The importance of insurance company in our lives cannot be overstated. It serves as a source of income to a country. Before we go into the list of insurance companies in Ghana. The overall economic growth and development of a country or an environment by just provision of a stable functioning process is made possible through the presence of an insurance company. The problem that is associated with uncertainty through the process of increasing financial resources and also improvement of a commercial institution is curtailed through insurance.
INSURANCE COMPANIES IN GHANA
Not only that the insurance company prevents the risks of contingencies in human life and business, but also security and safety of lives and properties are entered by an insurance company. That is to say that with the backup of an insurance company, a fear of a sudden loss which an insurance company has already provided cover for is solved because a financial aid is provided to the insured family on his demise in case of life insurance and loss due to marine, fire, and accidents; security is provided to the insured.
THE FULL LIST OF INSURANCE COMPANIES IN GHANA
Before indenturing into a discussion of this main topic of the full list of insurance companies in Ghana, it will be nice if we will know some basic facts about Ghana as a country where all these insurance companies are located.
Ghana is one of the countries that is located inside the African Continent which is the second largest continent in the world by population. It is on the Eastern part of African which has boundaries with these countries; Togo and Nigeria to its west and others. Christian Religion is predominantly practiced in Ghana though there are other religions like Islamic Religion, Hindu Religion, and others. The name of the currency been used in Ghana is Cedes. The largest city in Ghana in Kumasi. The English language is the official language commonly used in Ghana though there are other languages there. The capital city of Ghana in Accra.
Types Of Insurance Companies In Ghana
- Life Insurance Products
- Non-Life Insurance Products
- Composite Insurance Products
- Re-Insurance Products
- And Others
THE FULL LIST INSURANCE COMPANIES IN GHANA ARE AS FOLLOWS:
STAR LIFE ASSURANCE COMPANY
The Star Life Assurance Company, Ghana, is the most preferred life companies in Ghana due to the value-added services they provide to their clients over the years. It is a limited liability company incorporated. It is an insurance company that is located on the plotz 20B Mankata Avenue, Airport Residential Area, P.O Box AN 5783, Accra, Ghana. It is established on the month of October 2005 with the accordance to a new insurance Law 2006, Act 724.
GLOBAL INSTITUTE OF ISLAMIC BANKING INSURANCE AND CONSULTANCY LIMITED
This is a foreign company that is situated on c15/2 Hall Avenue Adabraka. P.O Box Ks 13757 Kumasi, Accra, Ghana. It is the role of these company is to undertake a consultancy service and a training to professionals and the financial institutions in the Islamic Banking. That is to say that the Global Institute of Islamic Banking Insurance and the Consultancy trained the bankers and the professions in order for them to create an awareness of their products on the area of Islamic finance to their customers. Accepted certificates like Post Graduate Diploma, Diploma etc. and a set of British Accreditation Council accredited and the foreign accepted are the awards awarded by the Global Institute of Islamic Banking Insurance and Consultancy after someone undergoes a training.
BARCLAYS BANK GHANA
Barclays Bank Ghana has a vision which is becoming the outstanding bank throughout Ghana which will make its employees, customers, and other stakeholders live to be easier. It has been into an existence in Ghana for over ninety-five years now. The Barclays Retail and Business Banking Group under Barclays PLC are all two main parts of Barclays Bank of Ghana. Mentori, Junior Achievement Ghana, C.J Ghana, Care International, Street Investment, Plan Ghana and many others are all examples of recognized Non-Government Organizations that the Barclays Bank, Ghana partners with.
ALPHA LAMBDA INVESTMENT
This is a well-known Insurance company that has been in an existence for over fifteen years now. It provides a precise to a medium advisory role relating to term liquidity needs, investment objective and the availability of instruments that have the capability of meeting a client’s risk tolerance. It also specializes in the portfolio and financial modeling because of its incorporation by a group of professional investors in Ghana. This company is regarded as a management of a consultation team. It is individually and institutionally specializing in the creation of solutions for its clients.
Freight Insurance is well explained as a type of insurance that provides a cover for products when shipping them. Third party insurer and a shipper are the two direct ways that a freight insurance can be bought from.
KEKS INSURANCE BROKERS
This Insurance is situated at an Airport Residential, 40/41 Senchi Street, Accra, Ghana. It is a company that has its strength rooted in its dedicated management with an advanced experience and a quality human resource base. It is a company that also has a part of foreign links that provides improved brokerage services to a diverse home together with multinational firms in all spheres of the economy of Ghana.
VANGUARD ASSURANCE COMPANY
The Vanguard Assurance Company is located on number 25 Independence Avenue, Accra, Ghana. It has been into an existence as a composite insurance company since the month of October 1974. It is regarded as the first privately owned prestigious insurance company that ever existed in Ghana. Initially, Life and Fire insurance are the only two classes of businesses that are being offered by these company. The Vanguard Assurance is a part of an included Vanguard Group Underwritten because of its goods diversification polio into the one-stop composite insurance company. Ghana Leasing Company, Consolidated Discount House Security Limited, Vanguard Properties Development Company Limited, CAL Bank, Jaurel Rural Bank and City Investment company are the successful companies founded through the massive role Vanguard Assurance played.
ASCOMA GHANA LIMITED
This company is located in the special House Building, Airport Residential Area, Accra, Ghana.
ENTERPRISE TRUSTEES LIMITED
The Enterprise Trustees Limited has its address located at 5th Floor Enterprise House, No. 11 J.E. Atta Mills High Street Accra, Ghana. It was first licensed as a corporate Trustees by the National Pensions Authority in the year 2011. The Sanlam Financial Group of South Africa in partnership with the pensions aspect of Enterprise Trustees Management included part of Enterprise Group Limited leading to its incorporation in 2010, 8th November. A new strategic partner Black Star Holdings Limited was welcomed by the Enterprise Trustees in 2017. Pension CEO of the year, Ghana Accountancy and the Finance Awards 2017, Ghana Club 100 Awards, Pension Trustee Board of the year and others are some of the awards won by the Enterprise Trustees.
GLICO HEALTHCARE LIMITED
They are the type Healthcare that is added to Glico Group that provides a special delivery insurance service to the general public residing in Ghana.
PHOENIX INSURANCE GHANA, LIMITED
These insurance company called the Phoenix insurance Ghana Limited was established in the year 1949. It is a part of an Israel Insurance Association. Its main function is the provision of an economic security to those patronizing them and the whole general public. Health Line, Investments and Finance, Long Term Savings and then the General Insurance are the four main operational sectors of the Phoenix Insurance Ghana.
ENTERPRISE INSURANCE COMPANY
The Enterprise Insurance Company Ghana was founded in the year 1924. It is a part of an Exchange Assurance Corporation that has its Head office at the United Kingdom. Enterprise Insurance Company is a leading insurance company when it comes to areas of motor, marine and then the General Accident insurance. It has its Head office at Enterprise House High Street P.O Box GP50, Accra, Ghana. Its products are underwriters, insurance services and insurer, Insurance and then the Non-Banking Financial institution.
METROPOLITAN LIFE INSURANCE, GHANA
This insurance company is located in Tabon Link, North Ridge Crescent, North Ridge, Accra, Ghana. The risk and investment solutions which are the needs of the Metropolitan Life Insurance, Ghana is solving was brought in through the combination of foreign specialize with the home market knowledge. Investment, long and medium-term insurance, savings, Healthcare Administration, Asset Management, Employee Benefits, Health Risk and then Rewards Programs are the key businesses of the Metropolitan Life Insurance, Ghana. This company is part of MMI International.
PRUDENTIAL LIFE, GHANA, LIMITED
Prudential Life, Ghana, Limited was invented into the Ghanaian with Prudential Ghana in the month of March 2014. It is among the Globe’s ancient and powerful life insurance. Its main aim of the operation is to rearrange the appearance of Ghana’s Insurance Industry with the globe-class goods and services. The main businesses of these insurance company are the provision of investment opportunities and a long-term protection. This company is a part of prudential Africa Holdings Limited. And it is located on No. 35 North Street, Accra, Ghana.
