: This policy covers you or your motor driver (if you have any) with relation to third parties in death, body injuries, and damages to other person’s properties.

The limit for property damages currently is GH¢5,000.00. However, terms and conditions apply.

Third-Party, Fire & Theft: Aside from the third party explained above, this policy covers the client in case of fire or theft against the clients’ vehicle.

Comprehensive: The comprehensive policy covers all the above-mentioned policies together with accidental damage to a clients’ vehicle.

  • Home Insurance: This policy is specifically designed for the home against fire outbreaks, floods, and theft among many other occurrences.

Damages to furniture and fixing cost are also covered as well as loss or damage to radio, television and other electrical equipment.

The policy also goes out of its way to offer coverage for loss or damage of jewellery, clothing, contact lenses, etc.

A clients’ alternative accommodation or rent is also covered in case of any of the above occurrences.

  • Travel Insurance: The policy provides coverage for unforeseen events that might occur during the trip. Benefits clients get from this policy include;
  • Emergency medical expense and hospitalization
  • Delayed departure
  • Loss of baggage
  • Loss of travel documents
  • Return of remains in case of death.

Metropolitan Life Insurance

Metropolitan Life Insurance offers specific policies on education, investment, and limited health package only.

They are located at North Ridge Crescent Accra.

They can be reached on +233 302 633 933 or email them at infogh@metropolitangh.com.

Their policies include;

  • Education Assurance Plus: This policy offers clients the opportunity to save towards the education of their children for the future. This cover also includes death benefit on the life of the parent and optional death or accidental disability benefit for the child.
  • Cash Plan Plus: This policy is more or less an investment policy which enables clients to accumulate wealth over a period for their benefit.
  • Family Eternity Plus: This policy is designed to help finance the funeral of a family member of the client. With this package, the client is entitled to a one-week celebration benefit, main funeral benefit, disability benefit, and double benefit for accidental death.

National Medical Insurance:

This is a private health insurance company which offers only health-related policies to its clients since 2004.

They are located at No. 25 Osu Avenue, Premium Place, near the Ako Adjei Interchange, Ring Road East, Accra.

They can be reached via toll-free number 0800 222 222 or email at info@nationwidemh.com. Their package involves;

  1. My Health Insurance: This policy offers you peace of mind when it comes to paying medical bills, it also saves you from any form of unpreparedness and emergencies.
  • Corporate Health Insurance: This is a policy mainly for employers to enable their employees to have a stable mind and strength for work. This policy aids in reducing the absence of employees due to illness and increases the productivity of any institution within the policy.
  • Third-Party Administration: This is a similar package to the Corporate Health insurance policy. The only difference is here, an employer designs specific benefits for employees according to their peculiar health needs.
  • International Health insurance: In partnership with health care centers in Africa, India, Pakistan, the USA, and worldwide, this policy guarantees our clients quality and catered for health care internationally.

Related Post: Top 10 Best Engineering Companies in Ghana | 2021

Conclusion

From this article, one can now deduce the difference between banks and insurance companies.

People can also know which insurance companies to register with as well as the packages/policies which will benefit them.

Insurance companies offer people a wide range of options to choose from. They all have different policies which will suit every individual at any given point in time.

With insurance, your future is somewhat secured and you have nothing to worry about and can focus much more on other aspects of your life.

For more information, visit our Official Website.

What do you think?

Written by Friday Gabriel

My name is Friday Gabriel, I hold a bachelor's degree in Psychology and am a Digital Marketer by profession.
My love for the assimilation and dissemination of information can never be under-emphasized.
Am passionate about bridging the gap between frequently asked question

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