annual reportnicgh.org/wp-content/uploads/2018/02/nic_annual-report_2015.pdf · of it, it is able...

& FINANCIAL STATEMENTSANNUAL REPORT15

National Insurance Commission2015 | Annual Report

National Insurance Commission

For More Information And Reservation, Please Call The Following Numbers 0302 238300 | 0302 238301

Location: Appiah-Ampofo House, Independence Ave, National Insurance CommissionTel: 233 302 238 300/1 | Fax: 233 302 237 248 | Email: [email protected] | Website: www.nicgh.Org

Ultra Modern Hall | Modern and State of the Art Facilities | Secured and Large Car Park | Central Location | Competitive Price | Spacious Lawns

NATIONAL INSURANCE COMMISSION Appiah-Ampofo House

Standard Conference Package Hall Rental (Seating Capacity 200)Power Point ProjectorP.A SystemOne Co�ee BreakBu�et Lunch Mineral WaterNote Pad, Folder And PenInternet Connectivity

ContentsForeword 6

Chairman’s Report 10

The National Insurance CommissionCorporate Information 13

NIC’s Operations 16

Ghana Insurance Market Report2015 Economic Environment 22

Ghana Insurance Market Report (2011 – 2015) 22

Financial & Ratio Analysis 39

Conclusion

Appendices2015 NIC Financial Reports 74

2015 Fire Maintenance Fund Financial Reports 87

List of Registered Insurance Companies 96

List of Registered Reinsurance Companies 102

List of Registered Broking Companies 103

FOREWORDGOVERNANCE AND RISK MANAGEMENT FRAMEWORK FOR LICENSED INSURERS1.0 Introduction

The NIC as part of measures to adopt the risk-based approach to supervision has developed a Governance and Risk Management Framework to guide the operational activities of insurers as well as to enhance the effective supervision of all licensed insurers.

In 2015, a Directors’ College was organized by the NIC in conjunction with the Ghana Insurance College and Toronto Centre for Boards of licensed insurers to educate them on best practices in the areas of good corporate governance and risk management

1.1 Governance Framework

1.1.1 The insurer shall take reasonable care to organize and control its affairs effectively taking into account the nature, scale, complexity and diversity of its business and the risks that it faces and shall have adequate risk management procedures and controls in place.

1.1.2 The insurer shall establish and maintain a governance framework that provides for the apportionment of responsibilities between its directors, senior management and key persons in control functions, separation of the oversight function from management responsibilities and adequate monitoring and control of the business and affairs of the insurer by the directors and its senior management.

1.1.3 The insurer shall establish and maintain such strategies, policies, procedures and controls, including internal controls, as are appropriate for the nature, scale and complexity of its business and its risk profile; and ensure that its policies, procedures and controls are regularly reviewed and updated as required.

1.1.4 The procedures and controls established and maintained shall provide for the prudent management of the insurer’s licensed business, in accordance with sound insurance principles; and the effective oversight of its senior management and key persons in control functions; recognise and protect the interests of policyholders.

And take into account the nature, scale and complexity of the business of the insurer; and the degree of risk associated with each area of its business.

1.1.5 An appropriate and effective corporate governance framework must be established, maintained and implemented in each subsidiary of the insurer through which the insurer carries on business.

SOME OF THE KEY REQUIREMENTS OF THE FRAMEWORK ARE:2.0 Directors

2.1 The insurer shall have an adequate number of Directors who are capable of exercising independent judgment. The Directors shall have sufficient knowledge, skills, experience and understanding of the business of the insurer and the risks to which it is exposed.

2.2 The insurer shall ensure that the board is able to fulfil its responsibilities and have sufficient time and

2015 Annual Report National Insurance Commission2015 Annual Report National Insurance Commission

6

commitment to undertake their duties diligently.

2.3 The insurer shall ensure that its directors are adequately resourced and that they have sufficient powers to obtain in a timely manner such information as they require to undertake their functions and access senior management, key persons in control functions and other relevant persons.

2.4 The insurer shall make and retain for a period of six years, a record of how it has complied with this paragraph.

3.0 Composition of board

3.1 The insurer shall, at all times, have at least seven directors; and sufficient non-executive directors to ensure that more than half the members of the audit committee are non-executive directors.

3.2 Of the directors, at least one third in number shall be persons who are citizens of Ghana, one third in number shall be persons who are resident in Ghana and one third in number shall be independent non-executive directors.

3.3 The Chief Executive Officer of the insurer shall be a director of the insurer’s board, but shall not be appointed, or act, as the Chairman of the board. Either the Chief Executive Officer or the Chairman of the board, or both the Chief Executive Officer and the Chairman of the board, shall be a citizen of, and resident in, Ghana.

3.4 If, at any time, the insurer does not comply with paragraph (3.1), (3.2), (3.3), it shall immediately give the Commission written notice of its non–compliance; and within a period not exceeding twenty-one days from the date that it first failed to comply, submit to the Commission an application for approval to appoint sufficient directors to bring it back into compliance with the paragraph concerned.

4.0 Board committees

4.1 The insurer shall, at all times have an audit committee, a risk management committee, an investment committee and such other committees as the board considers appropriate. The committees are committees of the board; and shall be comprised solely of directors.

4.2 The majority of the directors of the audit committee shall be non-executive directors who have not, at any time in the last five years, been an executive director of the insurer; are not connected to the insurer; do not have any shares or have any other interest in the insurer, other than director’s remuneration, and is not entitled to vote at meetings of shareholders of the insurer, or any class of such shareholders; and does not have a material conflict of interest in relation to the insurer.

4.3 At least one of the directors of the investment committee shall be an independent non–executive director with appropriate qualifications or experience in investment management.

4.4 If the insurer establishes a remuneration committee, the majority of the directors of the committee shall be independent non-executive directors.

4.5 The board should consider whether, taking account of the nature, diversity and complexity of the insurer’s business, it is appropriate to establish other committees to assist it in the effective discharge of its responsibilities.

4.6 The board shall ensure that the primary responsibilities of each committee are provided to each committee member in writing.

5.0 Control functions

5.1 The insurer shall establish and maintain the following control functions; a risk management function, a compliance function; an actuarial function; an internal audit function; and such other functions as it considers appropriate for the nature, scale and complexity of its insurance business.

5.2 Key persons responsible for control functions shall be provided with the authority, independence and resources required to enable them to operate effectively. The insurer shall outsource control functions only as permitted by these licensing conditions.

6.0 Appointment of person responsible for control functions

6.1 The insurer shall appoint a senior employee, or senior employee of a member of the same group as the insurer, to undertake the duties of each control function; or if the duties of the function are to be undertaken by more than one employee, whether or not in conjunction with an outsourcing service provider, to have overall responsibility for, and oversight of, the control function.

7

2015 Annual Report National Insurance Commission



6.2 A person responsible for a control function is considered to be a principal officer for the purposes of section 49 of the Insurance Act.

6.3 The insurer shall not appoint a person to be responsible for a control function unless it is satisfied that the person is fit and proper to be responsible for that control function; and the Commission has given its approval for the appointment of that person under section 49(1) of the Insurance Act.

6.4 The insurer shall not appoint a person to be responsible for a control function, or outsource a control function, or material aspects of a control function, to a service provider without the approval of the board or, where a board committee has responsibility for the function, without the approval of that committee.

6.5 Where a control function is to be undertaken in full or in part at the group level the insurer shall, on seeking approval for the appointment, provide the Commission with details of all fees, costs and charges to be paid by the insurer in respect of the performance of the control function; and shall not agree to any change in the fees, costs and charges payable without giving the Commission at least 28 days notice of the change.

7.0 Establishment and maintenance of internal controls

7.1 The insurer shall establish and maintain adequate and effective internal controls procedures appropriate for the nature, size and complexity of its business.

7.2 The internal controls shall, as appropriate, operate at all levels of the insurer and shall extend to any outsourced functions. Where the insurer also operates through branches and subsidiaries, its internal control must extend to those operations and enable effective oversight by the insurer.

8.0 Business continuity

8.1 The insurer shall establish a business continuity policy, and put business continuity arrangements in place, aimed at ensuring that, in the event of an unforeseen interruption or disruption the insurer is able to continue to carry on its insurance business and to meet its regulatory and AML/CFT obligations; losses to its functions, systems and data are limited and any losses may be recovered in a timely manner; and where the severity of the interruption or disruption results in the insurer ceasing its insurance business, or any part of it, it is able to resume its business in a timely manner.

8.2 The business continuity policy and arrangements shall be appropriate for the nature, size and complexity of the insurer’s business and the risks to which it is exposed; and regularly reviewed and tested, and updated as required.

8.3 the interruptions and disruptions covered by the business continuity plan and arrangements shall include the loss or failure of internal and external resources, including human resources, systems and other assets; the loss or corruption of data and other information; and external events, such as criminal acts, weather events and other natural disasters.

9.0 Information systems

9.1 The insurer shall have in place reliable and secure information systems that cover all the significant activities that it carries on and that enable it to measure, assess and report on the size, composition and quality of its exposures.

9.2 the information systems shall be designed to ensure that all transactions are recorded on an accurate, complete and timely basis; there is accurate and complete accounting information for all on-balance sheet and off-balance sheet activities; the integrity of the system hardware, software and data is protected through appropriate access and process controls; an accurate, secure and reliable audit trail is generated for all transactions; and there is reliable back up of data on an appropriate periodic basis; and

9.3 the insurer shall establish policies, processes and controls for the development and maintenance of its information systems which shall cover planning for future technology requirements consistent with the insurer’s business strategies and business plans; identifying and evaluating technology solutions for business activities; the acquisition and, if appropriate, development of software; the documentation, testing and implementation of software; and delivery and support, including the identification and solution of problems.

8


9.4 The insurer’s information systems shall be supported by adequate contingency arrangements.

10.0 Conflicts of interest

10.1 The insurer shall establish and maintain procedures and controls to identify conflicts of interest, and potential conflicts or interest and, where conflicts do arise, to ensure that they are effectively managed in a manner that is fair to its policyholders, whether by disclosure, internal rules of confidentiality, declining to act or otherwise.

10.2 The insurer shall not unfairly place its interests above those of its policyholders and, where a properly informed policyholder would reasonably expect that the insurer would place the policyholder’s interests above its own the insurer shall act in accordance with that expectation.

10.3 the insurer shall take all reasonable steps to identify conflicts of interest between the insurer, including its directors, senior managers, insurance agents and persons responsible for control functions, or any person exercising control over the insurer; and its policyholders.

10.4 Where the policies of the insurer to manage conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to policyholder interests will be prevented, the insurer shall clearly disclose the general nature and sources of conflicts of interest to the policyholder before undertaking any insurance business with the policyholder.

10.5 The insurer shall, in making disclosure under subsection (4), provide the policyholder with sufficient detail, taking into account the nature of the policyholder, to enable the policyholder to take an informed decision with respect to matter in the context of which the conflict of interest arises.

10.6 In this paragraph, “policyholder” includes a potential policyholder and an actual or potential beneficiary under an insurance contract.

11.0 Outsourcing of material activities

11.1 The insurer shall not enter into an outsourcing arrangement in relation to any material activity unless the board of the insurer has undertaken an assessment of the outsourcing risk; satisfied itself as to the expertise and experience of the service provider; satisfied itself that the charges, fees and costs payable under the outsourcing agreements are reasonable given the activities to be undertaken by the service provider under the agreement and are affordable given the insurer’s current and likely future income and costs; approved the outsourcing arrangement; and satisfied itself that the outsourcing will be subject to appropriate controls; the insurer has established an outsourcing policy with respect to the activities to be outsourced (“the relevant activities”); the insurer has given the Commission not less than two week’s notice of its intention to do so.

9



1. INTRODUCTION

The National Insurance Commission (NIC) implemented various reforms in 2015. The Commission successfully celebrated its 25th anniversary, reviewed third-party motor insurance, organised Directors College sessions for Boards of regulated entities and implemented the new solvency requirements.

All the initiatives taken in 2015 were aimed at improving the operational efficiency of the insurance sector.

2. THIRD PARTY MOTOR INSURANCE

The Ghana Insurance market comparatively charges the lowest premiums in the sub-region with respect to Motor premiums. Overtime, these premiums have become woefully inadequate in the face of high claims cost.

During the first quarter of the year 2015 commercial drivers and the general public expressed grave concern over the high increase in third party insurance premium. In a bid to alleviate the effect of the huge increase, the Commission and the Ghana Insurers Association reached a consensus to apply the agreed increase in three instalments over a period.

3. NIC’s 25TH ANNIVERSARY

The National Insurance Commission successfully celebrated its 25th anniversary. The insurance industry players and well-wishers lent a great deal of support. To commemorate a new brand, the Commission’s corporate colour was changed and its logo amended to include an eagle, which signifies strength and uprightness.

4. ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM (AML/CFT)

The National Insurance Commission established an AML/CFT Unit in 2015 to train, supervise, monitor and regulate insurance practitioners on Money Laundering and Countering the Financing of Terrorism.

Training programmes on Anti-Money Laundering and combating the financing of Terrorism were organised for Anti-Money Laundering Reporting Officers of the

Insurance, Reinsurance and Brokering Companies in 2015.

5. ENFORCEMENT OF COMPULSORY FIRE INSURANCE OF PRIVATE COMMERCIAL BUILDINGS

The Compulsory Fire Insurance task force undertook several enforcement exercises within the Accra, Tema, Kumasi and Takoradi metropoles during the period under consideration. They inspected a total of three hundred and thirty (330) Commercial buildings to derive evidence of compliance with compulsory fire insurance.

The task force therefore arrested managers of the buildings and threatened to prosecute them if they failed to comply with the directive. They were further requested to report back to the Police Headquarters with evidence of compliance. Follow up visits indicated that all 143 buildings had duly complied with the directive.

6. NEW SOLVENCY FRAMEWORK

The NIC implemented the new solvency framework in December 2015 which required, among others, that insurance companies maintained a minimum capital of fifteen million cedis and Reinsurance companies maintained forty million cedis.

7. GOVERNANCE AND RISK MANAGEMENT FRAME-WORK

In 2015, Directors College sessions were organized by the NIC in conjunction with the Ghana Insurance College and the Toronto Centre, Canada for the Boards of regulated entities to educate them on best practices in the areas of Corporate Governance and Risk Management.

8. RISK BASED SUPERVISION AND LEGAL FRAME-WORK

In line with the implementation of its Risk Based Supervision program, the NIC inspected a number of companies to enable it determine their Risk Rating and the way forward.

CHAIRMAN’S REPORTMr. Lionel Molbila


10

A draft Insurance Bill and draft Insurance Regulations were forwarded to Cabinet through the Ministry of Finance for its consideration. Following a request by Cabinet to the NIC to ensure a wider stakeholder consultation the NIC constituted a committee comprising of selected individuals from the industry

to review the draft Insurance Bill, draft Insurance Regulations and draft Insurance Code. The final draft of the three documents (draft Insurance Bill, draft Insurance Regulations and draft Insurance Code) will be forwarded to the Sector Ministry for submission to Cabinet for further consideration.

9. INDUSTRY PERFORMANCE

Some key performance indicators of the industry are summarised below:

LIFE2015 (GHSm) 2014 (GHSm)* GROWTH RATE

TOTAL ASSETS 1744 1384 29%

TOTAL INVESTMENTS 1444 1114 34%

ACTUARIAL LIABILITIES 1165 890 31%

TOTAL CAPITALIZATION 463 400 16%

* Figures in 2014 have been restated

NON-LIFE2015 (GHSm) 2014 (GHSm)* GROWTH RATE

TOTAL ASSETS 1320 895 47%

TOTAL INVESTMENTS 627 560 6%

TECHNICAL PROVISIONS 566 278 4%

TOTAL CAPITALIZATION 545 418 30%

* Figures in 2014 have been restated

Industry gross premium amounted to GHS 1.567 billion at year end 2015. This represents a growth of 26% from GHS 1.24billion over the year in 2014. Total premium for life insurance stood at GHS 706m while non-life business amounted to GHS 855m. This represented a contribution of 45% and 55% respectively in 2015 compared with a contribution of 47% and 53% in 2014. In 2013, life business contributed 45% whiles non-life contributed 55% with corresponding premiums of GHS 469m and GHS 582m respectively.

YEAR PREMIUM INCOME (GHS) GROWTH RATE

2015 1,567,400,945 26%

2014 1,239,853,442 17.8%

2013 1,052,090,981 23.6%

2012 850,657,054 35.3%

2011 628,528,775 37.2%

2010 458,117,746 33.5%

2009 342,973,719

10. INSURANCE PENETRATION

Insurance penetration is still very low in the country. Insurance penetration which is defined as the contribution of total insurance premiums to Gross Domestic Product (GDP) is 1.17%. Conscious efforts are being made to improve the penetration through the encouragement and development of Micro-Insurance as well as the enforcement of compulsory insurances in the country.

11. CONCLUSION

The year 2015 ended on a successful note with the implementation of the new Solvency and Risk Management and Governance Frameworks. Insurance regulation and supervision have come far after 25 years. However, the Ghana Insurance industry is still an emerging market and has room to grow. The expectation that insurance entities will remain viable and strong in the near future is not far-fetched.

11




Corporate InformationThe National Insurance Commission


12

CORPORATE INFORMATION

Board of Directors: Mr. Lionel Molbila Chairman

Miss. Lydia Lariba Bawa Commissioner of Insurance

Mr. Samuel Amankwah Member

Mr. Justin Amenuvor Member

Dr. Albert Gemegah Member

Ms. Sarah Fafa Kpodo Member

Mr. Emmanuel Baba Mahama Member

Secretary: Mrs. Emma Ocran

Management Team: Miss. Lydia Lariba Bawa Commissioner of Insurance

Mr. Simon N. K. Davor Deputy Commissioner of Insurance

Mrs. Emma Ocran Director, Legal Services

Mr. Michael Kofi Andoh Head, Supervision

Mrs. Ernestina Afrani Head, Human Resource & Administration

Mr. Moses Ackah-Jayne Ag. Head, Finance

Mr. Joseph Bentor Head, Marketing, Research & External Relations

Mr. Martin Dornor Abayateye Head, Internal Audit

Auditors: Boateng, Offei & Co

Correspondent firm; Grant Thornton International

Chartered Accountants

P.O. Box CT 718

Cantonments, Accra

Tel: 0302-779065 / 0573233718/9

[email protected]

Bankers: Societe Generale Ghana

Universal Merchant Bank (Ghana) Limited

Cal Bank Limited

GCB Bank Limited

HFC Bank (Ghana) Limited

Zenith Bank (Ghana) Limited

The Royal Bank Ghana Limited

Registered office: National Insurance Commission

Appiah- Ampofo House

No. 67 Independence Avenue

North Ridge

P. O. Box CT 3456

Cantonments, Accra

Website www.nicgh.org

Email Address [email protected]

13




Board of Directors

1 Mr. Lionel Molbila Chairman

2 Miss Lydia Lariba Bawa Commissioner of Insurance

3 Mr. Justin Amenuvor Member

4 Mr. Emmanuel Baba Mahama Member

5 Dr. Albert Gemegah Member

6 Ms. Sarah Fafa Kpodo Member

7 Mr. Samuel Amankwah Member

8 Mrs. Emma Araba Ocran Secretary

14


Management

1

5

2

6

3 4

7 8

1 Miss Lydia Lariba Bawa Commissioner of Insurance

2 Mr. Simon N. K. Davor Deputy Commissioner of Insurance

3 Mrs. Emma Araba Ocran Director, Legal Services

4 Mr. Michael Kofi Andoh Head, Supervision

5 Mr. Joseph Bentor Head, Marketing, Research & External Relations

6 Mrs. Ernestina Afrani Head, Human Resource & Administration

7 Mr. Martin Dornor Abayateye Head, Internal Auditor

8 Mr. Moses Ackah-Jayne Acting Head, Finance

15



NIC OPERATIONS

LICENSINGIn the year 2015, 3 Life insurers, 1 non life insurer and 5 broking companies were licensed. This increased the total number of companies to 24 Life insurers, 27 Non-life Insurers and 74 Broking companies. These are the newly licensed companies;

■ Adamas Life Assurance Company Limited (Life)

■ Millennium Life Insurance Company Limited (Life)

■ First Insurance Company Limited (Life)

■ Best Assurance Company Limited (Non-life)

■ Byllwych Insurance Brokers Limited

■ Safeguard Insurance Brokers Limited

■ Boaitey & Associates Insurance Brokers Limited

■ Goodwill Insurance Brokers Limited

■ Khols & Hols International Insurance Brokers Limited

Arrowclass Insurance Brokers Limited was licensed in 2014

REGULATORY DEVELOPMENTSDuring the first quarter of the year 2015 commercial drivers and the general public expressed grave concern over the high increase in third party insurance premium. In a bid to alleviate the effect of the huge increase, the Commission and the Ghana Insurers Association reached a consensus to apply the agreed increase in three instalments over a period.

