Analyzing Ghana’s Non-Life Insurance Market in 2025

6 Insurers Control 61.4% of the Market

Ghana’s non-life insurance industry generated almost GH¢5.9 billion in insurance revenue in 2025. But while the market is growing, the growth is far from evenly distributed. Six insurers accounted for 61.4% of the market, leaving the other 18 insurers to compete for the remaining 38.6%. That is the biggest story behind Ghana’s 2025 non-life insurance market.

Analyzing Ghana's Non-Life Insurance Market in 2025

Ghana’s insurance market is approaching GH¢6 billion

Ghana’s non-life insurance market recorded approximately GH¢5.89 billion in insurance revenue in 2025.

The market has continued to expand, but the distribution of that revenue reveals a highly concentrated industry.

There are 25 licensed non-life insurers in Ghana. The analysis in this visual covers 24 insurers because Quality Insurance had not submitted its FY2025 returns at the time of compilation. When the 24 reporting insurers are ranked by FY2025 insurance revenue, they can be divided into four groups or "pots" based on their market share.

The result looks remarkably similar to a football tournament draw.

Pot 1: The frontrunners

The top six insurers generated approximately GH¢3.62 billion, giving them a combined market share of 61.4%.

The group is led by Enterprise Insurance, which generated approximately GH¢802.8 million, equivalent to a 13.6% market share.

SIC Insurance followed with approximately GH¢598.5 million, while Star Assurance recorded GH¢595.7 million. