Sometimes it might be quite tricky to attach a definition to what an insurance company is. However, in a general term, the word insurance is an assurance of compensation for a likely loss that an individual or group might encounter in the future, exchangeable with a constant or regular payment.
We will be discussing, in this article, the top 10 insurance companies in Ghana.
The purpose of insurance is to serve as protection for an individual or company, against losses that could pose a threat to their financial stability. With this in mind, it is then considered wise that you are able to secure for yourself the best firms that would give you an assurance of safety on your life and properties.
The Top 10 Insurance Companies in Ghana
1. State Insurance Company
SIC is a popular insurance company in Ghana with branches spread all across the country. With about 1400 shareholders on its platform, SIC is regarded as a major player in the provision of non-life insurance products.
The insurance company covers losses mostly in the marine sector, accident, oil and gas, and travels. They are well revered for their top notch customer service and their professionalism in the field.
2. Enterprise Insurance Company
The insurance company was founded in the year 1924 and they have served the country since then through the provision of mouth-watering insurance packages. Their services are poised to assist their clients in managing their physical and financial loss as well as helping them secure their future.
Their branches are spread across the country and they are located at vantage points, putting them on the spotlight. The company is dedicated to also providing life-changing results to customers.
3. Hollard Insurance
The company was established in the year 1993 and they started their journey as Madison Insurance, which was renamed 4 years later to Metropolitan Insurance Company.
The insurance company began all-around operations in the year 2015, after making moves to diversify into the provision of other commercial and personal products. The company now has offices in Kumasi, Tamale, Takoradi, and Tema.
Products rendered 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 a host of others.
4. Priority Insurance Company
This is one of the most trusted insurance companies in Ghana and in the year 2014, they were rated as the 3rd fastest growing insurance company in the country.
The company is fortified with over 7 years of experience and they boast of a strong staff that is well motivated to cater to all your insurance needs.
Products offered by the company range from motor insurance, transit goods insurance, indemnity, 3rd party liability, advanced loss of profits, business interruption, bonds, fire insurance, theft, marine insurance to construction insurance.
5. Activa Insurance
The company is a member of the Pan-African Insurance group, and they are rated as the 7th biggest insurance firm in the country.
Activa is licensed to provide for their clients the best insurance services poised to protect their interest in all ways.
They offer the following products: accidental damage, personal accident, group accident, homeowners insurance, travel insurance, motor insurance 3rd party liability and so on
Their head office is in Accra and they have branches in Tamale, Takoradi, Tema, and Kumasi
6. Metropolitan Insurance
Talking about Metropolitan Insurance, it is a company that combines both international exposure and understanding of the local market to bring the best services to their clients. They provide investment and risk solutions that are geared towards meeting the need of their clients in whatever package they choose with them.
It is one of the top insurance companies in the country and the products offered are: group funeral umbrella, masterplan plus, permanent disability, credit life plan, school finance, retirement, the cash plan, and many others.
The head office is located in Accra and they have other branches in Takoradi, Tarkwa, Akosombo, Kumasi, Obuasi, WeijaTema, and Bibiani.
7. Milife Insurance
The company was established in the year 2005 and they are rated the 17th best insurance firm in the country. In August 2017, the company was ranked the 8th most performing insurance firm in Ghana.
They have branches spread across the country and with a capital of about GHS 57 million, the company is regarded as one of the most capitalized insurance firms in the country.
Their focus on their customers is to provide for them affordable and more accessible savings and to better their lives.
Products include Keyman life, Mortgage life, Credit life, Group life, miWay, miEducation, miKids, miLegacy, miTribute.
The head office is in Accra and they have branches in Kumasi, Takoradi, Koforidua, Tamale and other parts of the country.
8. Allianz Insurance
The company has a wide range of products that are created to benefit the lives of the clients and they have served the country for some years now.
An affiliate of the Alliance Group of Germany, the international experience of the company has helped them in securing the trust of their clients in Ghana. They are regarded as one of the best insurance firms in the country and licensed by the Ghana insurance commission.
Products include Auto Insurance, health insurance, investments and savings, homeowners insurance and travel insurance.
They have their head office in Accra.
9. African Life assurance
The company is involved in the provision of life assurances to companies, groups, and individuals in Ghana. They are licensed by the National Insurance Company of Ghana.
Products offered by the company include; Microinsurance, Care Keyman Plan, Care Mortgage, Care Credit, Care Group, Care education, Care Funeral. With their head office in Accra, they have branches in Kumasi as well.
10. Old Mutual Assurance
With an origin in South Africa, Old Mutual is a premium financial service provider and they are being listed on the Johannesburg and London Stock Exchange. One of the most trusted insurance companies in the country, Old Mutual has a wide range of services that ensure that their client is being served with the best packages.
Products include Group life insurance, Credit life, travel insurance and Education plan.