The National Insurance Commission also successfully celebrated its 25th anniversary where industry players and well-wishers lent a great deal of support. To commemorate a new phase, the Commission was rebranded with a change in logo and corporate colours.

A Directors College was organized by the NIC in conjunction with the Ghana Insurance College and Toronto Centre for the Boards of insurance and reinsurance companies to educate them on best practices in the areas of Corporate Governance and Risk Management.

The NIC also implemented the new risk based solvency framework.

RISK BASED ON-SITE INSPECTIONSIn line with the implementation of its Risk Based Supervision regime, the NIC inspected a number of companies to enable it determine their Risk Ratings and the way forward.

COMPULSORY FIRE INSURANCE ENFORCEMENTThe Compulsory Fire Insurance task force undertook several enforcement actions within the Accra and Tema Metropoles during the year under consideration. They inspected three hundred and thirty (330) Commercial buildings to derive evidence of compulsory fire insurance cover.

Out of the 330 buildings inspected 187 of them had procured compulsory fire insurance policies while the remaining 143 had not procured one as required under the Law.

The task force therefore arrested managers of the buildings and threatened to prosecute them if they failed to comply with the directive. They were further requested to report back to the Police Headquarters with evidence of compliance.

Thereafter, managers of 143 buildings had duly complied with the directive.

CIRCULARS & GUIDELINES ISSUEDThe Commission issued the following guidelines in the course of the year:

■ Risk Based Supervisory Framework for the industry

■ The Solvency Framework for Life, Non-Life Insurers and Reinsurers

■ Guidelines to Insurance Industry on External Auditors

■ The Governance and Risk Management Framework for Life and Non-Life Insurers

■ Guidelines on Penalties for Non-Compliance with NIC Directives

■ Guidelines on transfer of Premiums outside Ghana

All the above guidelines are available at the Commission’s website

PENALTIES AND FINESAs part of efforts to ensure compliance with the provisions of the Insurance Act 2006, Act 724 and Guidelines, the Commission levied penalties against five (5) Insurance Companies and one (1) Insurance Broking company. The breaches involved the Sale of shares without the Commission’s approval, Issuance of new shares without payment, breach of the Commission’s guidelines on the operations of Branch and Agency offices, operating as an intermediary without licence and non-submission of 2015 Audited financial statements to the Commission.

16


REGIONAL OFFICESThe NIC continued to oversee the activities of its Regional Offices in Kumasi, Takoradi and Tamale.

The Tamale office is responsible for the Northern sector of the country, Takoradi office serves the Western and Eastern sector of the country whilst the Kumasi office serves the Ashanti and Brong-Ahafo Regions of the country.

The three (3) offices continued to carry out their core functions namely; to receive complaints from the general public and to resolve the complaints, conduct branch inspections of insurance companies, undertake public education activities and enforcement actions to ensure compliance with compulsory fire insurance law. Where complaints were beyond their capabilities they were referred to the head office in Accra for resolution.

COURT CASESIGI Life Assurance Company Limited (IGI Life) and Industrial & General Insurance Company Limited (IGI General)

The Fast Track High Court granted the Official Liquidation Order of IGI Life Assurance (Gh) Company Limited (IGI Life) and Industrial & General Insurance Company Limited (IGI General on the 16th December 2014. The Order was accordingly served on the Registrar-General (the Official Liquidator) in December 2014.

The Official Liquidator proceeded to have the Order published in a gazette in February 2015 and later commissioned an Audit firm to carry out an audit of the state of affairs of the two companies.

Following the receipt of the Audit report the Official Liquidator commenced with the compilation of the list of creditors.

CONSUMER COMPLAINTS For the year 2015, the Commission received 439 complaints from the public. Out of this number, 407 were resolved.

As has been the case in previous years, most of the complaints received related to motor claims. The areas of common complaints from persons pursuing motor claims were as follows:

■ Repudiation of claim by Insurers

■ Delay in settlement of claims

■ Dispute over quantum

■ Delay in payment of settled claims.

The complaints received from life policyholders centered on the following areas:

■ Benefits promised by Insurers differ from benefits on policy documents.

■ Insurance company’s failure to cease deductions after Policy had been surrendered

■ Payment of low surrender values

■ Delay in processing matured policies for payment

■ Delay in returning refund of wrongful deductions

■ Unauthorized premium deductions

■ Failure by Insurance companies to submit policy documents

COMPLAINTS AND SETTLEMENT BUREAU PROCEDURECompanies, against whom complaints were made, were informed in writing.

Depending on the nature of the complaint, a company was either requested to react, or invited to meet with the complainant(s) and officers of the National Insurance Commission (NIC) in an effort to resolve the complaint.

In some instances the “Bureau” referred cases to the Motor Compensation Fund Committee.

These included complaints from injured motor victims of uninsured vehicles, claims repudiated by insurers on grounds of change of ownership or for other breaches under the Motor Insurance Third Party Act and Hit and Run cases.

The Bureau received the necessary co-operation from Insurers and petitioners during the year under review.

Written commendations were received from petitioners and companies expressing appreciation to the Commission for its mediation efforts.

DISTRIBUTION OF COMPLAINTS AGAINST INSURANCE COMPANIES Out of the total number of complaints received, 217 were brought against Non-life Insurance companies and the remaining 222 were against Life Insurance companies. Forty-Seven complaints were received in respect of uninsured vehicles.

The tables below reflect the trend of complaints brought against life and non-life insurance companies over the past five years.

17



CompaniesNumber of Complaints per Year

2011 2012 2013 2014 2015Non-life Insurance companies 114 165 199 193 217

Life Insurance companies 24 67 113 327 222

Total 138 232 222 520 439Others (uninsured vehicles) 74 83 68 35 47

Distribution of Complaints by Companies (Non-Life)

CompaniesYear

2011 2012 2013 2014 20151 Activa International Insurance Co. Ltd - - 1 1 1

2 Allianz Insurance Co. Ltd - 1 - 1 1

3 Best Assurance Company Limited - - - - -

4 Donewell Insurance Co. Ltd 17 9 21 19 15

5 Enterprise Insurance Co. Ltd 5 2 2 3 8

6 Equity Assurance Co. Ltd 3 14 6 10 11

7 Ghana Union Assurance Co. Ltd 1 2 2 - -

8 Glico Insurance Co. Ltd 2 2 1 - 1

9 Imperial General Assurance Company - - - - -

10 International Energy Insurance Co. Ltd - 2 - 3 4

11 IGI (Ghana) Insurance Co. Ltd** 10 11 - - -

12. Metropolitan Insurance Co. Ltd 3 - 4 3 4

13. Millennium Insurance Co. Ltd - - - - 1

14. NEM Insurance (Ghana) Co. Ltd - 1 1 8 15

15. NSIA Insurance (Ghana) Co. Ltd 4 3 2 5 3

16. Phoenix Insurance Co. Ltd - 2 3 7 4

17. Provident Insurance Co. Ltd 8 10 12 2 13

18. Prime Insurance Co. Ltd 2 - 2 - 3

19. Priority Insurance Co. Ltd - - - - -

20. Quality Insurance Co. Ltd 5 4 9 10 11

21. Regency Alliance Insurance Co. Ltd 3 1 2 2 1

22. Saham Insurance Ghana Limited - 1 2 8 6

23. SIC Insurance Co. Ltd 25 52 70 45 60

24. Star Insurance Co. Ltd 6 16 24 28 25

25. Unique Insurance Co. Ltd 10 20 16 20 15

26. Vanguard Assurance Co. Ltd 2 10 14 16 14

27. Wapic Insurance Co. Ltd 2 2 5 2 1

TOTALS 114 165 199 193 217

**Currently undergoing liquidation process

18


Distribution of Complaints by Companies (Life)

CompaniesYear

2011 2012 2013 2014 2015

1 Adamas Life Insurance Company - - - - -

2 A- Plus Assurance Company - - - - -

3 Capital Express Life Insurance Co. Ltd - 1 2 8 4

4 Donewell Life Insurance Co. Ltd 1 2 1 5 3

5 Esich Life Insurance Company Ltd - - - - 3

6 First Insurance Company - - - - -

7 Enterprise Life Assurance Co. Ltd 9 9 25 31 18

8 Prudential Life Insurance Co. Ltd 2 4 7 84 65

9 Ghana Life Insurance Co. Ltd 2 3 10 3 4

10 Glico Life Insurance Co. Ltd 2 8 18 29 10

11 IGI Life Insurance Co. Ltd - 1 - - -

12 Millennium Life Assurance Company - - - - -

13 Metropolitan Life Insurance Co. Ltd 4 10 17 45 19

14 Old Mutual Life Insurance Co. Ltd** - 3 2 9 3

15 Phoenix Life Insurance Co. Ltd - 2 2 11 -

16 GN Life Assurance - - - - -

17 Ghana Union Assurance Life Co. Ltd - - - - -

18 Quality Life Insurance Co. Ltd 1 2 2 8 4

19 Saham Life Insurance Co. Ltd - 5 - 9 4

20 SIC Life Insurance Co. Ltd 1 6 18 42 52

21 Star Life Insurance Co. Ltd 1 6 5 16 12

22 Unique Life Insurance Co. Ltd - 2 2 10 13

23 UT Life Insurance Co. Ltd 1 1 2 4 3

24 Vanguard Life Insurance Co. Ltd - 2 - 13 5

TOTAL 24 67 113 327 222

**Was previously Provident Life Ins. Co. Ltd

STATUTORY FUNDS

Motor Compensation FundThe operations of the Motor Compensation Fund (MCF) continued to be overseen by a Committee made up of Officers from the Commission and Insurance Companies which underwrite Motor Insurance business. They were assisted by technical staff from the NIC.

The Committee received applications involving Hit and Run cases and Uninsured vehicles. Other applications received stemmed from breaches of policy conditions, such as change of ownership, inappropriate class of driving license and driving without licence which resulted in the repudiation of claims by Insurers.

In all, 128 applicants received approval from the Committee and were awarded a total GH¢682, 764. The Awards Sub-committee held 13 sittings during which it interviewed all the 128 applicants.

The table below reflects the number of awards and the average claim per award over the past five years:

19



2011 2012 2013 2014 2015

No. of awards 164 116 115 107 128

Total amount (GH¢) 254,798 249,706 282,816 551,900 682,764

Av. claim per award (GH¢) 1,554 2,153 2,459 5,158 5334

Client Rescue FundAs at the end of 2015, the total Income of the client rescue fund was GH¢ 1,624,025 and the total expenditure was GH¢ 27,322.

Fire FundAs required under section 185 of the Insurance Act of 2006, Act 724, the National Insurance Commission (NIC) established the Fire Fund under the Compulsory Insurance for Private Commercial Buildings and Buildings under construction.

As at the year ending 31 December 2015, the total Income of the fund was GH¢ 608,444 and the total expenditure was GH¢ 398,298.


20


Ghana Insurance Market Report The National Insurance Commission



21


ECONOMIC REVIEW

OVERVIEW OF THE ECONOMYGlobal economic growth declined to 3.1% in 2015 from 3.4% in 2014, according to the IMF April 2016 World Economic Outlook. Most advanced economies experienced improved growth while there was a slowdown in emerging markets and developing countries due to falling commodity prices and difficult economic conditions.

The economy of the United States maintained its growth at 2.4% for 2015 just as it did in 2014. The Euro Zone on the other hand recorded a modest growth of 1.6% in 2015 from 0.9% in 2014. This was caused on by lower oil prices and easing financial conditions.

Emerging and developing economies registered a GDP growth of 4.0% in 2015 compared with 4.6 in 2014. With China suffering from lower import and export activity, the Asian giant’s GDP growth declined from 7.3% in 2014 to 6.9% in 2015. Sub-Saharan Africa on the other hand declined in GDP growth to 3.4% in 2015 compared with 5.0% in the previous year.

The Ghanaian economy experienced challenges in 2015. Economic activity in the country registered a slowdown mostly as a result of the protracted energy crisis, growing inflation and high interest rates. The country’s export earnings were also adversely affected as a result of declining commodity prices and worsening external gross reserves. Real GDP recorded a growth rate of 3.9% as against 4.0% in 2014. Driven by heightened fiscal pressures, the country started the implementation of a three-year IMF programme, intended to restore debt to sustainable levels and stabilize the financial sector.

The year ended with a budget deficit of 6.7% of GDP (GHS9,438.2 million) against a target of 7% of GDP.

INFLATIONHeadline inflation rose steadily from 16.4 in January 2015 to 17.7% by December 2015 (2014: 17%). This was driven by upward adjustments in prices of petroleum products following the removal of subsidies as part of the deregulation of the sector and increase in utility tariffs as well as price hikes due to the depreciation of the Cedi against the major trading currencies.

INTEREST RATEThe Monetary Policy Committee of the Bank of Ghana raised the Monetary Policy Rate by 500 basis points cumulatively to 26% by the end of 2015. Short-term securities however, declined marginally during the course of the year. The benchmark 91-Day Treasury bill started the year at 25.81% but ended at 23.1% at the close of the year. Other short term securities performed as follows: 182-Day Treasury bill - 24.4% (2014: 26.4%); 1-Year Treasury note - 22.7% (2014: 22.5%); 2-Year Treasury note - 24% (2014: 23.0%).

EXCHANGE RATERising import demand, increased dollarization of the domestic economy as well as speculative activities on the foreign exchange market put a lot of pressure on the Ghana Cedi in the interbank market in 2015. The cedi depreciated by 16.1% against the US dollar compared with 31.2% recorded in 2014 ending the year at GHS3.8/US$. For the pound sterling the depreciation was 11.5% ending the year at GHS5.6/GBP.

DEVELOPMENTS ON THE GHANA STOCK MARKET The Ghana Stock Exchange Composite Index (GSE-CI) declined during the year by 11.7% in 2015, compared with a loss of 5.4% in 2014. Market capitalisation also decreased by 11.2% to GHS57,116.8 million as against a growth of 5.2% in 2014. These were attributable to weak microeconomic fundamentals and investor’s preference to high yielding money market instruments.

GHANA INSURANCE MARKET REPORT

ASSETS AND LIABILITIES (EXCLUDING REINSURANCE)Aggregate insurance industry assets stood at GH¢ 3.06bn at year end 2015, representing a growth of 35% from GH¢ 2.27bn in the prior year. Life’s contribution to total industry assets amounted to GH¢ 1.74bn representing 57% as against GH¢ 1.32bn representing 43% for Non-life.

Total assets mainly consist of Investments, Cash and Property, Plant and Equipment. Figures 1 (b) and (c) show that investments form the largest portion of total assets. Investments make up about 80% of the assets of long-term Insurers (Life) and 60% of the assets of the short term insurers (Non-life).

Total Technical provision by the end of the year 2015, stood at GH¢ 1.73bn representing a growth of 49% from GH¢ 1.16bn in 2014.

Some of the key information about assets and liabilities are:

■ Aggregate assets in the insurance industry in 2015 was GH¢ 3.06bn, this represents a 35% growth

■ This is an improvement over the prior year growth of 31%

■ Technical Provision in 2015 stood at GH¢ 1.73bn representing a 49% growth

22


■ This is an improvement over the prior year growth of 20%

■ Total equity in the insurance industry in 2015 was GH¢1.01bn representing a 23% growth

■ Prior year’s growth was 58%

The figures below show pictorial analyses of Total Assets between Life and Non-life for the years under review.

Fig. 1(a)

Source: Based on data submitted to the NIC by Industry players.

■ Some figures have been restated resulting in the change in the total assets figures in the prior years

Fig. 1(b) Composition of Total Life Industry Assets

Source: Based on data submitted to the NIC by Industry players

Fig 1(c) Composition of Total Non-Life Industry Assets


23



EQUITYTotal Equity for 2015 stood at GH¢ 1.01bn from GH¢ 821m in 2014 representing a 23% growth. This performance was dwarfed by the prior year’s performance which stood at 58% (GH¢ 518m) in 2013. The 2014 results was largely because of the huge capitalisation by regulated entities to meet the new minimum capital requirement of GH¢15million. In 2015, Life Industry contributed GH¢ 463m representing 46% while the Non-life industry contributed 54% to end the year at GH¢ 545m. In 2014 however, contribution of life to the industry was 49% and stood at GH¢ 402m and Non-life ended the year with a contribution of 51% to settle at GH¢ 419m. In the prior year of 2013, the Life industry contribution amounted to GH¢ 207m representing 40% and Non- Life amounted to GH¢ 311m representing 60%. Figure1 (d) below shows a pictorial analysis of contributions made by sectors for the periods under review.

Fig 1 (d)


GROSS PREMIUMIndustry gross premium amounted to GH¢ 1.57bn at year end 2015. This represents a growth of 26% from GH¢ 1.24bn over the same period in 2014. Total premium for life insurance stood at GH¢ 706m while non-life business amounted to GH¢ 862m. This represented a contribution of 45% and 55% respectively in 2015 compared to a contribution of 47% and 53% in 2014. In 2013, life business contributed 45% whiles non-life contributed 55% with corresponding premiums of GH¢ 469m and GH¢ 582m respectively.

Figure 2(a)

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

2015 2014 2013

705,85

3,36

0

580,59

0,47

3

469,63

4,67

5

861,54

7,58

5

659,26

2,96

9

582,45

6,30

6

Gross Premium: Yearly aggregate industry Contribution

Life Non-life


24


Figure 2 (b)


UNDERWRITING RESULTSUnderwriting results for life and non-life have generally been negative and remained the same for the period 2013 to 2015. Life business recorded negative underwriting result of (GH¢ 126m), (GH¢150m) and (GH¢312m) for 2013, 2014 and 2015 respectively as shown in figure 2(c) below. The industry therefore relied heavily on investment income to offset these technical losses. These investments were mostly in term deposits, Government of Ghana securities and income from other sources (Exchange gains, sale of PPEs, Investment Properties revaluations etc.).

Trends in the Non-life sector were the same for the period, also recording performances of (GH¢ 28m), (GH¢ 84m) and (GH¢ 65m) for 2013, 2014 and 2015 respectively.

Figure 2 (c)


Profit after Tax (PAT)Profit after tax in the life industry plummeted in 2015 to (GH¢ 6m) from a high of GH¢ 51m in 2014 representing (111%) after growing by 16% from GH¢ 44m in 2013. Non-life grew by 625% to settle at GH¢ 61m from a low of GH¢ 8m in 2014.

25



Figure 2 (d)


PREMIUM CONTRIBUTION BY DISTRIBUTION CHANNELFor Life business, Individual/Tied Agents are the lead channel for the distribution of insurance business in Ghana, contributing 63% of the annual premium income. Direct business constitutes 14% of the premiums, whiles Insurance brokers contribute 9%. Bancassurance a new channel is making significant strides ending the year with 7%. With respect to Non-Life Business, Brokers contribution to the premium income is 36%, individual/tied agents and Direct business contribute 30% each. The Telcos, Bancasssurance and other corporate agents make up the rest of the Non-life premium income.