SOVEREIGN BANK, GHANA
This insurance company has its address located at Platinum Place, Kanda High Street PMB C.T 363, Cantonments, Accra, Ghana. Its uniqueness in the product offering and service delivery has made them appear different in the financial services landscape and banking. Its incorporation was on the month of October 9th, 2015 inside Accra, Ghana, and was licensed on the month of January 21st, 2016 under the universal the new Banking Act, 2004 as the universal Bank of Ghana.
TRI-STAR INSURANCE SERVICES LIMITED
This is part of Ghana’s insurance Brokers Association which is guided by its rules and ethics. The team-based approach, Independence, Professionalism, Marketing Discipline, Core Values and Standards and then communication are the seven values of these insurance company. Its businesses are the provision of a full range of retail assets, employee benefit brokerage services, the satisfaction of the needs of Ghanaians and its multinational clients and lastly the general liability.
MCCARTHY MICRO FINANCE SERVICE
The McCarthy Micro-Finance service, Ghana, is located at No. 28th February Road, P.O Box M40, Accra, Ghana. They are into the provision of the correct solution to its client’s financial needs. Its belief in satisfying their customer’s needs has made them stand out of the other insurance companies in Accra, Ghana. Generally, these insurance company offers hotel loans, home loans, commercial loans, car loans and others at a good subsidized interest rate.
NATIONWIDE MEDICAL INSURANCE
This insurance called the Nationwide Medical Insurance is the type an insurance company that specializes in provision and delivery of a quality health care insurance to its numerous clients.
ACTIVA INSURANCE COMPANY
The Activa insurance company is the number seven largest insurance company that is located inside Ghana. It is the best insurance company that is capable of meeting up the urgent needs of their customers.
STATE INSURANCE COMPANY
These insurance company called the State Insurance Company specializes in the areas of travel, accident, marine, gas, and oil.
ALLIANZ INSURANCE COMPANY
This company is solely owned and controlled by the Alliance Group that is in Germany.
A premium is the name of the funds that are generated by an insurance company which is invested immediately in government stocks and the securities. Through massive investments which leads to a large capital formation serves as a device through which there are opportunities of an employment. The overall economic development of a nation is achieved through the utilization of funds from the development of industries; therefore, the insurance company is a crucial source of capital formation.
The insurance company has many principles which one of them is the spreading of risks between the insured and the insurer, the insured is always rewarded or compensated through the funds called the premium he paid to the insurer. An insurance company through the life insurance encourages systematic savings leading to an investment mode.
Promotion of trade and commercial activities, mitigation of loss and the stability of finance are the necessary processes that lead to a massive economic growth and development which an insurance company has encouraged.
From all these illustrations explained above, one can confidently say that an insurance company is a well-known company that is assigned to the provision of a cover that serves as a compensation due to fire, injury, loss, hardship, damages or treatment in exchange of funds known as premium payments generated.
THE PRINCIPLES OF INSURANCE COMPANY:
There are seven basic principles of an insurance company which the participants inside the insurance company like the insurer, the insured, the third party which is the underwriter and the insurance company agents called the broker must abide strictly. Those seven principles inside the insurance company are as follows:
- Principle of Contribution
- Principle of Subrogation
- The principle of insurable interest
- Principle of indemnity
- The principle of Utmost Good Faith
- The principle of Insurable Interest
- The principle of Nearest Cause.
Documentary On The Insurance Industry In Ghana
CONCLUSION ON THE LIST OF INSURANCE COMPANIES IN GHANA
In summarizing these write up on the full list of insurance companies in Ghana, it is worthy to note that it is very necessary for one to be part of insurance company neither as an insurer or a third party because not only it serves as a source of income to a given nation due to the investment of funds generated in establishment of an industries which in turn reduces the unemployment of a country but also it serves as a cover against the unforeseen contingencies like the demise of the insured, fire or marine in the future.
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