Investopedia.com defined Insurance as a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. Insurance services or products are vital, especially in an emergency.
However, signing up with the right insurance company in Ghana is not all that easy. That’s why we have listed some of the best and top insurance companies in Ghana. Read on to learn more, and don’t forget to share.
miLife Insurance Ltd was founded in 2005 as CDH Life Assurance, and it became the 17th Life assurance company to be licensed by the National Insurance Commission (NIC).
miLife focuses on providing simple, affordable and more accessible life and savings insurance products to the mass market. The business offers educational, savings, funeral and term assurance policies. It also provides group life covers that protect death, disability and critical illnesses.
Milife Insurance render services such as Keyman life, Mortgage life, Credit life, Group life, miWay, miEducation, miKids, miLegacy, miTribute.
Their main head office is in Accra and has branches in Kumasi, Takoradi, Koforidua, Tamale, and other parts of the country.
Allianz Insurance started in Ghana as a non-life segment in 2009. The company provides products and services ranging from Home, Travel, Motor, Injury, and Disability Insurance. They also have provided Public Liability Insurance, Asset, Construction, Transport, and Cyber Crime Insurance.
Allianz has bancassurance partnerships with Société Generale Ghana and Ecobank Ghana. Allianz Insurance started its first life insurance policy on May 24, 2018, providing products in Pure Life Insurance, Credit Life, Funeral, Education, Savings, and Investments.
African Life assurance (Sanlam)
African Life Insurance, also known by its abbreviated acronym of Aflife is part of the Sanlam Group, an industry giant in the South African insurance and financial services sector. This fully black empowered company operates in several spheres, including fund management, life assurance, and health insurance. The company commands a heavy presence in Africa with operations in Kenya, Ghana, Lesotho, Namibia, Zambia and Tanzania.
State Insurance Company (SIC)
State Insurance Company (SIC) Limited is one of the oldest non-life insurance companies in Ghana. The Company was founded in 1995 when the Gold Coast Insurance Company was established. The name was Ghana Insurance Company (GIC) at the time Ghana attained independence in 1957.
In 1960, Ghana Insurance Company, primarily a life assurance company, set up a subsidiary company – Ghana General Insurance Company (Ghana General) to underwrite fire and motor businesses.
SIC is a leading provider of general or non-life insurance products in Ghana. Its business operations cover fire, motor, marine and aviation, and accident insurance. SIC also provides speciality insurance products such as hoteliers and leisure policy, a policy for the hospitality industry.
Enterprise Insurance Company
Enterprise Insurance company was founded in 1924, and it is also one of the oldest insurance companies in Ghana. It was listed on the Ghana Stock Exchange (GSE) in 1991 as the first insurance company to be publicly listed in Ghana.
Currently, it is known as the Enterprise group. Enterprise Group was consolidated on 24th November 2008 and is the holding company of the Group.
The company was instituted as Madison Insurance in 1993, and later in 1997, it was rebranded as Metropolitan Insurance Company Limited. In 2006, the company diversified its services to other personal and commercial insurance products.
Hollard insurance is also one of the oldest insurance companies in Ghana that have acquired a majority shareholding in the insurance business. And today, they have offices in Tema, Kumasi, Takoradi, and Tamale.
Products stated by the company are Indemnity, bonds, fidelity guarantee, engineering insurance, transit goods insurance, fire insurance, burglary insurance, travel insurance, executive insurance, personal accident cover and many more.
Priority Insurance Company
Priority Insurance Company Limited is one of the trusted insurance companies in Ghana. The company was incorporated on September 8, 2011. It is part of the Tobinco Group Of Companies that holds an excellent reputation in various sectors of the Ghana economy, prominently in the pharmaceutical industry.
In 2014, the company was tagged as the 3rd fastest growing insurance company in Ghana. They offer motor insurance, transit goods insurance, bonds, fire, theft, and many more insurance products.
Activa Insurance is a member of the Pan-African Insurance group and one of the top insurance companies in Ghana. They offer insurance products ranging from accidental damage, personal accident, group accident, travel insurance, motor insurance, and many more.
StarLife Assurance Company Limited
StarLife Assurance Company Limited is one of the leading insurance companies in Ghana, offering a wide range of need-based life assurance products designed to meet the financial security need of the insuring public.
The Saham group is a Pan-African insurance group that offers a vast collection of insurance-related services, including; life insurance, non-life insurance, reinsurance, and health insurance. This company has over 37 years of experience. Saham Insurance is one of the best inurance companies in Ghana.