Analysis of Premium Income by Distribution Channel

Distribution Channel Life (%) Non-Life (%)

1. Direct Business 14 30

2. Brokers 9 36

3. Individual/Tied Agents 63 30

4. Bancassurance 7 1

5. Other Corporate Agents 1 1

6. Telecom Companies 2 0

7. Others 4 1

PERFORMANCE OF REINSURANCE COMPANIESThe Non-Life sector of the reinsurance industry maintained its lead in terms of premium income in 2015 to settle at GH¢141million contributing a 92% of the industry aggregate of GH¢152million. This represents a 31% growth compared to the prior year’s growth of 24%. The Life sector contributed GH¢11million of the premium income to close the year 2015 contributing 8% of the aggregate income. The low contribution to the premiums by Life companies is mainly due to the long term nature of the life business

26


Figure 3


Figure 3 above depicts a pictorial analysis of the reinsurance industry for the past five years.

Reinsurance Premium TransfersRegulated entities continued to use reinsurance as a risk mitigation mechanism. However, the approved amounts for overseas transfers have always been a source of worry to the NIC. In a bid to reduce these transfers and also develop the reinsurance sector locally, the NIC has been strict on the implementation of section 53 of the Insurance Act, 2006 (Act 724) which requires companies to exhaust local capacity before any recourse to overseas reinsurance. The Table below shows the amounts that were approved for 2015.

Overseas Reinsurance Premium Transfers

Currency 2015

Dollars (US$) 4.45m

Pounds Sterling (£) 4,568

Euros (€) 427,337

Ghana Cedis (GH¢) 18.1m

Fig 4: Analysis of Non-Life Premiums by Class of Business

Fire,Theftandproperty

23%

Motor

42%

PersonalAccident,HealthandMedical

10%

MarineandAviation

7%

Liability3%

Bonds/FinancialGuarantees

5%

Engineering7%

OtherApprovedProducts

3%

2015-NonLifeClassofBusiness


27



The motor class of business maintained its lead with the biggest premium income of GH¢ 360m, contributing 42% of the overall premium income for 2015. It grew by 34% over the 2014 premium of GH¢268m . Fire, Theft and Property contributed 23% of the total premium for 2015 and grew by 28% compared to the 2014 results. Personal Accident,Health and Medical came third with an overall contribution of 10% of the total premium of GH¢862 million in 2015. Marine & Aviation and Engineering all contributed 7% to the 2015 premium basket. However Engineering growth of 71% over the prior year is the largest growth compared to the other classes. Marine insurance is expected to grow especially with the enforcement of section 37 of Insurance Act, 2006 (Act 724). Exporters and importers are obliged to insure their goods locally for the industry to reap the benefits of an increase in premium income.

*Refer to table 5 for the premiums per class of business

INSURANCE BROKERSRevenue from brokers for the year 2015 was GH¢64.7m representing a growth rate of 33%. As shown in the Table below, 63% of the total commission income was contributed by the top ten (10) brokers which stood at GH¢40.5m.

With a contribution of GH¢ 13m and GH¢ 7m representing 33% and 16%, KEK insurance and Edward Mensah Wood maintained their respective positions as 1st and 2nd in the industry. However, Risk Management & Advisory Services improved to the 8th position which was previously held by Crown Insurance Brokers which now holds the 10th position with an income of GH¢ 1.9m representing 5% of the market share. The rest of the companies maintained their respective positions in 2015 as in the prior year.

Below is the list of top ten brokers’ base on their market share /Commission Income in Ghana Cedis

Top Ten Insurance Brokers Commission Income (GHS)1. KEK Insurance Brokers Limited 13,265,860

2. Edward Mensah, Wood & Associates Limited 6,596,403

3. KEK Reinsurance (Africa) Limited 3,293,701

4. Gras Savoye (Gh.) Limited 3,232,346

5. Horizon Insurance Brokers Limited 2,721,601

6. Tri-Star Insurance Services Limited 2,612,467

7. Safety Insurance Brokers Limited 2,557,076

8. Risk Management & Advisory Services 2,287,277

9. Shield Insurance Brokers Limited 2,102,993

10. Crown Insurance Brokers Limited 1,874,542

Total 40,544,266

Fig. 4 Analysis of Brokerage Commission


28


Table 1(a). Products Approved in 2015

Company Approved Product

1 A- Plus Life Assurance Home Going Plan

2 A- Plus Life Assurance Daakye Pa Plan

3 A- Plus Life Assurance Da Yie Plan

4 A- Plus Life Assurance Mortgage with Critical Illness plus Disability

5 A- Plus Life Assurance Credit Life with Critical Illness plus Disability

6 A- Plus Life Assurance Group Life Policy

7 A- Plus Life Assurance Master Endowment Plan

8 Adamas Life Me Daakye Plan

9 Adamas Life Okyena Nti

10 Adamas Life Assurance Co. Ltd Adamas Credit Life

11 Adamas Life Assurance Co. Ltd Adamas Universal Life

12 Adamas Life Assurance Co. Ltd Adamas Educational Life

13 Adamas Life Assurance Co. Ltd Adamas Funeral Plan

14 Adamas Life Assurance Co. Ltd Adamas Term Life

15 Adamas Life Assurance Co. Ltd Adamas Group Life

16 Allianz/SGSSB Card Protection Insurance (CPI)

17 Allianz/SGSSB Home Insurance Product

18 ELAC SCB High Earned Funeral Finance Plan

19 ELAC High Earned Funeral Finance Plan

20 ELAC Barclays Life Assurance Plan

21 ELAC Vodafone Products

22 Enterprise Insurance Gen Unemployment Protection Policy

23 Enterprise Insurance Gen Private Motor Vehicle Ins.

24 Esich Life Platinum School Plan

25 Glico Mobile Phone Insurance

26 Glico Life Critical Illness

27 GNLife Company Ltd GN Smart Child Plan

28 GNLife Company Ltd Prestige Passage Plan

29 GNLife Company Ltd Dehyie Plan

30 GNLife Company Ltd Sukuu Plan

31 Met Insurance Barclays Home and Content Insurance

32 Provident Life/Ecobank Funeral Expenses Policy

33 Prudental Life Fidelity Bank Savings Acc. Microinsurance

34 Prudential Life Ins. Co. Ltd. Premier Farewell Plan

35 Prudential Life Ins. Co. Ltd. Enhanced Farewell Plan

36 Prudential Life Ins. Co. Ltd. BIMA Personal accident policy

37 Prudential Life Ins. Co. Ltd. BIMA Hospital Admission policy

38 Prudential Life Ins. Co. Ltd. BIMA XTRA Life Ins. Policy/ BIMA Life Policy

39 Prudential Life Ins. Co. Ltd. Loan protection Plan

29



Company Approved Product

40 Prudential Life Ins. Co. Ltd. Family Protection (Funeral) Plan

41 Saham Life Universal Life (Sie Bi)

42 Saham Life Term Assurance (Bo Wo Ho Ban Plan)/ BRA PA

43 Star Assurance Co. Ltd Microinsurance Product (ENHANCED PERSONAL ACCIDENT).

44 Star Assurance/UniBank Asset all risk

45 Star Assurance/UniBank Burglary

46 Star Assurance/UniBank Personal Accident

47 Star Assurance/UniBank Fire

48 Star Assurance/UniBank Travel

49 Star Assurance/UniBank Motor

50 STAR Life LTD ARB-Group Loan Protection Scheme

51 StarLife Ultimate Protection Plan

52 Starlife SUSU Link product with Rural Community Bank

53 StarLife Assurance Co. Ltd Lasting Dignity Funeral Plan

54 StarLife Assurance Co. Ltd Loving provider Plan

55 Unique Life Unique Exit Plan

56 VANGUARD ASSURANCE LTD Hospital Insurance Policy (VHIP)

57 Wapic Insurance Ghana ltd Private Vehicle Motor Insurance Comprehensive ( Luxury)

58 Wapic Insurance Ghana ltd Private Vehicle Motor Insurance Comprehensive ( Prestige)

59 Wapic Insurance Ghana ltd Private Vehicle Motor Insurance Third Party

60 Wapic Insurance Ghana ltd Private Vehicle Motor Insurance Third Party, Fire and Theft

61 Wapic Insurance Ghana ltd Commercial Vehicle Motor Insurance Comprehensive ( Luxury)

62 Wapic Insurance Ghana ltd Commercial Vehicle Motor Insurance Comprehensive (Prestige)

63 Wapic Insurance Ghana ltd Commercial Vehicle Motor Insurance Third Party

64 Wapic Insurance Ghana ltd Commercial Vehicle Motor Insurance Third Party, Fire and Theft

Source : Data from Actuarial Department of the NIC

Table 1(b) Change of Name of Products in 2015

Company Approved Name New Name

1 ELAC ELAC High Earners Funeral Finance Plan ELAC Funeral Finance Plan plus

2 ELAC SCB High Earners Funeral Finance Plan SCB Enhanced Family Support Plan

3 ELAC ELAC Ladycare plan SCB Care4Ladies

30


Table 2(a) Growth in Industry Gross Premium (2011-2015)

Year Premium Income (¢) Growth Rate %

2011 628,528,775 37

2012 850,679,973 35

2013 1,052,090,981 24

2014 1,239,853,442 18

2015 1,567,400,945 26

Table 2(b) Growth in Gross premium for Non-Life Insurance (2011-2015)


2011 358,352,702 32

2012 494,891,864 38

2013 582,456,306 18

2014 659,262,969 13

2015 861,547,585 31

Table 2(c) Growth in Gross Premium for Life Insurance (2011-2015)


2011 270,176,073 44

2012 355,788,109 32

2013 469,634,675 32

2014 580,590,473 23

2015 705,853,360 22

31



Table 2 (d) GROSS PREMIUMS OF NON-LIFE COMPANIES

COMPANY 2011 2012 2013 2014 2015

1 Activa Int. 9,670,223 16,066,559 21,720,151 26,900,589 38,268,180

2 Allianz Ins. 10,011,751 14,222,126 16,666,082 26,624,368 21,858,529

3 Best Ass. NA NA NA NA NA

4 Donewell Ins. 12,609,482 12,545,982 14,570,013 14,970,003 20,357,071

5 Enterprise Ins. 34,419,000 43,178,409 61,330,000 70,398,623 100,996,493

6 Equity Ass. 6,511,807 10,792,727 12,608,637 15,696,407 21,294,662

7 Ghana Union 9,090,973 14,519,988 21,856,982 22,348,675 31,536, 467

8 Glico Gen. 25,298,423 31,905,202 39,691,703 46,397,194 68,638,428

9 Imperial Gen. Ins NA NA 966,772 5,571,696 6,508,200

10 IGI EA EA EA

11 Heritage Int. Energy 8,160,206 7,814,808 8,196,429 6,132,835 6,721,760

11. Hollard Ins. 32,484,813 44,405,519 53,899,625 63,307,559 77,273,501

12. Millennium Ins. NA 4,122,644 7,259,603 6,637,176 8,161,485

13. NEM Ins. Gh. 2,023,009 3,750,590 6,203,668 6,782,645 10,009,406

14. NSIA Ghana Ins. 5,312,421 7,234,632 8,157,332 5,428,571 7,948,287

15. Phoenix Ins. 14,431,147 20,908,895 24,296,304 25,178,385 34,770,287

16 Prime Ins. 1,764,217 575,000 2,163,114 5,306,379 12,158,093

17. Priority Ins. NA 27,888 2,135,922 2,597,458 3,872,158

18 Provident Ins. 7,941,746 9,842,235 9,793,754 10,462,289 14,952,407

19 Quality Ins. 10,710,196 15,520,067 17,170,940 19,356,125 23,090,012

20 Regency Alliance 3,900,365 6,323,879 8,382,758 12,476,495 17,807,025

21. Saham Ins. 1,612,502 4,940,299 8,308,085 10,221,468 12,913,133

22 SIC Ins. 79,690,362 109,965,628 111,897,149 113,069,892 138,984,920

23 Star Assurance 35,836,316 60,895,352 57,005,894 71,228,815 91,584,258

24. Unique Ins. 4,679,480 5,020,265 5,726,279 5,983,230 7,856,036

25 Vanguard Ass. 32,523,815 41,776,384 53,039,656 58,172,319 72,775,120

26. Wapic 8,280,493 8,536,786 9,409,454 8,013,773 11,211,667

TOTALS 358,352,702 494,891,864 582,456,306 659,262,969 861,547,585

Source: Data Submitted and signed by industry Players to the NIC

Note: ‘NA’ means companies licenced but yet to produce figures

32


Table 2(e) GROSS PREMIUM OF LIFE COMPANIES (2011 – 2015)

COMPANY 2011 2012 2013 2014 2015

1 Adamas Life Ass. NA NA NA NA NA

2 A-Plus NA NA NA NA NA

3 Capital Express 109,067 812,057 809,346 580,154 477,366

4 Donewell Life 7,179,000 7,186,954 8,118,905 8,241,894 7,705,518

5 Enterprise Life 61,511,588 89,118,307 123,846,285 156,244,014 200,438,627

6 Esich Life NA NA NA 1,663,326 8,200,464

7 First Insurance Comp. NA NA NA NA NA

8 Ghana Life Ins. 1,165,864 8,278,234 10,533,661 12,731,893 14,740,234

9 Ghana Union Life 6,180,483 2,498,486 4,724,564 5,014,211 7,395,373

10 Glico Life Ins. 34,421,460 36,022,000 55,546,000 59,654.05 64,926,000

11 GN Life Ass. NA NA NA NA 1,179,090

12 IGI Life Ins.*** 260,575 EA EA EA EA

13 Metropolitan Life 13,942,000 19,642,000 21,574,030 26,344,298 29,924,473

14Millennium life Insurance NA NA NA NA NA

15 Old Mutual Ass. 16,105,733 15,760,743 15,458,278 16,477,834 22,765,849

16 Phoenix Life Ins. 3,730,780 5,841,693 7,121,098 7,627,824 8,029,873

17 Prudential Life Ins. 1,165,864 1,781,307 5,378,355 11,722,469 20,720,285

18 Quality Life Ass. 4,715,195 5,863,825 7,021,932 8,480,291 8,972,136

19 Colina Life / Saham Life 41,728 130,406 906,352 2,550,358 4,563,663

20 SIC Life 72,065,616 100,301,526 127,244,626 158,323,730 181,272,376

21 Starlife Ass. Co. 27,360,244 39,806,490 53,428,493 68,191,153 82,520,271

22 Unique Life Ins. 3,323,526 3,475,538 3,798,298 4,834,636 5,022,477

23 UT Life Insurance 2,712,468 6,722,840 11,952,035 15,697,395 18,872,345

24 Vanguard Life 13,748,729 12,545,703 12,122,417 16,210,947 18,126,941

TOTALS 270,176,073 355,788,109 469,634,675 580,590,473 705,853,361


Note: *‘NA’ means companies licenced but yet to produce figures.

* EA means company is under Enforcement Action

33



TABLE 3(A) PROFIT AFTER TAX FOR LIFE COMPANIES

Company 2012 2013 2014 2015

Adamas NA NA NA NA

A-Plus NA NA NA NA

Capital Express (302,211) (502,708) (1,775,344)

Donewell Life (632,376) (1,904,686) 2,282,567 (69,383)

Enterprise Life 22,779,290 34,372,110 42,459,149 39,475,528

Esich Life NA NA (2,455,077) (17,897,566)

First Insurance NA NA NA -

Ghana Life (995,838) 313,665 2,837,155 (103,179)

GUA 607,727 1,014,484 446,060 2,215,310

Glico Life 16,347,700 10,159,159 4,844,515 4,708,648

GN Life NA NA 1,574,831 1,027,207

IGI Life EA EA EA EA

Metropolitan Life (4,117,694) 3,617,895 3,735,547 4,304,019

Millennium Life NA NA NA -

Old Mutual 1,876,857 (15,789,349) (16,877,203) (43,045,053)

Phoenix Life 136,774 367,828 (2,810,091) (571,815)

Prudential (2,347,123) (4,195,123) (5,706,222) (7,057,185)

Quality Life 960,475 1,426,916 1,102,537 517,732

Saham Life (583,578) (200,524) 5,866 111,583

SIC Life 5,371,215 9,288,157 12,382,878 15,547,729

StarLife 22,927,764 4,739,658 8,050,762 6,054,695

Unique Life 120,608 (1,701,622) (837,374) (2,493,520)

UT Life Insurance Co Limited 403,975 2,008,795 786,428 (3,980,163)

Vanguard Life (662,411) 211,151 (466,020) (2,800,994)

Total By Year 61,891,154 43,728,514 50,853,600 (5,831,749)


NA ,means company was not in existence

34


TABLE 3(B) PROFIT AFTER TAX FOR NON- LIFE COMPANIES

Company 2012 2013 2014 2015

Activa 1,427,780 1,885,345 781,634 2,575,779

Allianz 441,916 -469,397 (788,624) (2,512,678)

Best Assurance NA NA NA -

Donewell (513,028) 1,561,159 3,235,787 3,454,261

Enterprise 3,007,105 13,522,000 8,314,907 9,238,477

Equity 1,473,592 1,425,393 1,263,176 2,177,456

GUA 2,454,180 1,024,264 1,221,690 3,388,629

Glico General 1,210,375 812,653 (3,489,527) (1,492,335)

Hollard 2,083,127 2,823,074 1,560,741 4,428,310

Imperial Gen. 220,543 228,339 122,011

IGI EA EA EA EA

IEI/Heritage 505,821 (5,390,403)

Millennium 677,728 1,621,823 601,201 (155,221)

NEM 212,372 261,515 329,888 542,667

NSIA 1,593,638 (2,816,023) (3,623,029) 602,653

Phoenix 2,613,828 (91,960) 2,011,860 1,701,742

Prime (1,204,301) (6,135,082) (889,655)

Priority -96,913 881,056 1,317,602 2,680,385

Provident (1,004,458) 9,119,943 3,174,096 5,839,491

Quality 2,415,122 1,137,964 140,242 650,405

Regency Alliance 578,939 784,781 2,135,023 529,167

Saham 72,861 173,203 123,209 414,546

SIC (9,034,390) 594,652 (8,303,403) 10,035,509

Star Assurance 6,426,206 5,610,573 1,129,093 14,016,260

Unique (2,200,560) (1,335,826) (209,695) 17,762

Vanguard 2,950,716 4,429,673 906,791 5,914,810

Wapic 407,111 (660,618) 2,501,595 (2,190,904)

Total 17,703,068 35,921,086 8,427,514 61,089,526


35



TABLE 4 : PREMIUM INCOME FOR REINSURANCE COMPANIES (2011-2015)

Year Life Non-life Total Growth Rate %

Contribution Non-life

Contribution Life

2011 3,097,988 56,114,292 59,212,280 - 95% 5%

2012 4,649,741 74,975,650 79,625,391 34 94% 6%

2013 6,580,506 86,727,612 93,308,118 18 93% 7%

2014 8,446,151 107,462,304 115,908,455 24 93% 7%

2015 11,418,416 140,800,625 152,219,041 31 92% 8%


Table 5: Premium Distribution by Class of Business (2013-2015)

Non Life Class of Business 2013 Contribution

per class 2014

GHSContribution

per class 2015 Contribution per class

Fire, Theft and property 132,226,981 22.7% 154,236,365 23.4% 199,221,795 23.1%

Motor 263,946,629 45.3% 267,658,809 40.6% 360,014,122 41.8%

Personal Accident, Health and Medical

68,638,989 11.8% 59,493,539 9.0% 85,456,964 9.9%

Marine and Aviation 42,869,013 7.4% 58,261,326 8.8% 62,446,511 7.2%

Liability 15,353,688 2.6% 22,609,439 3.4% 28,707,779 3.3%

Bonds/Financial Guarantees 18,459,066 3.2% 30,075,314 4.6% 41,777,399 4.8%

Engineering 26,958,354 4.6% 36,031,308 5.5% 61,571,738 7.1%

Other Approved Products 14,003,586 2.4% 30,896,869 4.7% 22,351,277 2.6%

Total Non-Life Premiums 582,456,306 100% 659,262,969 100% 861,547,585 100%

LIFE AND NON LIFE 2013 Market Share 2014 Market share 2015 Market Share

Total Non-Life Premiums 582,456,306 55% 659,262,969 53% 861,547,585 55%

Life Business (All the classes) 469,634,675 45% 580,590,473 47% 705,853,361 45%

Grand Total (Life and Non Life

1,052,090,981 100% 1,239,855,456 1,567,400,945 100%


*The Non-Life product lines have been realigned, thus separating Bonds/Financial Guarantees, Engineering and Liability from Personal Accident, Line of business.

36


TABLE 6: BROKERAGE COMMISSION FOR 2011 – 2015 EXPRESSED IN CEDIS

Company 2011 2012 2013 2014 2015

1. AG & Assoc. 44,409 48,850 146,423 220,709 326,800

2. Akoto Risk 373,316 458,838 542,781 630,740 960,550

3. All Risks 427,757 742,283 689,827 721,166 763,677

4. AllStar - 415,953

5. Allied 47,727 59,645 52,343 134,279 75,579

6. Alpha 330,001 352,147 352,147 474,200 554,134

7. Apex 71,197 78,316 64,457 318,336 374,483

8. ARB 264,395 494,090

9. ARK 122,278 118,399 162,741 254,695 311,321

10. Arrowclass 774,653 999,791

11. Ascoma Ghana 108,773 416,587 679,537 1,225,130 1,134,591

12. Asterix 66,106 108,911 131,319 192,507 129,207

13.Baobab 9,682 36,185 103,687

14 Boaitey & Associates - 264,810

15. Byllwych - 3,694

16. Cardinal Brokers - 193,340 363,280

17. Ceris Int’l 432,423 251,312 325,020 801,849 577,793

18. CLAIM Ltd. 309,647 354,390 242,468 511,109 483,781

19.Corporate Trust 162,367 542,789 249,279 982,734

20. Crown 914,705 1,016,883 1,165,184 1,611,389 1,874,542

21. Dezag 48,958 171,380

22. Danniads 601,681 837,503 981,531 1,367,910 1,369,603

23. Double D & M 41,755 15,561 20,907 - 62,906

24. Dynamic 218,067 281,379 270,994 402,873 461,250

25. Edward Mensah 2,859,838 3,472,549 3,718,846 4,060,201 6,596,403

26. Eureka 51,289 84,015 -

27. Felin Brokers 147,350 427,251 592,832

28. First Anchor 414,226 588,822 638,421 1,195,548 1,478,209

29. First Choice 7,096 67,124 126,045 -

30. Functions Risk 27,657 144,511

31. Ghana Int’l Brok. 373,316 41,105 118,096 N/A N/A

32. Global Impact 67,658 96,336 91,763 125,550 113,395

33. Goldlink 40,140 46,708

34. Goodwill - 2,704

35. Gras Savoye 1,427,360 1,618,102 2,091,824 2,229,774 3,232,346

36. Horizon 782,857 1,046,989 1,544,717 2,143,062 2,721,601

37. Insurance Centre 63,786 102,167 124,892 189,745 280,919

37



Company 2011 2012 2013 2014 2015

38. Insurance Consult. 335,096 380,056 232,232 204,661 193,349

39.Insurance Solutions 218,662 252,466 385,187 723,412 1,053,551

40. Int’l Consort. 63,997 - - - -

41. Jerock 74,980 232,427 147,063 - -

42. KAV 18,122 60,261 130,216 114,770 98,677

43. KEK 4,776,576 6,812,012 8.272,563 10,909,117 13,265,860

44. KEK Reins. 615,945 1,020,834 1,450,312 2,507,054 3,293,701

45. Khols & Hols

46. Legacy Protect - 126,255 101,100 - -

47. Liberty Brokers 78,117 171,056 191,365 277,784

48. Lordship 264,701 272,579 327,665 470,040 531,091

49. M & G Ins. Brok. 363,407 436,770 478,626 758,816 928,308

50. Maxpal Interm. 185,443 162,498 152,932 63,166 83,574

51. Metrix 90,330 218,222

52. Midas 564,809 664,353 1,034,889 1,474,030 1,802,416

53. Multinational 65,266 211,036

54. NDL Consult 69,400 206,702 230,157

55. Novelty - 144,950

56. OAK Brokers - 40,161

57. Premier Brokers 13,881 14,715 31,697 129,152 137,180

58. Progressive 326,234 507,379 881,760 924,358 1,126,622

59.Prudent Ins. Brok. 243,654 301,714 320,226 324,768 270,249

60. Riscovery Ltd. 40,108 181,171 682,218 722,401

61. Risk Mgt. & Adv. 217,121 516,566 930,215 1,519,347 2,287,277

62. Risk Solutions 30,179 31,214 - -

63. Safeguard - 31,290

64. Safety 724,726 1,012,457 1,510,646 2,034,626 2,557,076

65. Saviour 53,432 67,945 68,121 10,561 194,240

66. Shield 311,417 505,956 1,145,922 1,530,327 2,102,993

67. Trans-National 176,510 222,366 354,437 470,585 420,156

68. Trinity - - 88,699 112,900

69. Tri-Star 852,614 1,481,263 1,604,359 2,095,376 2,612,467

70. UGroup Ltd. 23,501 36,115 43,652

71. Universal 125,323 123,944 130,016 - 101,896

72. VISAL 1,160,472

Total 20,581,124 27,651,046 26,901,161 48,623,536 64,722,972

Earnings of top 10 cos. 14,124,111 19,060,875 23,539,265 30,640,273 40,544,266

Percentage of top 10 68% 68% 67% 63% 62.6%


38


Insurance Market Financial And Ratio AnalysesThe National Insurance Commission



39


PERFORMANCE INDICATORS

LIFE COMPANIES

INTRODUCTIONThe Life sector grew by 24% in 2015 in terms of gross premium income. The analyses below do not include Adamas Life, A-Plus Assurance, First Insurance , IGI Life Insurance and Millennium Life Insurance Company. Companies with ratios out of range have not been included in determining the industry averages for the periods under review.

Table: 7 Key Income Statement Figures (2013 - 2015)

2015 2014 2013

(GH¢’ m) (GH¢’ m) (GH¢’ m)

Gross Premium 705,853,360 578,927,147 469,825,330

Reinsurance 15,873,558 8,663,319 6,212,561

Net Premiums 688,003,933 571,818,794* 462,612,769

Transfer to Life Fund -268,854,540 -182,727,720 -210,035,111

Underwriting Results -312,247,111 -139,587,727 -23,352,153

Net Policyholder Benefits Paid 392,832,147 305,093,314 213,783,081

Commissions 85,751,897 63,568,911 48,832,669

Management Expenses 252,806,835 169,075,741 114,070,306

Other Income 34,539,660 25,352,347 6,403,376

Investment income 283,663,463 176,907,615 172,877,282

Net Profit after tax -5,831,749 54,648,759 46,298,727

Table: 8 Key Industry Average Ratios (2012 - 2015)

Life Ratios (%) 2012 2013 2014 2015

Change in policyholder inflows 32 31 35 22

Policyholder Coverage (TP/Equity) 2.7x 2.6x 1.9x 1.8x

Investments to Total Asset 70 70 78 84

Policyholder Benefit Cover (Inv./TP) 168 138 154 144

Retention Ratio 97 97 95 91

Investment Yield 12 19 18 17

Return on Equity 7.5 20 18 17

Return on Assets 3 5 6 -1

Expense Ratio 57 57 61 65

Change in Capital and Surplus 93 7 180 18

40


CHANGE IN POLICYHOLDER INFLOWSThis ratio measures growth or contraction of an insurer’s total (both risk and savings) inflows from policyholders. The Average Policyholder inflow for 2015 is 22% which is a 13% drop in the growth rate of Premium compared to 2014. 17 out of 19 Long Term Insurers recorded lower growth compared to previous years. Capital Express and Donewell Life were the only Companies that experienced declines in their premium levels.

TABLE 9 : CHANGE IN POLICYHOLDER INFLOWS

Percentage (%)

Year: 2011 2012 2013 2014 2015

Industry Average: 36 32 38 35 22

Life Companies:

1 Capital Express Assurance (Gh) Limited 51 65 -18

2 Donewell Life Insurance Company Limited 12 0 14 1 -7

3 Enterprise Life Assurance Company Limited 54 44 40 26 25

4 Esich Life Assurance Company Limited 511

5 Ghana Life Insurance Company 59 34 27 20 16

6 Ghana Union Assurance Life Company Limited 1 53 78 -5 45

7 Glico Life Insurance Company Limited 62 5 49 10 8

8 GN Life Assurance Company Limited

9 Metropolitan Life Insurance Ghana Limited 29 40 9 22 10

10 Old Mutual Assurance Ghana Limited 79 -2 -3 7 38

11 Phoenix Life Assurance Company Limited 37 64 18 7 3

12 Prudential Life Insurance Ghana 215 53 202 113 73

13 Quality Life Assurance Company Limited 37 25 20 21 6

14 Saham Life Insurance Ghana Limited -10 213 584 186 78

15 SIC Life Insurance Company Limited 50 39 27 24 15

16 StarLife Assurance Company Limited 52 46 34 28 21

17 Unique Life Assurance Company Limited 23 5 11 2

18 UT Life Insurance Company Limited 77 158 80 31 20

19 Vanguard Life Assurance Company Limited -19 -7 -10 36 10

41



POLICYHOLDER COVERAGEThis ratio compares the equity and actuarial liabilities of a company. It is an indicator of how much capital the company has, after all technical provisions have been considered. Capital Express, Donewell Life, Esich Life and Unique Life all had negative equity balances hence their negative Policyholder Coverage ratio. Generally, when the actuarial liabilities are more than 300% of the company’s equity, it is considered risky since the ability to absorb unexpected shocks is limited. The Industry average of 180% is an improvement over the 2014 results of 191%.

TABLE 10 : POLICYHOLDER COVERAGE

Percentage (%)

Year: 2011 2012 2013 2014 2015


Life Companies:

1 Capital Express Assurance (Gh) Limited 43 45 - - -814

2 Donewell Life Insurance Company Limited -338 0 -538 14532 -15011


4 Esich Life Assurance Company Limited - - - - -217


6 Ghana Union Assurance Life Company Limited 67 89 127 209 78


8 GN Life Assurance Company Limited - - - - 5


10 Old Mutual Assurance Ghana Limited 705 450 1233 199 128


12 Prudential Life Insurance Ghana -2536 49 153 25 50


14 Saham Life Insurance Ghana Limited 12 11 19 31 6



17 Unique Life Assurance Company Limited 1367 248 -3593 - -566


19 Vanguard Life Assurance Company Limited 434 411 241 75 147

42


PROPORTION OF INVESTMENT TO ASSETSThis is an asset quality ratio calculated as total investments including cash over total assets. It seeks to establish the proportion of the company’s assets that are in the form of investments as opposed other assets. Life Insurance sector recorded an improved average of 84% compared to 78% in 2014. This is an improvement over the prior year’s ratios. In 2015, five companies had their ratios below the industry average of 84%.

TABLE 11: PROPORTION OF INVESTMENT TO ASSETS

Percentage (%)

Year: 2011 2012 2013 2014 2015


Life Companies:

1 Capital Express Assurance (Gh) Limited 37 69 0 - 76

2 Donewell Life Insurance Company Limited 49 78 79 91 95


4 Esich Life Assurance Company Limited - - - - 89













17 Unique Life Assurance Company Limited 71 55 71 - 66



43



POLICYHOLDER BENEFIT COVERThis is a measure of investment adequacy with respect to an Insurer’s liability. It is calculated as a ratio of total investments to actuarial liabilities. It seeks to assess the adequacy of the company’s investments to cover the policyholder liabilities. The Life sector average reduced from154% in 2014 to 144% in 2015. The investment assets should as a minimum, cover policyholder benefits. A ratio of less than 100% means that the company does not have enough investments to cover the policyholder liabilities. Three companies, Donewell Life, Esich Life and Unique Life, recorded ratios below 100% .

TABLE 12:

Percentage (%)

Year: 2011 2012 2013 2014 2015


Life Companies: - - - - -




















44


RETENTION RATIOThis ratio measures the proportion of the premiums that are not ceded to reinsurers. Retention among life insurers in Ghana is generally high. Capital Express, Ghana Life, SIC Life and StarLife kept all their businesses without any substantial reinsurances. Generally, this high retention rate is attributed to the high Investment oriented life policies relative to risk businesses in the life insurance market.

TABLE 13:

Percentage (%)

Year: 2011 2012 2013 2014 2015


Life Companies:

1 Capital Express Assurance (Gh) Limited 100 100 - - 100



















45



INVESTMENT YIELDThis ratio calculates the return on a company’s investments. It seeks to measure the quality of a company’s investment portfolio. It is the ratio of investment income to total investment. For the second year running, the average industry ratio has dipped from 18% in 2014 to 17%. Despite the low returns on investment compared to treasury rate of 25% as at December 2015, seven companies still recorded investment ratios below the industry average. Prudential Life, Saham Life and Vanguard Life recorded the lowest yields of less than 10% on their investments.

TABLE 14: INVESTMENT YIELD

Percentage (%)

Year: 2011 2012 2013 2014 2015


Life Companies:

1 Capital Express Assurance (Gh) Limited 4 1 - - 23



















46


RETURN ON EQUITYThis ratio calculates the return on shareholders’ fund over a period, usually one year. A negative ratio implies that the company experienced a loss or has a negative equity base or both during the period. Ten Companies recorded Loss after tax with Capital Express Life out of range.

TABLE 15: RETURN ON EQUITY

Percentage (%)

Year: 2011 2012 2013 2014 2015


Life Companies:

1 Capital Express Assurance (Gh) Limited -24 -15 0 - -1,480

2 Donewell Life Insurance Company Limited -48 9 -14 1076 -31



5 Ghana Life Insurance Company 10 -29 8 21 -1




9 Metropolitan Life Insurance Ghana Limited -4 -65 36 22 18

10 Old Mutual Assurance Ghana Limited 16 31 -487 -60 -75

11 Phoenix Life Assurance Company Limited 15 7 15 -34 -4

12 Prudential Life Insurance Ghana 1420 -31 -118 -15 -23


14 Saham Life Insurance Ghana Limited -3 -30 -12 0 1



17 Unique Life Assurance Company Limited -312 33 812 - -161

18 UT Life Insurance Company Limited -45 7 18 5 -28

19 Vanguard Life Assurance Company Limited 4 -14 4 -8 -95

47



RETURN ON ASSETThis is a ratio of profit after tax to total assets. It measures the efficiency with which management utilize the assets of the company to generate returns for its various stakeholders.

TABLE 16: RETURN ON ASSET

Percentage (%)

Year: 2011 2012 2013 2014 2015

Industry Average: 3 3 7 6 -1

Life Companies:

1 Capital Express Assurance (Gh) Limited -14 -10 0 - -131

2 Donewell Life Insurance Company Limited -20 3 7 -0.2



5 Ghana Life Insurance Company 3 2 9 -0.3

6 Ghana Union Assurance Life Company Limited -2 20 25 10 34



9 Metropolitan Life Insurance Ghana Limited -1 -8 5 4 4

10 Old Mutual Assurance Ghana Limited -2 6 -35 (18) -31

11 Phoenix Life Assurance Company Limited 4 1 3 (16) -2

12 Prudential Life Insurance Ghana -51 -20 -39 (11) -13


14 Saham Life Insurance Ghana Limited -2 -20 -6 0 1



17 Unique Life Assurance Company Limited -21 2 -22 (9) -32

18 UT Life Insurance Company Limited -11 3 8 2 -10

19 Vanguard Life Assurance Company Limited 1 -3 1 (4) -29

48


EXPENSE RATIOThis ratio calculates actual management expenses incurred as a percentage of total net inflows received from policyholders. It serves as a check on efficiency. A high ratio indicates inefficiency on the part of the insurance company in handling its activities. It actually means much of the premium is going into expenses and not policyholders’ benefit reserves. Capital Express, Esich Life, GN Life, Old mutual Life and Prudential Life expended more than their net premium written.

TABLE 17: EXPENSE RATIO

Percentage (%)

Year: 2011 2012 2013 2014 2015


Life Companies:




















49



CHANGE IN CAPITAL AND SURPLUSThis ratio measures the growth or decline in the equity of the insurer over the previous year’s equity It is the general measure of improvement or deterioration of an insurer’s financial position. Some of the factors that could affect this ratio are after tax profits or losses, changes in unrealised gains or losses on assets, or actuarial liabilities valuation policies/ assumptions and regulatory enforcement to inject capital. The significant jump in capital is as a result of the requirement to meet the new minimum capital of GH¢ 15 million.

TABLE 18: CHANGE IN CAPITAL AND SURPLUS

Percentage (%)

Year: 2011 2012 2013 2014 2015


Life Companies:

1 Capital Express Assurance (Gh) Limited -19 487 - - -104

2 Donewell Life Insurance Company Limited 59 8 -28 -102 -207




6 Ghana Union Assurance Life Company Limited -3 12 7 -21 167



9 Metropolitan Life Insurance Ghana Limited -4 14 57 75 36

10 Old Mutual Assurance Ghana Limited -14 110 -47 749 102


12 Prudential Life Insurance Ghana -1320 13671 -53 959 -19


14 Saham Life Insurance Ghana Limited -3 137 -10 0 782



17 Unique Life Assurance Company Limited -76 -10 -143 - -269

18 UT Life Insurance Company Limited 5 410 84 41 -8

19 Vanguard Life Assurance Company Limited 0 8 25 0.1 -49

50


Table 19: AGGREGATED LIFE INDUSTRY STATEMENT OF ASSETS AS AT 31ST DECEMBER, 2015

STATEMENT OF ASSETS

Current Year Prior Year

2015 2014

GH¢ GH¢

1. Cash 113,170,636 90,704,813

2. Investments:

Government of Ghana Securities 208,532,460 95,977,460

Bank of Ghana Securities 71,594,672 47,145,564

Statutory Deposits 11,096,574 10,136,704

Term deposits held at a licensed bank 674,016,790 541,709,323

Other term deposits 62,167,489 69,608,051

Corporate Debt 2,460,735 3,163,473

Securities listed on Ghana Stock Exchange 65,741,458 78,281,853

Other Securities 17,258,385 28,524,679

Equity backed mutual funds 2,379,928 6,249,282

Money market mutual funds 25,745,138 2,688,074

Land & building held as investment 266,855,868 202,733,834

Investments in, and subordinated loans to, connected persons 36,143,815 26,941,514

Other Investments - 920,669

Total Investments 1,443,993,311 1,114,080,480

3. Receivables & Prepayments

Policy Loans 65,473,120 52,546,614

Premium Debtors 1,308,882 16,461,326

Staff Loans and Advances 2,075,840 2,697,934

Due from reinsurers less than 3 months old - -

Due from reinsurers more than 3 months old 1,387,993 -

Due from other Insurers - 53,488

Due from Agents and Brokers 1,414,214 1,453,749

Due from Connected Persons 9,366,955 3,469,848

Reinsurance Share of Insurance liabilities 703,144 246,962

Deferred Tax Assets 1,809,165 1,357,878

Other Receivables 27,743,977 31,975,838

Total Receivables 111,283,290 110,263,637

51



4. Property, Plant and Equipment

Land & Buildings occupied by Insurer for own use 36,663,852 32,723,514

Plant and Equipment 1,602,075 1,465,785

Computer Hardware and Software 5,721,084 3,902,245

Motor Vehicles 12,100,669 10,491,254

Furniture and Fittings 7,334,957 6,983,122

Other Assets 10,649,496 11,717,459

Total Property, Plant & Equipment 74,072,134 67,283,379

5. Intangible Assets

Goodwill, unless otherwise deducted - -

Other asstes shown as intangible assets 1,388,451 1,128,296

Total intangible assets 1,388,451 1,128,296

6. Other Assets

Capitalised research and development costs - -

Deferred acquisition costs 37,108 62,780

Corporate stationery 211,014 227,666

Other assets not inculded above 16,000 2,000

Total Other Assets 264,122 292,446 TOTAL ASSETS 1,744,171,943 1,383,753,050

Most of the prior year figures have been restated.

Table 20: AGGREGATED LIFE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER, 2015 LIABILITIES AND EQUITY

Current Year Prior Year

2015 2014

GH¢ GH¢

Technical Provisions

Actuarial Liabilities 1,164,899,813 889,720,129

Investment Contracts Liabilities 2,990,771 1,460,133

Other Provisions 310,562 291,207

Total Technical Provisions 1,168,201,146 891,471,469

Payables

52


Bank Overdrafts and Loans 3,426,881 4,318,192

Due to Reinsurers 2,195,238 1,108,596

Due to Agents and Brokers 3,342,505 547,191

Taxation 2,752,594 3,504,296

Deferred Taxation 22,065,638 16,441,077

Due to Related Parties 13,114,018 14,863,761

Other Accruals & Payables 62,184,367 44,716,181

Total Payables 109,081,242 85,499,294

Long Term Liabilities

Bank Loans 3,895,535 6,492,559

Debentures - -

Unsecured Subordinated Debts -

Other Borrowings - -

Total Long Term Liabilities 3,895,535 6,492,559

Equity

Paid Up Ordinary Shares 344,410,996 277,041,901

Ordinary Shares held as treasury shares - -

Paid up perpetual non-cummulative preference shares - -

Paid up perpetual non-cummulative preference shares held as treasury - -

Paid up perpetual cummulative preference shares - -

Paid up perpetual cummulative preference shares held as treasury - -

Contingency Reserves 21,132,218 16,254,640

Revaluation Reserves (Owned Land & Building) 16,251,865 12,329,257

Revaluation Reserves (Investments excluding items to be deducted from core capital) 42,819,092 10,685,791

Revaluation Reserves (Others) 12,120,950 13,907,765

Retained Earnings, as at end of previous financial year 68,304,425 68,304,425

Current year net earnings/deficit ( 42,071,224 ) -

Others 25,698 1,765,950

Total Equity 462,994,020 400,289,729

TOTAL LIABILITIES AND EQUITY 1,744,171,943 1,383,753,050

Some of the Prior year figures have been restated

53



PERFORMANCE INDICATORS

NON-LIFE COMPANIES

INTRODUCTIONThe non-life business grew by 18% in terms of gross premium income. The various growth and performance indicators have been summarized in the tables below. The analyses do not include Best Assurance, IEI and IGI Insurance. Companies with ratios out of range have not been included in determining the industry averages.

2015

(GH¢’ m)

2014

(GH¢’ m)

2013

(GH¢’ m)Gross Premium 854 659, 582,

Reinsurance 355 272 204,

Net Written Premium 509 396 366

Net Earned Premium 475 394 325

Gross Claims Incurred 555 237 173

Management Expenses 273 274 210

Commissions 103 80 64

Underwriting Results (65) (89) (24)

Investment Income 118 89 53

Other Income 30 22 20

Profit After Tax 61 22 73

TABLE 21 KEY INDUSTRY AVERAGE RATIOS (2012 – 2015)

RATIO 2012 2013 2014 2015

Change in Gross Written Premium (%) 38 18 13 32

Change in Net Written Premium (%) 43 14 13 43

Gross Insurance Risk Ratio 2.1x 2.2x 1.7x 1.7x

Net Insurance Risk Ratio 1.4x 1.4x 1.1x 1.1x

Change in Capital and Surplus (%) 12 25 76 48

Claims Reserve Ratio (%) 31 39 24 36

Retention Ratio (%) 71 71 68 68

Investments Yield (%) 10 16 16 16

Return on Assets (%) 5 5 4 3

Return on Equity (%) 12 11 6 16

Claims Ratio (%) 33 37 37 46

Expense Ratio (%) 78 75 92 89

Combined Ratio (%) 111* 112* 129* 135

Investments to Total Assets Ratio (%) 49 51 72 60

Technical Reserve Cover 160 141 70 76

*Ratios have been restated

54


CHANGES IN GROSS WRITTEN PREMIUMSThis ratio measures growth or contraction in the company’s gross premium relative to the prior year. In 2015 the industry recorded a ratio of 32%, the highest in the last three years. While a significant number of insurance companies experienced some increase in growth, Regency Alliance, Prime and Imperial exceeded the industry average. Allianz, however, was the only company that experienced some serious level of contraction in growth to settle at -18%.

TABLE 22: CHANGES IN GROSS WRITTEN PREMIUMS

Year: 2011 2012 2013 2014 2015


Non-life Companies:

Activa International Insurance Company Limited -10 66 36 24 42

Allianz Insurance Company Limited 110 42 17 60 -18

Donewell Insurance Company Limited 9 6 16 3 36

Enterprise Insurance Company Limited 22 25 42 15 43

Equity Assurance Company Limited 53 66 17 24 36

Ghana Union Assurance Company Limited 2 60 51 2 41

Glico General Insurance Company Limited 53 26 24 17 48

Imperial General Insurance Company Limited 0 0 0 420 20

International Energy Insurance Company Limited 15 -4 5 - -

Metropolitan Insurance Company Limited 26 39 21 17 22

Millennium Insurance Company Ltd 0 0 76 -9 23

NEM Insurance Ghana Company Limited 22 85 53 9 48

NSIA Ghana Insurance Company 15 19 13 -33 46

Phoenix Insurance Company 60 45 16 4 38

Prime Insurance Company Limited 0 0 448 148 147

Priority Insurance Company Limited 0 0 7586 22 49

Provident Insurance Company Limited 25 24 1 7 43

Quality Insurance Company Limited 50 45 11 13 19

Regency Alliance Insurance Ghana Ltd 54 62 33 49 43

Saham Insurance Company Limited 321 206 137 23 26

SIC Insurance Company Limited 24 34 2 1 20

Star Assurance Company Limited 27 76 -6 25 29

Unique Insurance Company Ltd 10 7 14 5 32

Vanguard Assurance Company Limited 31 30 27 10 25

Wapic Insurance (Gh.) Limited 71 21 -4 -15 19

Reinsurers: - - - - -

Ghana Reinsurance Company Limited 1 38 10 21 34

Mainstream Reinsurance Company Limited 41 15 2 - 20

55



CHANGES IN NET WRITTEN PREMIUMThis measures growth or contraction in the companies current net premiums over the previous year’s net premiums. A high growth/contraction rate that does not appear to be positively correlated to the gross premium growth rate may indicate significant changes in the companies reinsurance covers. Thus any ratio greater or less than +or-33% reflects significant changes in reinsurance policy or volatility in premiums.

TABLE 23: CHANGES IN NET WRITTEN PREMIUM

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:

1. Activa International Insurance Company Limited 74 32 17 29 15

2. Allianz Insurance Company Limited -7 59 34 54 36

3. Donewell Insurance Company Limited 17 -10 22 20 29

4. Enterprise Insurance Company Limited 27 32 45 14 45

5. Equity Assurance Company Limited 55 68 14 23 30

6. Ghana Union Assurance Company Limited 16 36 35 -7 46

7. Glico General Insurance Company Limited 95 21 43 -25 114

8. Imperial General Insurance Company Limited 0 68 79 361 22

9. International Energy Insurance Company Limited 14 0 4 - -

10. Metropolitan Insurance Company Limited 14 46 38 -2 68

11. Millennium Insurance Company Ltd 0 0 71 -15 24

12. NEM Insurance Ghana Company Limited 7 130 71 -1 49

13. NSIA Ghana Insurance Company 20 18 10 -34 27

14. Phoenix Insurance Company 52 35 21 0 34

15. Prime Insurance Company Limited 0 0 360 88 197

16. Priority Insurance Company Limited 0 0 7904 28 46

17. Provident Insurance Company Limited 27 26 -2 6 57

18. Quality Insurance Company Limited 42 77 16 6 22

19. Regency Alliance Insurance Ghana Ltd 70 51 35 42 36

20. Saham Insurance Company Limited 112 200 65 44 5

21. SIC Insurance Company Limited 31 36 -9 -11 -8

22. Star Assurance Company Limited 9 70 2 14 37

23. Unique Insurance Company Ltd 17 8 17 -5 62

24. Vanguard Assurance Company Limited 29 35 41 9 14

25. Wapic Insurance (Gh.) Limited 60 16 -5 -11 17

Reinsurers:

1. Ghana Reinsurance Company Limited 42 33 6 41 10

2. GN Reinsurance Company Limited - - - - 706

3. Mainstream Reinsurance Company Limited 131 64 6 30

56


NET INSURANCE RISK RATIOThis ratio measures the ability or capacity of the insurer’s capital and surplus to absorb unforeseen shocks. It is calculated as a ratio of Net Written Premium to Equity. The higher the ratio, the less conservative the insurer, and hence, the greater the potential risk that, the insurer cannot absorb shocks/losses. In 2015, the ratio slightly deteriorated to 106% compared to the prior year but still a significant improvement over last five years that averaged around 126%. This is because of the effect of the recapitalization in compliance with the new solvency capital requirement. Glico, NEM and Regency appear quite aggressive with higher business volumes (retention) without commensurate increase in capital or equity base.

TABLE 24: NET INSURANCE RISK RATIO

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:


2. Allianz Insurance Company Limited 94 127 242 80 155

3. Donewell Insurance Company Limited 133 158 138 116 101



6. Ghana Union Assurance Company Limited 31 32 22 12 27

7. Glico General Insurance Company Limited 106 107 145 111 205


9. International Energy Insurance Company Limited 1438 666 -146 - -

10. Metropolitan Insurance Company Limited 133 164 178 151 129

11. Millennium Insurance Company Ltd 68 79 63 79

12. NEM Insurance Ghana Company Limited 97 200 299 224 279

13. NSIA Ghana Insurance Company 96 83 131 68 81


15. Prime Insurance Company Limited 0 0 48 -117 68


17. Provident Insurance Company Limited 118 102 83 54 32




21. SIC Insurance Company Limited 71 129 108 95 83


23. Unique Insurance Company Ltd 173 -184 271 146 80


25. Wapic Insurance (Gh.) Limited 281 271 325 74 48

Reinsurers:


2. GN Reinsurance Company Limited - - - 1 12

3. Mainstream Reinsurance Company Limited 131 97 86 63 38

57



GROSS INSURANCE RISK RATIOThis ratio is similar to the Net Risk Ratio with Net Written Premium replaced with Gross Written Premium. The aggressive Insurers appear to be the same as in the Net Insurance risk.

TABLE 25: GROSS INSURANCE RISK RATIO

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:









9. International Energy Insurance Company Limited 1876 831 -184 - -


11. Millennium Insurance Company Ltd 0 78 93 79 99




15. Prime Insurance Company Limited 0 0 57 -184 88








23. Unique Insurance Company Ltd 222 -234 336 200 88



Reinsurers:




58


CHANGE IN CAPITAL AND SURPLUSThis ratio measures the growth or decline in the equity of the insurer over the previous year. It is the general measure of improvement or deterioration of an insurer’s financial position. Some of the factors that could affect this ratio are after tax profits or losses, changes in unrealised gains or losses on assets, or changes in the Technical Provision/valuation policies and injection of capital. In 2015 , growth appeared to have normalized to 48% after the cumulative effect of capital injection in 2014 caused an upset in the growth rate to settle at a high of 76%. The nature, scale and complexity of the insurer’ is a useful indicator of the level of capital required.

TABLE 26: CHANGE IN CAPITAL AND SURPLUS

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:


2. Allianz Insurance Company Limited -10 18 -20 366 -30


4. Enterprise Insurance Company Limited -42 19 15 9 25


6. Ghana Union Assurance Company Limited 0 30 103 67 -34

7. Glico General Insurance Company Limited 7 20 5 -2 16


9. International Energy Insurance Company Limited -89 116 -573 - -


11. Millennium Insurance Company Ltd 0 15 47 8 -2


13. NSIA Ghana Insurance Company 5 30 -30 27 6

14. Phoenix Insurance Company 31 32 -1 265 8

15. Prime Insurance Company Limited 0 0 36 -177 -615


17. Provident Insurance Company Limited -17 -12 20 64 185


19. Regency Alliance Insurance Ghana Ltd -11 104 23 53 10


21. SIC Insurance Company Limited 3 -22 9 2 9


23. Unique Insurance Company Ltd 12 -222 -179 76 198


25. Wapic Insurance (Gh.) Limited 34 11 -21 293 82

Reinsurers:


2. GN Reinsurance Company Limited - - - - -12

3. Mainstream Reinsurance Company Limited 0 29 19 - 216

59



CLAIMS RESERVE RATIOThis ratio is calculated as the Provision for Outstanding Claims (including the IBNR) divided by the Net Earned Premiums. It compares the relationship of Provisions for Outstanding Claims to net earned premiums, to determine whether or not the company is adequately reserving for claims in process. It is therefore an indication of the adequacy of the Outstanding Claims Provision. The internationally acceptable range for this ratio is between 30% and 50%. The surge of the average ratio from 24% to 36% is an improvement as this falls within the acceptable threshold. The high ratio for Activa is mainly because of the company’s low retention in 2015. GUA, Metropoitan and Saham ratios are because of the high provisions for outstanding claims and the relative low business growth.

TABLE 27: CLAIMS RESERVE RATIO

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:








8. Imperial General Insurance Company Limited - - 0 17 15







15. Prime Insurance Company Limited 0 - 80 86 14





20. Saham Insurance Company Limited - 17 34 13 148



23. Unique Insurance Company Ltd 8 71 24 35 18



Reinsurers:




60


RETENTION RATIOThis is calculated as the Net Written Premium over the Gross Written Premium. It represents the portion of the risk that is not passed on to reinsurers. Even though high retentions are usually considered more risky, the tolerance level actually varies between the various lines of business. The industry average retention ratio was maintained at 68% in 2015.

TABLE 28: RETENTION RATIO

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:








8. Imperial General Insurance Company Limited - - 71 74 76


















Reinsurers:




61



INVESTMENT YIELDThis ratio gives a reasonable indication of the return on the investment portfolio. It is calculated by dividing the investment income by the total investments. The industry average improved from 10% in 2012 to 15% in 2013, increased marginally to 16% in 2014. However, in 2015, it remained at 16%. The ratios for Ghana Union, Prime and Saham are far below the industry average..

TABLE 29: INVESTMENT YIELD

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:








8. Imperial General Insurance Company Limited 0 0 3.77 23 27


















Reinsurers:




62


RETURN ON ASSET RATIOThis ratio is an indicator of general profitability of the Insurer. It is calculated as the after tax profits divided by total assets. It seeks to measure the efficiency with which management utilize the assets of the company to generate returns for the various stakeholders. The industry average has hovered between 4% and 6% in five years, with 2015 taking a percentage point dip to settle at 3%. With respect to 2015, Allianz, Glico, Millennium, Prime and Wapic recorded negative ROAs.

TABLE 30: RETURN ON ASSET RATIO

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:


2. Allianz Insurance Company Limited -3 5 -5 -6 -12





7. Glico General Insurance Company Limited 3 4 2 -10 -3


9. International Energy Insurance Company Limited -35 5 -66 - -


11. Millennium Insurance Company Ltd 0 8 13 5 -1


13. NSIA Ghana Insurance Company 0 8 -15 -18 3


15. Prime Insurance Company Limited - - -17 -215 -4

16. Priority Insurance Company Limited - -1 8 11 16

17. Provident Insurance Company Limited 10 -7 34 13 11



20. Saham Insurance Company Limited -16 1 2 1 1

21. SIC Insurance Company Limited 4 -6 0 -5 5


23. Unique Insurance Company Ltd -8 -44 -16 -3 0


25. Wapic Insurance (Gh.) Limited 7 3 -4 13 -7

Reinsurers:




63



CLAIMS RATIOThis ratio is calculated as the net claims incurred divided by the Net Earned Premiums. It is a key ratio which indicates how well an insurance company pays claims and to some extent, of fair customer treatment since the ratio is an indication of how much policyholders get back in return for each cedi of premium paid to insurance companies. The industry ratio over the years have been low compared to the international acceptable standard, which ranges between 40% to 60%. Since the core obligation of an insurer is to pay claims, insurers must ensure that all incurred claims are paid quickly in order to win the confidence of the average policy holder. Generally, there has been an improvement in 2015 compared to the prior year. Industry average settled at 46% in 2015 being the best in five years. Allianz high ratio is because of its low retention.

TABLE 31: CLAIMS RATIO

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:















15. Prime Insurance Company Limited 0 - 7 24




19. Regency Alliance Insurance Ghana Ltd 24 27 19 -3 43







Reinsurers:

1. Ghana Reinsurance Company Limited 41 20 56 67



64


TOTAL EXPENSE RATIOThe total expense ratio is another key indicator of profitability. It is calculated as Total expense (Management Expense + Commission expense) as a percentage of the Net Earned Premium. The international acceptable ratio is <40%, The implication of a high ratio is that, the insurer is inefficient in discharging its insurance obligations and this is very likely to affect its ability to pay claims promptly. In 2015, the industry average decreased from 92% to 89%. Activa, Imperial, Millennium, NSIA, Prime, Provident and WAPIC all recorded ratios above 100%.Enterprise ratio is close to the international standard.

TABLE 32: TOTAL EXPENSE RATIO

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:








8. Imperial General Insurance Company Limited - - - 220 136







15. Prime Insurance Company Limited 0 0 357 - 109











Reinsurers:




65



COMBINED RATIOThe combined ratio is the summation of the Claims ratio and the Total Expense ratio. It is the single best measure of an insurer’s underwriting and operational efficiency. The ratio does not measure total profitability as investment income and other earnings are excluded. Generally, a ratio of less than 100% indicates underwriting profitability. While a ratio of more than 100% usually indicates a loss, this may not be the case for companies that make huge investment and other related earnings to boost their profitability. Donewell reported a combined ratio of 80% , due to their very low claim ratio of 16%. Industry players must strive to improve their underwriting efficiencies to be more profitable.

TABLE 33: COMBINED RATIO

Percentage (%)

Year: 2011 2012 2013 2014 2015

Industry Average: 107 111 112* 129* 129

Non-life Companies:








8. Imperial General Insurance Company Limited 0 0 - 252 166





13. NSIA Ghana Insurance Company 144 96 178 - 140













Reinsurers:




66


TECHNICAL RESERVE COVERThis is calculated by dividing the Technical Provisions by the liquid investments. It is an indicator of whether sufficient liquid assets are being held to cover the technical provisions, as claims should be paid as and when they fall due. Ratios above 100% mean that the companies do not have enough liquid investments backing their technical provisions. The ratios of Activa, Allianz, GUA, Metropolitan are too high.

TABLE 34: TECHNICAL RESERVE COVER

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:








8. Imperial General Insurance Company Limited 0 - 3 38 51












20. Saham Insurance Company Limited 46 58 - 53 91






Reinsurers:




67



PROPORTION OF INVESTMENT ASSETSThis ratio is calculated as total investments divided by total asset. It is a useful measure of the quality of assets on the insurer’s balance sheet. Investments are generally better assets in terms of liquidity and capital management than other assets such Property Plant and Equipment, Receivables if any. In 2015, the industry average stood at 60% representing a 12% percentage points decrease from 72% in 2014. Quality settled at 32%, the lowest in the Industry while Unique’s 93% was the highest..

TABLE 35: PROPORTION OF INVESTMENT ASSETS

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:


























Reinsurers:




68


RETURN ON EQUITYThis ratio measures the return on the shareholders’ funds over a period. It indicates how effective management is at growing and funding the operations of an insurance company using equity financing. In practice, high ratios may not always be an indication of good performance as such factors as capital inadequacy can boost the ratio.

TABLE 36: RETURN ON EQUITY

Percentage (%)

Year: 2011 2012 2013 2014 2015


Non-life Companies:


2. Allianz Insurance Company Limited -11 15 -26 -9 -43





7. Glico General Insurance Company Limited 7 8 5 -23 -8






13. NSIA Ghana Insurance Company -1 21 -53 -53 -38

14. Phoenix Insurance Company 21 24 -1 17 13

15. Prime Insurance Company Limited 0 0 -35 - 189

16. Priority Insurance Company Limited 0 -1 11 14 15

17. Provident Insurance Company Limited 21 -14 105 22 43



20. Saham Insurance Company Limited -50 3 7 2 4

21. SIC Insurance Company Limited 7 -13 1 -11 -6


23. Unique Insurance Company Ltd -23 103 -78 -7 9


25. Wapic Insurance (Gh.) Limited 25 13 -26 25 0

Reinsurers:




69



NON-LIFE AGGREGATE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER 2015

ASSETS

1 Cash 128,104,329 88,470,620

2. Investments:

Government of Ghana Securities 42,574,435 25,627,048

Bank of Ghana Securities 56,652,669 46,122,041

Statutory Deposits 10,685,458 7,959,480

Term deposits held at a licensed bank 279,961,227 238,143,727

Other term deposits 43,773,805 21,133,701

Corporate debt 300,617 300,617

Securities listed on Ghana Stock Exchange 62,832,514 92,094,090

Other securities 42,632,328 45,823,293

Equity backed mutual funds 134,525 100,000

Money market mutual funds 226,520 116,880

Land & buildings held as an investment 48,157,459 36,475,921

Investments in, and subordinated loans to, connected persons 37,971,238 44,523,106

Other Investments 617,375 1,236,430

Total Investments 626,520,170 559,656,334

3. Receivables:

Staff Loans and Advances 8,471,703 6,864,245

Due from reinsurers less than 3 months old 83,677,936 32,652,804

Due from reinsurers more than 3 months old 26,505,045 23,115,721

Due from Other Insurers 15,575,170 3,284,892

Due from Agents and Brokers 153,547 181,438

Due from Connected Persons 4,039,109 3,024,220

Reinsurance Share of Insurance liabilities 262,506,667 53,949,054

Deferred Tax Asset 6,070,861 6,123,533

Other Receivables 35,820,192 30,176,641

Total Receivables 442,820,230 159,372,548

4 Property, Plant and Equipment

Land & buildings occupied by insurer for own use 71,751,455 50,778,239

Plant and Equipment 8,512,365 7,772,593

Computer Hardware and Software 7,924,803 6,333,235

Motor Vehicles 13,031,836 10,661,157

Furniture and Fittings 7,555,676 4,925,909

Other Assets 6,787,476 1,744,019

Total Property, Plant & Equipment 115,563,611 82,215,152

70


5 Intangible Assets

Goodwill, unless otherwise deducted 0 0

Other assets shown as intangible assets 250,973 67,374

Total Intangible Assets 250,973 67,374

6 Other Assets

Capitalised research and development costs 0 0

Deferred acquisition costs 5,613,610 4,724,041

Corporate stationery 47,289 0

Other assets not included above 1,450,000 0

Total Other Assets 7,110,899 4,724,041

TOTAL ASSETS 1,320,370,212 894,506,069

AGGREGATE NON LIFE INDUSTRY BALANCE SHEET AS AT 31ST DECEMBER,2015

2015 2014

GH¢ GH¢

1 Technical Provisions

Unearned Premiums 279,973,905.00 184,141,569.00

Unexpired Risk Provision 0 497,088.00

Outstanding Claims 256,205,229.04 81,963,879.00

IBNR Provision 30,307,869.07 9,817,891.00

Other Provisions 0 1,375,694.00

Total Technical Provisions 566,487,003.11 277,796,121.00

2 Payables

Bank Overdrafts and Loans 7,018,006.00 13,561,672.00

Due to Reinsurers 62,225,651.89 57,626,804.00

Due to Other Insurers 8,190,655.00 18,241,304.00

Due to Agents and Brokers 17,166,768.00 9,423,483.00

Taxation 10,087,811.00 9,253,113.00

Deferred Tax 10,133,732.00 4,910,256.00

Due to Related Parties 12,719,946.00 3,103,305.00

Other Accruals & Payables 67,966,095.00 64,990,721.00

Total Payables 195,508,664.89 181,110,658.00

71



3 Long Term Liabilities

Bank Loans 14,881.00 191,928.00

Debentures 13,454,193.00 13,034,301.00

Unsecured Subordinated Debts

Perpetual 0 0

More than 4 years to maturity 0 0

More than 3 but 4 years or less to maturity 0 0



1 year or less to maturity 0 0

Other Borrowings 49,647.00 4,456,553.00

Total Long Term Liabilities 13,518,721.00 17,682,782.00

4 EQUITY

Paid up ordinary shares 274,052,673.00 201,054,407.00

Ordinary shares held as treasury shares 0 5,985,316.00

Paid up perpetual non-cumulative preference shares 0 0

Paid up perpetual non-cumulative preference shares held as treasury shares 0 0

Paid up perpetual cumulative preference shares 3,591,290.00 3,147,946.00

Paid up perpetual cumulative preference shares held as treasury shares 0 0

Contingency Reserves 124,433,586.00 100,287,553.00

Revaluation reserve (owned land & buildings) 59,072,908.00 36,591,761.00

Revaluation reserve (investments - excludingitems to be deducted from core 43,290,260.00 71,000,028.00

Revaluation reserve (other) 1,451,740.00 1,022,031.00

Other reserves (please specify) -8,041,090.00 750,553.00

Retained earnings, as at end of previous financial year -2,138,468.95 26,005,280.87

Current year net earnings/deficit 39,274,183.95 -28,143,749.82

Others (please specify) 9,868,740.00 215,382.00

Total Equity 544,855,822.00 417,916,508.05

TOTAL LIABILITIES AND EQUITY 1,320,370,212.00 894,506,069.00


72


APPENDICES

2015 NIC Financial Reports

2015 Fire Maintenance Fund Financial Reports

List of Registered Insurance Companies

List of Registered Reinsurance Companies

List of Registered Broking Companies



73


NATIONAL INSURANCE COMMISSIONFINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015

Report of the DirectorsThe Directors submit their report together with the audited Financial Statements of the National Insurance Commission (the Commission) for the year ended 31st December, 2015.

Statement of Directors’ ResponsibilitiesThe Directors are responsible for the preparation of the Financial Statements for each financial year which give a true and fair view of the state of affairs of the Commission and of the operating performance and Cash Flows for that period. In preparing these Financial Statements, the Directors have selected suitable accounting policies and then applied them consistently, made judgments and estimates that are reasonable and prudent and followed the Ghana National Accounting Standards.

The Directors are responsible for ensuring that the Commission keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Commission. The Directors are also responsible for safeguarding the assets of the Commission and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal Activities The object of the Commission is to ensure effective administration, supervision, regulation, monitoring and control of the business of insurance to protect insurance policy holders and the insurance industry in Ghana other than health insurance under the National Health Insurance Act, 2003 (Act 650).

Financial Results (Highlights)The Financial results of the Commission are as summarized below:

2015 2014

(GHS) (GHS)

Excess of Income over Expenditure 3,089,930 1,640,895

Total Assets 29,156,242 7,858,199

Accumulated Fund 9,769,794 6,679,864

By order of the Board

Dated: June 21, 2016

……………………………………….

DIRECTOR

……………………………………….

DIRECTOR

74


NATIONAL INSURANCE COMMISSION

INDEPENDENT AUDITORS’ REPORT TO THE HONOURABLE MINISTER OF FINANCEWe have audited the accompanying Financial Statements of the National Insurance Commission on pages 76 to 86 which comprise the Statement of Financial Position as at 31st December, 2015, Income and Expenditure Accounts and Cash Flows for the year then ended, together with the summary of significant accounting policies and other explanatory notes, and have obtained all information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit.

Directors’ Responsibilities The Directors are responsible for the preparation and fair presentation of these Financial Statements in accordance with the Insurance Act 2006 (Act 724). These responsibilities include; designing, implementing and maintaining internal control(s) relevant to the preparation and fair presentation of Financial Statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.

Auditors ResponsibilityOur responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with International Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the Auditor’s judgement, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessment, the Auditors consider internal control(s) relevant to the entity’s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control(s). An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the Financial Statements are in agreement with the records in all material respects and give in the prescribed manner, information required by the Insurance Act 2006, (Act 724). The Financial Statements give a true and fair view of the financial position of the Commission as at 31st December,2015, and of its financial performance and cash flows for the period then ended and are drawn up in accordance with Ghana National Accounting Standards.

E. OFFEI - ICAG/P/1102

for and on behalf of : BOATENG, OFFEI & CO. [ICAG/F/2016/108]

D3467/1A, Osu-La Road

Ako Adjei, Accra, Ghana

June 23, 2016

75



NATIONAL INSURANCE COMMISSIONINCOME AND EXPENDITURE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER, 2015

Notes 2015 2014

GHS GHS

INCOME 216,426,079 11,628,753

EXPENDITURE 3 (13,336,149) (9,987,858)


ACCUMULATED FUND

Balance as at 1st January 6,679,864 5,038,969

Excess of Income over Expenditure for year 3,089,930 1,640,895

Balance as at 31st December 9,769,794 6,679,864

The accompanying notes form an integral part of these Financial Statements.

76


NATIONAL INSURANCE COMMISSIONSTATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2015

ASSETS 2015 2014

Notes (GHS) (GHS)

Non-Current Assets

Property, Plant & Equipment 4a 18,445,455 1,517,777

Equity Shares 5 40,000 40,000

18,485,455 1,557,777

Long Term Securities 6 1,520,000 -

Current Assets

Accounts Receivable 7 2,138,313 2,273,674

Short Term Investments 8 4,078,590 2,758,195

Cash & Bank Balances 9 2,933,884 1,268,553

9,150,787 6,300,422

Total Assets 29,156,242 7,858,199

Accumulated Fund and Deferred Grant

Accumulated Funds 9,769,794 6,679,864

Revaluation Reserve 4b 17,111,280 -

Deferred Grant 10b 274,884 300,319

27,155,958 6,980,183

Current Liabilities

Accounts Payable and Accruals 11 2,000,284 878,016

Total Liabilities, Accumulated Fund & Grant 29,156,242 7,858,199

The Financial Statements on pages 76 to 86 were approved by the Board of Directors on June 21, 2016 and were signed on its behalf by:

……………………………………….

DIRECTOR

……………………………………….

DIRECTOR


77



NATIONAL INSURANCE COMMISSIONSTATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST DECEMBER, 2015

2015 2014

Notes (GHS) (GHS)

Operating Activities

Cash Generated from Operations 4,241,187 1,583,217

Interest Received 164,449 54,816

Net Cash Generated from Operating Activities 4,405,636 1,638,033

Cash flow from Investing Activities

Purchase of Property, Plant and Equipment (925,704) (785,492)

Proceed from the Sale of Assets 5,450 46,304

Purchase of Investment (2,840,395) (1,217,314)

Investment Income Received 1,020,344 498,123

Net Cash used in Investing Activities (2,740,305) (1,458,379)

Net increase/(decrease) in Cash and Cash Equivalents 1,665,331 179,654

Movement in Cash and Cash Equivalents

Cash and Cash Equivalents at the beginning of the year 1,268,553 1,088,899

Increase/(Decrease) in Cash and Cash Equivalents 1,665,331 179,654

Cash and Cash Equivalents at the end of the year 2,933,884 1,268,553


78


NATIONAL INSURANCE COMMISSIONNOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015

1. ACCOUNTING POLICIES AND BASIS OF PRESENTATION

The following Accounting Policies have been used in the preparation of the Financial Statements. a. Basis of Accounting

The Financial Statements have been prepared under the historical cost convention and accrual basis and comply with the Ghana National Accounting Standards.

b. Property, Plant and Equipment and DepreciationAll properties and equipment are recorded at cost less depreciation, Depreciation is calculated to write off the cost of each asset on a straight-line basis at the following annual rates.

Bungalow & Office Furniture & Fittings 20%Motor Vehicles 20%Office Equipment 20%Office Building 3%Computers 33.33%

Disposals of properties and equipment are accounted for by comparing the net book value with the proceeds. The resulting profit or loss on disposal is credited or charged to the Income and Expenditure Account. Depreciation method, residual values and useful life are re-assessed at the end of each financial year. Any Equipment costing less than GHS500 are written off in the year of purchase.

c. Cash and Cash Equipment For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand and Bank Balances.

d. Investment Investment securities are in the form of Treasury Bills, Fixed Deposits and Non-Negotiable Certificates of Deposit. Investments are quoted at cost.

e. Accounts ReceivableAccounts receivable are stated net of bad and doubtful debts.

f. Transactions in Foreign Currencies

Transactions in foreign currency during the year are translated into Ghana cedis at rates prevailing at the time of transaction. Monetary assets and liabilities denominated in foreign currency at the balance sheet date are translated into cedis at the exchange rate ruling on that date. Gains and losses resulting from the translation are dealt with in the Income and Expenditure Account in the year in which they arise.

g. Stock Stock are ordered just for the year and are charged to the Income and Expenditure Account in the year of purchase. However, the quantities of unused insurance stickers and PVC holders are reflected in the annual accounts as part of the notes.

79



NATIONAL INSURANCE COMMISSIONNOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

2. INCOME

This is made up as follows:

Notes 2015 2014

(GHS) (GHS)

Levies on Life Insurers 2,082,335 1,670,145

Levies on Non-Life Insurers 4,771,200 3,816,245

Levies on Reinsurers 785,500 634,000

Levies on Brokers 448,616 329,892

Licensing/Renewal Income 1,193,864 831,867

Investment Income 1,020,344 498,123

Interest Received 2a 164,449 54,816

Motor Contribution 2,498,677 1,737,773

Sale of Fire Certificates 60,627 6,255

Grant Income 9a - 142,151

Deferred Grant Income 9b 25,435 25,435

Rent Income/Fees – IITC 92,240 195,613

Mega Risk Income 2,902,062 1,194,174

Penalties 201,490 197,602

Exchange Gains 73,926 259,772

Training Fees 54,077 -

Other Income 2b 51,237 34,890

16,426,079 11,628,753

2a. Interest Received:

2015 2014

(GHS) (GHS)

Call Accounts 163,526 52,881

Current Accounts 923 1,935

164,449 54,816

80


2b. Other Income:

Notes 2015 2014

(GHS) (GHS)

Year Book Sales 12,666 8,555

Interest on Loans 27,943 15,507

Insurance Claims 9,426 5,600

Others 2c 1,202 5,228

51,237 34,890

2c. This represents refund of utilities from tenants of the Commission

3. EXPENDITURE

Expenditure is made up as follows:

Notes 2015 2014

(GHS) (GHS)

Training/workshop/conferences/seminars 843,230 709,515

Directors’ Emoluments 767,615 580,327

Electricity & Water 218,715 181,460

General office expenses 1,169,753 894,379

Medical Expenses 122,263 103,734

Public Education 58,404 175,980

Repairs & Maintenance 388,682 118,640

Staff Cost 7,539,029 5,911,593

Sticker & Adhesive Cost 232,832 242,108

Vehicle Running Cost 419,086 360,747

Telephone 88,092 68,818

Audit fees 17,500 14,864

25th Anniversary/Rebranding 119,635 -

Depreciation 1,101,905 436,433

Insurance Premium 110,320 67,850

Internet Services/Subscription 58,546 43,812

Loss on Disposal of Assets 14 1,950 8,838

Security services 78,592 68,760

13,336,149 9,987,858

81



4. Property, Plant and Equipment

Office Building

Furniture and

Fittings

Motor Vehicles

Office Equipment

Computers & Accessories

Bungalow Furniture

and Furnishing

Total

(GHS) (GHS (GHS) (GHS) (GHS) (GHS (GHS)

At 1st January, 2015 17632000 284,891 1,026,013 419,578 263,263 314,822 19,940,567

Additions 138,342 509,066 111,586 126,812 39,898 925,704

Revaluation

Disposals - - (4,122) - (17,895) (27,837) (49,854)

At 31st December, 2015 (A) 17,632,000 423,233 1,530,957 531,164 372,180 326,883 20,816,417

Depreciation

At 1st January 2015 - 209,065 569,240 240,681 172,471 120,053 1,311,510

Charge for the Year 528,960 53,627 284,877 82,733 86,358 65,351 1,101,906

Disposals - - (4,121) - (15,950) (22,383) (42,454)

At 31st December, 2015 528,960 262,692 849,996 323,414 242,879 163,021 2,370,962

Net Book Value

At 31st December, 2015 17,103,040 160,541 680,961 207,750 129,301 163,862 18,445,455

At 31st December, 2014 520,720 75,826 456,773 178,897 90,792 194,769 1,517,777

Cost Fully Depreciated (B) - 178,543 377,777 150,243 112,652 39,310 858,525

Depreciable Value (A-B) - 244,690 1,153,180 380,921 259,528 287,573 19,957,892

Disposal of Property & Equipment

Cost - - 4,122 - 17,895 27,837 49,854

Accumulated Depreciation - - (4,121) - (15,950) (22,383) (42,454)

Net Book Value - - 1 - 1,945 5,454 7,400

Proceeds on sale - - - - - 5,450 5,450

Profit/(Loss) on Disposal - (10) (1) - (1,945) (4) (1,950)

82


4b. REVALUATION RESERVE

This represent surplus arising on the revaluation of the Commission’s property, plant and equipment.

5. EQUITY SHARES – GH¢40,000

This represents 40% National Insurance Commission’s shareholding in the Ghana Insurance College (GIC). The book value of the investment on the GICs balance sheet is GH¢ 882,930 as at 31/12/2015.

6. LONG-TERM SECURITIES

Long-Term Securities are Eurobonds held-to-maturity with a coupon of 8.5% maturing in 2017.

7. ACCOUNTS RECEIVABLE AND PREPAYMENT

2015 2014

(GHS) ( GHS

Levies Due from Insurers and Brokers 594,010 917,088

West African Insurance Institute 20,318 -

IITC Debtors 59,140 85,942

Staff Advances 627,569 705,113

Sundry Debtors 138,400 24,162

Accrued Investment Income 325,921 108,811

Prepaid Insurance Expense 91,612 53,932

Penalties Receivable 186,200 159,996

Rent Prepaid 95,143 218,630

2,138,313 2,273,674

8. SHORT TERM INVESTMENTS

This is made up as follows:

2015 2014

(GHS) (GHS)

Treasury Bills 2,785,800 1,748,061

Fixed Deposits 1,292,790 1,010,134

4,078,590 2,758,195

Balance as at 1st January 2,758,195 1,540,881

Additions 1,588,852 1,217,314

4,347,047 2,758,195

Withdrawal (268,457) -

Balance as at 31st December 4,078,590 2,758,195

Net Movement in Investments 1,320,395 1,217,314

83



9. ACCOUNTS PAYABLE AND ACCRUALS

Notes 2015 2014

(GHS) (GHS)

Accrued Expenses 12 448,795 288,701

West Africa Insurance Institute - 7,020

Compensation Fund 189,860 318

Client Rescue Fund Payable - 28,333

Fire Maintenance Fund Payable 38,171 178,581

Motor Contributions Payable 478,369 288,477

Fire Certificate Payable - 27,635

PAYE Payable 94,558 9,295

SSF Payable 44,689 -

Occupational Pension Scheme Payable 15 684,335 -

VAT Payable - 51

Withholding Tax Payable 8,988 -

Sundry Creditors 12,519 49,605

2,000,284 878,016

10 a. GRANTS

Grants include support from GIZ and EMCB/FINSSP Grants received from the World Bank and Government of Ghana through the Ministry of Finance & Economic Planning for capacity building

2015 2014

(GHS) (GHS)

Grants Received 142,151

b. DEFERRED GRANT

Deferred Grant represents grants for the construction and furnishing of the Insurance Industry Training Centre (IITC) building, which is being written-off over its depreciable life.

2015 2014

(GHS) (GHS)

Balance at 1st January 300,319 325,754

Transfer to Income and Expenditure Account (25,435) (25,435)

Balance at 31st December 274,884 300,319

11. CASH AND CASH EQUIVALENT

2015 2014

(GHS) (GHS)

Cash 37,305 29,366

Bank 2,896,579 1,239,187

2,933,884 1,268,553

84


12. ACCRUED EXPENSES

2015 2014

(GHS) (GHS)

Audit Fees 17,500 14,864

Consultancy 172,966 160,695

Medicals 17,368 -

Repairs and Maintenance 86,010 6,112

Insurance Stickers 34,820 106,220

Telephone 15,793 679

Water & Electricity 39,135 131

Others 65,203 -

448,795 288,701

13. Reconciliation of excess of Income over Expenditure to Cash flow from Operating Activities

2015 2014

(GHS) (GHS)


Amortisation of Capital Grant (25,435) (25,435)

Depreciation 1,101,906 436,434

(Gain)/Loss on Disposal of Property & Equipment 1,950 8,838

Interest Income (164,449) (54,816)

Investment Income (1,020,344) (498,123)

(Increase)/Decrease in Accounts Receivable and Prepayment 135,361 142,704

Increase/(Decrease) in Accounts Payable and Accruals 1,122,268 (67,280)

Cash Generated from Operating Activities 4,241,187 1,583,217

14. Gain / (Loss) on Disposal of assets

2015 2014

(GHS) (GHS)

Cost 49,854 160,671

Accumulated Depreciation (42,454) (105,529)

Net Book Value 7,400 55,142

Proceeds 5,450 46,304

(Loss) on Disposal (1,950) (8,838)

15. OCCUPATIONAL PENSION SCHEME

The Occupational Pension Scheme is a pension plan that defines an amount of pension benefit that an employee is entitled to receive on retirement, dependent on one or more factors such as age, years of service and salary. An actuarial valuation is yet to be carried out.

85



16. Unused Stickers

At the end of the year the stock of unused stickers out of quantity printed during the year was 4,610 booklets, Cost - GH¢20,054 (2014 : Booklets 5,162 - Cost GH¢22,454)

17. CAPITAL COMMITMENT

There were no Capital Commitments as at 31st December, 2015 (2014 : Nil)

18. CONTIGENT LIABILITY

There were no Contingency Liabilitiesl as at 31st December, 2015 (2014 : Nil)

86


NATIONAL INSURANCE COMMISSION

FIRE MAINTENANCE FUND

CORPORATE INFORMATION

Board of Directors: Mr. Lionel Molbila Chairman

Other Directors Miss. Lydia Lariba Bawa Commissioner of Insurance

Mr. Emmanuel Baba Mahama Member

Ms. Sarah Fafa Kpodo Member

Mr. Justin Amenuvor Member

Dr. Albert Gemegah Member

Mr. Samuel Amankwah Member

Committee Members Mr. Simon N.K. Davor Chairman

Mr. Isaac Buabeng Member

Mrs. Esther Osei-Yeboah Member

Mr. George Addae Member

DCFO Kwame Kwarteng Member

DOII Mark Brako-Appiah Member

Mrs. Christina De-Youngster Secretary

Auditors: Boateng, Offei & Co

Correspondent firm; Grant Thornton International

Chartered Accountants

P.O. Box CT 718

Cantonments, Accra

Tel: 0302-779065 / 0573233718/9

[email protected]

Bankers: GCB Bank Limited

Registered office: National Insurance Commission

Appiah-Ampofo House

No. 67 Independence Avenue, North Ridge

P. O. Box CT 3456

Cantonments, Accra

87



NATIONAL INSURANCE COMMISSIONFINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015

FIRE MAINTENANCE FUND

REPORT OF THE DIRECTORSThe Directors present herewith the audited Financial Statements of the National Insurance Commission (NIC) Fire Maintenance Fund for the year ended 31st December, 2015.

Statement of Directors Responsibilities The Directors are responsible for the preparation of the Financial Statements for each financial year which give a true and fair view of the state of affairs of the Fund and of the operating result and Cash flows for that year. In preparing these Financial Statements, the Directors have selected suitable accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent in the Circumstances and followed the Ghana Accounting Standards.

The Directors are responsible for ensuring that the Fund keeps proper accounting records that disclose with reasonable accuracy at any time the financial position of the Fund. The Directors are also responsible for safeguarding the assets of the Fund and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal Activities

The principal activities of the Fund are: To provide funds and equipment to state institutions assigned with firefighting functions and such other organisations as the Commission may determine for the purpose of fighting fires.

Financial Results

The financial results of the NIC Fire Maintenance Fund are as summarised below:

2015 2014

(GHS) (GHS)

Excess of Income over Expenditure 210,146 315,807

Total Assets 850,531 641,745

Accumulated Fund 634,920 319,113

By order of the Board

Dated: June 21, 2016

……………………………………….

DIRECTOR

……………………………………….

DIRECTOR

88


NATIONAL INSURANCE COMMISSION FIRE MAINTENANCE FUND

Independent Auditors’ Report to the Honourable Minister of FinanceWe have audited the accompanying Financial Statements of the NIC - Fire Maintenance Fund on pages 90 to 95 which comprise the Statement of Financial Position as at 31st December, 2015, Income and Expenditure Accounts and Cash Flows for the year then ended, together with the summary of significant accounting policies and other explanatory notes, and have obtained all information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit.

Directors’ Responsibilities The Directors are responsible for the preparation and fair presentation of these Financial Statements in accordance with the Insurance Act 2006 (Act 724). These responsibilities include; designing, implementing and maintaining internal control(s) relevant to the preparation and fair presentation of Financial Statements that are free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances.

Auditors ResponsibilityOur responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with International Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the Auditor’s judgement, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessment, the Auditor considers internal control (s)relevant to the entity’s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control(s). An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the Financial Statements are in agreement with the records in all material respects and in compliance with information required by the Insurance Act 2006, (Act 724). The Financial Statements give a true and fair view of the financial position of the Fund as at 31st December, 2015, and of its financial performance and cash flows for the period then ended and are drawn up in accordance with Ghana National Accounting Standards.

For and on behalf of: E. Offei - ICAG / P/1102

BOATENG, OFFEI & CO. [ICAG/F/2016/108]

D3467/1A, Osu-La Road

Ako Adjei, Accra, Ghana

June 23, 2016

89



NATIONAL INSURANCE COMMISSIONFIRE MAINTENANCE FUND

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2015

Notes 2015 2014

(GH¢) (GH¢)

INCOME 2 608,444 345,456

EXPENDITURE 3 (398,298) (29,649)


ACCUMULATED FUND

Balance as at 1st January 634,920 319,113

Excess of Income over Expenditure for year 210,146 315,807

Balance as at 31st December 845,066 634,920


90



STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2015

Notes 2015 2014

(GHS) (GHS)

Current Assets

Accounts Receivable 4 123,045 38,953

Short Term Investments 5 500,000 431,167

Bank and Cash Balances 7 227,486 171,625

850,531 641,745

Accumulated Fund

Accumulated fund 845,066 634,920

Current Liabilities

Accounts Payable 6 5,465 6,825

Total Liabilities & Accumulated Fund 850,531 641,745

The Financial Statements on pages 90 to 95 were approved by the Board of Directors on June 21, 2016 and were signed on its behalf by:

……………………………………….

DIRECTOR

……………………………………….

DIRECTOR


91




STATEMENT OF CASJHFLOWS FOR THE YEAR ENDED 31ST DECEMBER, 2015

Notes 2015 2014

(GHS) (GHS)

Operating Activities

Cash Generated from / (used in) Operating Activities 8 (12,636) 200,786

Net Cash Generated from (used in) Operating Activities (12,636) 200,786

Cash flow from Investing Activities

Purchase of Investment (68,833) (231,167)

Investment Income Received 137,330 89,001

Net Cash Inflow from Investing Activities 68,497 (142,166)

Net increase/ in Cash and Cash Equivalents 55,861 58,620

Movement in Cash and Cash Equivalents

Cash and Cash Equivalents at the beginning of the Year 171,625 113,005

Increase in Cash and Cash Equivalents 7 55,861 58,620

Cash and Cash Equivalents at end of the Year 227,486 171,625


92



NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2015

1. ACCOUNTING POLICIES

The following is a summary of the significant accounting policies adopted by the fund.

a. Basis of Accounting

The Financial Statements have been prepared under the historical cost convention and accrual basis and comply with the Ghana Accounting Standards.

b. Investment

Investments in Treasury Bills and Fixed Deposits are stated at cost.

c. Accounts Receivable

Accounts receivable are stated at a net of bad and doubtful debts.

d. Cash and Cash Equivalents

For the purpose of the Cash flow Statement, cash and cash equivalents comprise cash on hand and deposits held at call with banks.

2. INCOME

2015 2014

(GHS) (GHS)

Contribution from Insurance Companies 369,114 256,455

Investment Income 137,330 89,001

Penalties Income 102,000 -

608,444 345,456

3. EXPENDITURE

2015 2014

(GHS) (GHS)

Audit Fees 2,820 2,350

Bank Charges 2,676 794

Support to Ghana national Fire Service 326,772 -

Entertainment 849 545

General Office Expenses 17,964 13,500

Public Education 42,687 12,460

Travelling & Transport 4,530 -

398,298 29,649

93



4. ACCOUNTS RECEIVABLE

2015 2014

(GH¢) (GH¢)

Penalties Receivables 25,000 -

Accrued Investment Income 57,534 24,996

Other Receivables 2,340 9,066

National Insurance Commission 38,171 4,891

123,045 38,953

5. SHORT TERM INVESTMENT

2015 2014

(GH¢) (GH¢)

Fixed Deposit 500,000 431,167

Balance as at 1st January 431,167 200,000

Additions 68,833 231,167

Balance as at 31st December 500,000 431,167

Net Investments 68,833 231,167

6. ACCOUNTS PAYABLE

2015 2014

(GHS) (GHS)

Audit Fees 2,820 2,350

Accrued Expenses 1,400 3,000

Withholding Tax 1,244 1,475

5,464 6,825

7. CASH & CASH EQUIVALENT

2015 2014

(GHS) (GHS)

Bank and Cash 227,486 171,625

227,486 171,625

94


8. RECONCILIATION OF EXCESS OF INCOME OVER EXPENDITURE TO CASH FLOW FROM OPERATING ACTIVITIES

2015 2014

(GHS) (GHS)


Investment Income (137,330) (89,001)

(Increase)/Decrease in Accounts Receivable (84,092) (20,691)

Increase/(Decrease) in Creditors (1,360) (5,329)

Cash Generated from / (used in) Operating Activities (12,636) 200,786

9. CONTINGENT LIABILITIES

There were no contingent liabilities at 31st December, 2015 (2014: Nil)

95



LIST OF REGISTERED NON-LIFE INSURANCE COMPANIES


No. Company Contact Details Location

1Activa International Insurance Company (Ghana) Limited

PMB KIA 85 Airport, Accra

Tel: 686352/672145/685118

Fax:685176

e-mail: [email protected]

3rd Floor, Heritage Tower, 6th Avenue, West Ridge.

2 Allianz Insurance Company Ghana Limited

PMB CT 353 Cantonments, Accra

Tel: 764893-4/764891

Fax : 765140

e-mail : [email protected]

www.allianz-ghana.com

18, North Airport Road, adjacent Villagio Apartments, West Airport residential area

3 Best Assurance Company Limited

P. O. Box CT 11022 Cantonments-Accra

Tel: +233(0)302 544145/46/48/49

Info: bestpointinsurance.com www.bestpointinsurance.co,

Opp. American House, East Legon

4 Saham Insurance Limited

P. O. Box 1292, Accra

Tel: 774771, 760639, 768351

Fax: 760568


www.sahaminsurance.com

Near Ghana Commercial Bank. Osu La Beach Road

5 Donewell Insurance Company Limited

P. O. Box GP 2136, Accra

Tel: 763065, 763118, 763171, 7011560-1, 772778

Fax: 763147


F 33/1, Karl Quist Street, Kuku Hill, Osu RE

6 Enterprise Insurance Company Limited


Tel: 666856-8/666847-9

Fax: 666186/670306/677677


www.enterprisegroup.com.gh

Enterprise House, No. 11 High Street

7 Equity Assurance Limited

P. O. Box 16235 KIA, Accra

Tel: 770548/ 769542

Fax: 769592


www.equityassuranceltd.com.gh

48 Senchi Street, Off Aviation Road, Airport , Accra.

8 Ghana Union Assurance Company Limited


Tel: 780625/6, 780627/30/780634

Fax: 780647


F828/1Ring Road East, Osu

9 Glico General Insurance Company Limited


Tel: 246142/243934

Fax: 258210


www.glicogen.com

Glico House No. 47, Kwame Nkrumah Avenue.

96



10Industrial & General Insurance Ghana Limited (Under Enforcement Action)

PMB Cantonments-Accra

Tel: 762121/769004

Fax: 761023


Block 1, Design Resource Estate, 4th Circular, Cantonments, Accra

11 Wapic Insurance Ghana Limited

PMB 163, KIA

Tel : 772606/773616/773609

Fax : 773749

e-mail:[email protected]

www.wapic.comgh/gh

[email protected]

35, Aviation Rd. Airport Residential Area

12International Energy Insurance Company Limited

PMB 23, Accra-North, Accra

Tel: 770338/768944/769365

Fax: 768944


www.ieighana.com

C132/21, 11 Fletcher Street, Abelemkpe residential Area, Accra

13 Metropolitan Insurance Company Limited


Tel: 220966/227439/225296

Fax: 237872/3


Caledonian House, Kojo Thompson Road

14 Millennium Insurance Company Limited

P. O. Box AT 128, Achimota, Accra

Tel : 766632/0544322144

Fax : 763323

www.millenniuminsurancegh.com

No. 7th Street

Airport Residential Area

15 Nem Insurance Ghana Limited

PMB AN

Tel : 220797, 220798

Fax : 220718


Olusegun Obasanjo Highway

Accra Girls, Accra

16 NSIA Insurance Company Limited


Tel: 030-210180/210180

Fax: 210181


www.groupensia.com

14/16

Main street, Tesano

17 Phoenix Insurance Company Limited

P. O. Box 17753, Accra-North

Tel: 246319,246322,246644

Fax: 246311


www.phoenixinsurancegh.com

224/3, 6th Ringway Link Estates, Accra.

18 Provident Insurance Company Limited


Tel: 221096/229807/233964

Fax: 239463


Provident Towers, Ring Road Central

19 Prime Insurance Company Limited

P. O. Box AN 7644 Accra-North

Tel: 229062, 233499, 234078,7012075

Fax: 224507

e-mail:

Gamel Abdul Nasser St., Ring Road Estates, Osu, Accra.

97




20 Priority Insurance Company

P. O. BOX GP 13808 Accra

Tel: 0302 979478,979477 0243138803,055 3019060,0505719499

[email protected]

Priority House No. C502/1, Avenor Junction Adjacent to C. Woermann (Ghana) Ltd

21 Quality Insurance Company Limited

P. O. Box MP 1252, Mamprobi, Accra

Tel: 258125/258127/258129/30

Fax: 220165/258135


Quality House

Ring Rd. Central

22 Regency Alliance Insurance Ghana Limited

Tel: 769789, 768463, 778106

Fax: 782871


www.regencyallianceghana.com

65 Patrice Lumumba Road, Airport Residential Area, Accra

23 SIC Insurance Company Limited


Tel: 780600-9

Fax: 780615


No. 28/29

Nyemetei House, Ring Road East (Osu)

24 Star Assurance Company Limited


Tel: 0302, 245906/245906/0289-253537

Fax:237156


www.starassurance.com

1st floor, Stanbic Heights Building, 215 South Liberation Link

25 Unique Insurance Company Limited

P. O. Box AN 5721, Accra-North

248174-7/228176/241892/

Fax: 221430

e-mail: uniqueinsurance-ins.com

No. 86 North-Ridge, Ring Road Central, Former Office of KLM, behind Total Filing Station next to DHL Head Office

26 Vanguard Assurance Company Limited


Tel: 666485-7/782921-2

Fax: 668610


No. 21

Independence Avenue near CAL Bank

27

Imperial General

Assurance Company

Ltd.

P. O. Box CT 10686, Cantonments Accra,

Tel. 0577667436-8/0577656170/0204653496


website:www.imperialgeneral.com

Ring Road Central, Accra Adjacent Paloma Hotel

98


LIST OF REGISTERED LIFE INSURANCE COMPANIES



1 Adamas Life Assurance Company Limited

P. O. Box GP 21861, Accra Tel: 0303 936564

Fax: 0303 936561No. 1 Boundary Road East Legon, Accra

2 A-Plus Life Assurance Company Limited

P. O. Box AD 655, Adabraka-Accra

Tel: 0501450800

[email protected]

C618/3 Samosa Machel Road Asylum Down

3 Capital Express Assurance (Gh) Limited

PMB CT 115

Tel: 240409, 0289546118/0289546151

Fax: 247942


www.capitalexpressassurance.com

House No. 865A/3, Tackie Tawiah Ave., Kanda Highway, North Ridge

4 Saham Life Ghana Limited

P. O. Box AD 190, Adabraka

Tel: 264552/224299

Fax: 260020


www.groupecolina.com

4th Floor, Sethi Plaza, Kwame Nkrumah Avenue

5 Donewell Life Insurance Company Limited


Tel: 772778,764321

Fax: 763266

e-mail: donewelllife.com.gh

www.donewelllife.com.gh

F333/1, Karl Quist street, Kuku Hill, Osu-Re

6 Enterprise Life Assurance Company Limited

Private Mail Bag, General Post Office Accra, Ghana

Tel: 689940,689943/45

Fax: 677073


3rd Floor

Enterprise House, 11 High Street, Accra

7 First Insurance Company Limited

P. O. Box CT 10536, Cantonments-Accra

Tel 0302 – 231520, 231521/2


www.firstinsurance.net

#59 Ring Road Central, Asylum Down, Accra

8 Prudential Life Insurance Company Limited

P. O. Box AN10476, Accra

Tel: 252487/0289555580/03022208877

Fax: 250317

e-mail:[email protected] [email protected]

www.prudential.com.gh

House No. 35, North St. Tesano, opposite Hobats Clinic

9 Ghana Union Assurance Life Company Limited


Tel: 764674, 783021

Fax: 780647


F828/1Ring Road East, Osu

99




10 Glico Life Insurance company Limited


Tel: 246140/246142

Fax: 258210


www.glicogroup.com

Glico House, No. 47 Kwame Nkrumah Avenue.

11 Ghana Life Insurance Company


Tel: 781118, 780543,771298

Fax: 769096


17 Aviation Rd.

Airport Residential, Accra

12 GN Life Assurance Company Limited

P. O. Box AN 5879, Accra-North Tel: 0302-221885

Fax: 0302-256344

Former Ocean Wave Hotel

Sakumono - Accra

13 Millennium Life Insurance Company Limited

P. O. Box 117, Madina, Accra

Tel 0302 - 763323 77 Osu Badu Street – Airport, Accra

14IGI Life Assurance Ghana Limited (Under Enforcement Action)


Tel: 768904/767399

Fax: 770812


Block 2, Design Resource Estate, 4th Circular, Cantonments, Accra

15 Metropolitan Life Insurance Ghana Limited

PMB 456, Cantonments, Accra

Tel: 633933

Fax: 662272


www.metropolitan.com.gh

Metropolitan House, 81 Tabon Link North Ridge Crescent

16 Phoenix Life Insurance Company Limited


Tel: 911023

Fax: 222008


CDH Building, Opposite NIC, Independence Avenue, Accra

17 Old Mutual Life Assurance Company Limited


Tel: 252132/233938/230646


www.oldmutual.com.gh

Provident Towers, Ring Road Central

18 Quality Life Insurance Company Limited

P. O. Box AD 14, Adabraka, Accra

Tel: 234016/258146-8/228833

Fax: 258150

Email: [email protected]

Peters House, Off Kwame Nkrumah Ave. Adabraka

19 SIC Life Insurance Company Limited

P. O. Box CT 3242, Cantonments, Accra

Tel: 678130/662317

Fax: 662286


No.1 Jones Nelson Road Adabraka - Freetown

20 Starlife Assurance Company Limited


Tel: 258943-6

Fax: 258947


www.starlife.com.gh

No.1 Mankata Avenue Airport Residential Area

100



21

Unique Life Assurance Company Limited


685079-82/0289520736-7

Fax: 248173


1st Floor

Kingsman Building

22 UT Life Insurance Company Limited

P. O. Box At 1975 Achimota Market

Tel: 249061, 245737, 228420

Fax: 250343


www.utlifeghana.com

UT Life Plaza, Legon West Road, Kisseimen

23 Vanguard Life Assurance Company Limited

PMB CT 455, Cantonments, Accra

Tel: 253242, 235434/5

Fax: 235437

e-mai : [email protected]

www.vanguardlife.com

No.21 Independence Avenue North Ridge

24 Esich Life nsurance Company Limited

P. O. Box CY 8309, Accra.

Tel: 0302201980/201981

Fax: 250343


www.esichlife.com

2nd Ring Link North Ridge Accra

101



LIST OF REGISTERED REINSURANCE COMPANIES

LIST OF REGISTERED REINSURANCE COMPANIES


1. Ghana Reinsurance Company Limited

P. O. Box AN 7509, Accra-North.

Tel: 633733

Fax: 633711


Plot 24, Sudan Road, Ambassador Hotel Area, Ridge, (next to Stanbic Bank Head Office)

2 GN Reinsurance Company Limited

P. O. Box AN 5879

Tel: 0302542413/0302542417


www.gnreinsuarance.com

Location: House No 350, Ward E Block 2, Nima Court Avenue, Bridge Examination Loop Road, Accra

3. Mainstream Reinsurance Company Limited

P. O. Box CT 3959, Accra

Tel: 788326/7011886/0244335711

Fax : 788325


3rd Kuku Crescent Osu

4 Munich Mauritius Re

(Liaison Office/ Contact Office

P. O. Box GP 19389 Accra, Ghana

Tel : (0302) 507010

Fax : (0302) 507011


www.munichre.com

5th Floor, Gulf House

Legon East

5 WAICA Re Corporation Plc. (Liaison/Contact Office)

P.O. Box AN 5042, Accra-North

Tel. 0302 631,164, 0244 734534

[email protected] [email protected]

Suite No. 10, The Emporium Movenpic Ambassador Hotel, 2nd Floor

102


LIST OF REGISTERED INSURANCE BROKING COMPANIES



1 AG Associates

P. O. Box SK 26 Sakumono, Comm. 13

Tel: 0244731209


Agbogba, Accra

2 Akoto Risk Management Limited

P. O. Box 953, Accra,Ghana

Tel: 237573, 225330, 227813, 228905,0244354165

Fax:246543


90 Kwame Nkrumah Avenue, Accra

3 All Risks Consultancy Limited

P. O. AN Box 11585, Accra

Tel: 0302259853/259854

Fax: 789912


www.alriskconsultancy.com

2nd Floor, Colidonian House, KojoThompson Road, Accra

4 AllStar Insurance BrokersP. O. Box CT 6104, Cantonments Accra

Tel : 0302 243690, 0244362432

Marbel Plaza, Behind Hotel President, Asylum Down, Accra

5 Allied Insurance Brokers Limited

P. O. Box RT 649, Accra Newtown, Accra

Tel: 233459, 027 2090137, 0244583377


15 Hill Street, New Town, Accra

6 Alpha Insurance Brokers Limited

P. O. Box CT 6046, Cantonments, Accra

Tel: 661572, 681156,0208147244

Fax: 661572


Annex ‘B’, Room 109, First Floor, Republic House Accra

7 Arrow Class Insurance Brokers Company Ltd.

P. O. Box KN 4769, Accra Tel. 433735, 2330-3932005, 2330-3932006

[email protected]

www.arrowclassinsurance.com

Hs. No. B575, Achimota, Nsawam Rd.

8 ARB Insurance Brokers Ltd

P. O. Box CT 138 Cantonments –Accra

Tel. 0244822342

Fax : 0302 – 308598

Email : [email protected] or [email protected]

B235/25, 13 Akorlu Close Darkuman

9 Apex Insurance Brokers Limited

P. O. Box KN 3068, Kaneshie-Accra

Tel: 020 8226823/0277610368/0506709080

Fax: 660650

e-mail:

House No. 68, Owusu Kofi Street, Darkuman, Accra.

10 Ark Insurance Brokers Ghana Ltd.

P. O. Box 1609, Mamprobi-Accra

Tel.0302769812/0208280572


Media Majique Brand Place, 2nd Floor, Plot No. C728/3

4th Crescent (Nanyo Link) Asylum Down

11 Ascoma Ghana Management Limited

P. O. Box 206, Tradefair Centre, Accra

Tel : 0243690363/0208125836

Fax : 0302761215


www.ascoma.com

33 Labone Crescent, North Labone

103




12 Asterix Brokers Limited


Tel : 0244286346/0302-544060


No. 117, Lagos Avenue, East Legon

Opposite Zenith Bank

13 Baobab Brokers Limited

P. O. Box CT 525 Cantonments, Accra

Tel: 0312,291977/0243117250


www.baobabbrokers.com

No.18 Otinshie, American House East Legon

14Boaitey & Associates

Insurance Brokers Limited

P. O. Box TI 469, Taifa, Accra

Tel. 020-2018138, 0302-416853, 0265155560

Darfuor House # 47, Aflyee West Achimota, Nsawam Road

15Byllwych Insurance

Brokers Ltd.


Tel. 0200114114, 0269366666


1st Floor Ike Quartey House, B 795/2 Oblogo Road, Kaneshie Zongo – Junction Accra

16 Cardinal Brokers Limited

P. O. Box 2225 Mamprobi, Accra

Tel: 0244246454,0544315731

Fax: 024426454, 0544315731


[email protected]

House No. 49, Nii Mampong Okai Street, Dansoman

17 Ceris International Limited

P. O. Box CT 3547 Cantonments-Accra

Tel: 0302-673778/680925, 0244319862, 0208404264, 673778, 024431962

Fax: 680926


Hse. No. 657/4 2nd Floor (opposite City Paints) Kojo Thompson Road, Accra

18 Claim Limited

P. O. Box CT. 1731, Cantonments,

Tel: 0302778829/0202012922

Fax:760830


[email protected]

Trade Fair Centre (Pavilion ‘V’) La, Accra

19 Corporate Trust Insurance Brokers Limited

P. O. Box AC 663

Accra

Tel : 234260, 0242759043

Fax : 234321


Martco House, Kojo Thompson Road, Adabraka

20 Crown Insurance Brokers

P. O. Box 15282 Accra-North

Tel: 0302237568-9

Fax: 235739


www.crowninsurancegh.com

House No. C418/2 Watson Avenue, Adabraka

21 Dezag Insurance Brokers

P. O. Box MP, 812, Mamprobi, Accra

Tel : 0302329558, 967188, 0244984615

[email protected]

House No. 643/16, Dansoman, 11th Damba Street, Accra

22 Danniads Limited

P. O. Box 71, Trade Fair Centre, Accra

Tel: 0302251623/251625/227908/0244754242

Fax: 233380

e-mail: [email protected], [email protected]

House No. D325/4, Brewery Road

Official Town, Adabraka

104



23 Double D & M Limited

P. O. Box 117, Mamprobi-Accra

Tel: 024-251167, 0302-682414

e-mail:

Okoama Storey Buildings 71 Ring Road, South - Industrial Area

24 Dynamic Insurance Brokers Limited

P. O. Box PMB CT 98, Cantonments, Accra.

Tel: 0302713900, 713899

Fax:713882


Brigade Bus Stop, Off the Nungua-Teshie Road

25 Edward Mensah, Wood & Associates


Tel: 0302229349/224670/233078

Fax: 0302224809


www.edwardmensahwoodassociate.com

Marydee House C124/3 Farrar Avenue, Adabraka-Accra

26Eureka Insurance Brokers Limited (License suspended)

P. O. Box OS 1338

Accra

Tel : 0200798288, 0302967188, 03022967189

Fax :

e-mail:

www.eurekabrokers.com

A643/16,11th Damba Street, Dansoman, behind GCB

27 Felin Insurance Brokers Ltd.

P. O. Box AH 1361, Achimota- Accra

Tel. 0302-901519, 024462257,0248260963

[email protected]

Hs. No. 10 Afram Lane, Asylum Down, Accra near Delta Security Services

28

First Choice Insurance Brokers Limited

(License suspended)

P. O. Box CT 6104

Community 11, Tema

Tel : 243690

Fax :

e-mail :

2nd Floor, Marbell Plaza, behind hotel President, Asylum Down.

29 Functions Risk Management Ltd.

P. O. Box WJ 952, New Wieja, Accra

Tel : 0244272066, 0302 -201488, 0244662370

Email : [email protected]

No. F872/1 5th Close Ringway Estate Osu, Accra

30 Ghana International Insurance Brokers


Tel: 250384/0242759043/0242943450

Fax: 247633


2nd Floor Copeland House

ADB, Off Kojo Thompson Road, Adabraka, Accra

31GIBA Energy Insurance

(License suspended)

P. O. Box OS 3033

Osu, Accra

Tel : 0289541879

Fax :

e-mail :

IITC Building, National Insurance Commission, Accra.

32 Global Impact Insurance Brokers (Gh) Ltd.


Tel. 0244625080/0245069626

Fax: 221869

e-mail:

No. 61 Kwashieman High Street Odorkor-Kwashieman Road (Near Anglican Church)

33 GBL Insurance Brokers Limited

P. O. Box CT AF 1347, Adenta-Accra

Tel. 0244438704

Email. [email protected]

4th Floor Ghana House, behind Barclays Bank, Atta Mills High Street

105




34 Goldlink Insurance Brokers

P. O. Box CT 9545 Cantonments- Accra

Tel. 0302-244714, 244715, 244478

Fax : 0302-244713

Email. [email protected]

No. 32 Farrar Avenue Adarbraka

Sikkins Paint Building

35

Goodwill Insurance Brokers

Limited

P. O. Box KN 57 Kaneshie-Accra

Tel. 0244-418495,020-4330449

Email : [email protected]

Virtues Trust Building, Off Burma Camp Road

36 Gras Savoye Ghana Limited

P. O. Box KIA 30708, Accra

Tel: 674465, 681600, 0244318548, 686400

Fax: 675489


15th Floor, Heritage Tower, Ambassadorial Enclave, Ridge, Accra.

37 Horizon Insurance Brokers Limited

P. O. Box CS 8409 Comm. 7 Tema

Tel: (0303) 208856, 208864, 208928, 200999


[email protected]

1st Floor, Suite No. 9 Kristal Plaza Comm. 4 Tema, Near Evergreen Supermarket

38 Insurance Centre of Excellence

P. O. Box 30688, KIA-Accra Ghana

P. O. Box CT 6274, Cantonments Accra

Tel: 239 855/222427

Fax: 234 128


Location: H/No 14 Ridge Road,

NT Ridge (Opposite Accra High School

39 Insurance Consultancies International Limited

P. O. Box 4648

Tel: 231182-3, 0244320388, 054 5440763

Fax: 231184


Benefits Plaza, Ring Road Central

40 Inter-Africa Brokers Limited

P. O. Box T.89

Stadium Post Office, Accra

Tel: 027-7734385/255357


First floor, Palma House, Tudu, behind Catholic Book Centre

41 Insurance Solutions Limited

PMB CT 382

Cantonments-Accra

Tel. 0302 938112, 0243574690


Mariville Home, Manet Junction Spintex Road, Accra.

42 JeRock Insurance Brokers

P. O. Box TA 469, Taifa, Accra

Tel: 416853, 020-2018138, 024-3288703, 0277058326

Fax: 416853


[email protected]

209 Geors House, Nsawam Road, Achimota.

43 KAV Insurance Brokers Limited

P. O. Box CT 2488 Cantonments, Accra

Tel. 420111,

Fax : 420112

e-mail :[email protected]

Achimota Legon Road, Gulf Club

Adjacent Atala Limited

106



44 KEK Insurance Brokers Limited


Tel: 764023, 764573, 764390, 770614

Fax: 764138, 764210


Broking House No.40/41, Senchi St., Aviation Road, Airport Residential Area, Accra

45 Legacy Protect Limited

P. O. Box KN 1747, Kaneshie, Accra

Tel : 324479 / 0242980364

Fax : 301658


13th Close, Sakaman, South Ordorkor

46 Liberty Insurance Brokers Co. Limited

P. O. Box CT 8092, Accra

Tel : 020 8184215

Fax :


Loc: 4th Floor of Dufie Towers,

1st Junction, Teshie-Nungua Estate

47 Lordship Insurance Brokers

P. O. Box 1144 Achimota Market

Tel: 781435/781774

Fax: 770432


www.lorshipins.com

F&D Court, H/N C140 Motorway Extension Abelemkpe

48 M & G Insurance Brokers Limited

P. O. Box GP2913, Accra

Tel: 254647

Fax: 254649


5th Floor, Sethi Plaza

123 Kwame Nkrumah Avenue, Adabraka

49 Maxpal Intermediaries

P. O. Box SD 79, Stadium Post Office Accra

Tel: 232795/241216

Fax: 232795


[email protected]

B219/10 B10 street, Awudome

Kaneshie

50 Metrix Brokerage Limited

. O. Box CT 3865 Cantonments

Tel. 0303 932305 / 932308. e-mail : [email protected]

www.meterixbrokerage.com

Behind the Trade-Fair at the back of Goil Filling Station

51 MIDAS Insurance Brokers Limited


Tel: 255168

Fax: 258667


[email protected]

Plot No. A10, Awudome Roundabout, Kaneshie

52Multinational Insurance

Brokers

P. O. Box KA 30223 Airport

Tel. 0289013928. E-mail [email protected]

No. 13 Star Avenue, Kokomlemle

53 NDL Insurance Consult

P. O. Box GP 1388 Accra, Ghana

Tel. 0202019973, 0302 967330

Fax : 0302 760404 e-mail [email protected]

F618/2 Anu Mensa Street, Near VRA Clinic, Osu

54Novelty Insurance Brokers

Ltd.

P. O. Box AF 1383 Adenta

Tel : 268002Superior Oil Office Complex Ampomah Junction

107




55 Oak Insurance BrokersP. O. Box KN, 5111, Kaneshie, Accra

Tel : 0302-230060

House No. 6, Obutu Road

Accra New Town.

56 Premier Brokers & Consultants

P. O. Box DS 1632 Dansoman, Accra.

Tel: 915111, 918011, 028 9540270

Fax: 224804


Marble House, South industrial Area, Accra

57 Progressive Insurance Brokers Limited P. O. Box GP 14438 Accra Central

Tel: 237058, 020-2018102

Anum Yemoh Place, East Legon, Accra

58 Prudent Insurance Brokers Limited


Tel: 020-8157160,0244-767037, 0244-883991, 240818

Fax: 240882


[email protected]

Hse. No. 520/4, Jones Nelson Street, Adabraka, Accra

59 Riscovery Limited

P. O. Box CT 3817, Cantoments, Accra

Tel : 0244269936/0288916386

Fax : 0268131414


309/17 Abavana Junction, Kotobabi

60 Risk Management and Advisory Services

P. O. AN 12331

Accra- North

Tel. 816390, 816389, 024415834, 0208128369

e-mail :[email protected]

[email protected]

No. 120B Spintex Rd, Industrial Area

61 Risk Solutions Limited

P. O. Box M606 Accra

Tel. 0302-778820

Fax : 0302- 515479

e-mail:

Near Club 10, Kanda, Accra

62Safety Insurance

Brokers Ltd

P. O. Box OS 2912 Osu, Accra

Tel. 761944, 786603, 024376965

Fax: 786602

e-mail: [email protected], [email protected]

2nd Floor, Blue Chip Building

63 Visal Insurance Brokers Limited

P. O. Box CT 4219

Tel: 0244644155


Plot No. 46, 48 Boundary Road, Near UBA Bank, American House, East Legon

64 Shield Insurance Brokers & Risk Management

P. O. Box GP 13197, Accra.

Tel: 0544356888, 0302519651

Fax: -


www.shieldinsuarancebrokers.com.gh

Kangaroo House, Adjacent Fly over, Manet Court

65 Saviour Insurance Brokers & Consultants


Tel: 224559 /0277426580


Kanda, East Ayawaso, Accra

108



66 Trans-National Brokers Limited


Tel/Fax: 024 4272060, 0209420518

Fax : 235603, 949803


www.transnationalinsuarancebrokes.com

C154/19 Tesano Business Centre opposite Santane market, Tesano

67 Trinity Insurance Brokers Ltd.

P. O. Box GP 1800

Accra

Tel. 764117, 764018,027369642

Fax : 764130


[email protected]

H/N 509C/1 Oxford Street, Osu Cantonments Rd. Opposite St Thomas School, Osu.

68 Tri-Star Insurance Services Limited


Tel: (233-21)244861, 256183, 220302

Fax: 220319


No. 14, Naa Ata Street, Tesano, Accra

69 Universal Insurance Consultants Ltd.

P. O. Box CT 117, Cantonments, Accra.

Tel: 222076/229362

Fax: 233944


1st Floor, Standard Chartered Bank Building

Adabraka

70 UGroup Insurance Brokers

P. O. Box AN 16664

Accra-North

Tel : 0208242534

e-mail :

www.ugrouplimited.com

House No. C352, Dome, Accra.

71

Khols & Hols Insurance

Brokers & Management

Consultants

P. O. Box

Tel. 0266812600, 0266335735

www.kholsinsurancebrokers.com

[email protected]@kholsinsurancebrokers.com

NanaSwiss House Plot No. 14 Community 16 Lashibi Tema

72 Safeguard Insurance Brokers Limited

P. O. Box CT 1345 Cantoments, Accra

Tel. 0302784829/784513/0206850886


6 Osu Duku Street, Osu, Accra

73 First Anchor Risk Management

P. O. Box CT 6104 Community 11, Tema

Tel. 243690

2nd Floor, Marbell Plaza, behind Hotel President, Asylum Down.

74

International Consortium Brokers Limited

(License suspended)

P. O. Box OS 2774

Tel. 024483185, 0203832415

Email:[email protected]

A466/21 1st Drive South Odorkor Estate, Accra

109



LIST OF REGISTERED LOSS ADJUSTING COMPANIES

LIST OF REGISTERED LOSS ADJUSTING COMPANIES


1. Manyo-Plange & Associates

P. O. Box 9155, KIA, Accra

Tel: 024 4327960, 020 8132962, 323878, 313954

Fax: 304977


40 Adwadu Street, Mataheko, Accra. Near Kembs Hotel

LIST OF REGISTERED REINSURANCE BROKING COMPANIES

LIST OF REGISTERED REINSURANCE BROKING COMPANIES


1. KEK Reinsurance Brokers (Africa) Limited

P. O. Box An 6681 Accra-North

Tel: 770617, 764210, 764273

Fax: 764138


KEK Insurance Broking HouseNo. 40/41 Senchi Street @ Aviation Rd. Airport Residential. Area, Accra

110


Notes

111



Notes

112


Notes

113



NIC | THE INSURANCE SUPERVISOR 27

Insure them against fire, burglary and natural disasters.

NATIONAL INSURANCE COMMISSIONFor More Information, Contact Any Licensed Insurance Company, Broker Or Agent.

INSURANCE AND ITS BENEFITS

Insurance brings the smiles back and helps you stand on your feet again when disaster strikes.

Do you know that the house and properties you

have acquired through much effort and over a

period of time could be lost within a minute?

Insure them against fire, burglary and natural disaster.

design & print: Buck Press Ltd | +233-302 408061

annual reportnicgh.org/wp-content/uploads/2018/02/nic_annual-report_2015.pdf · of it, it is able...

Documents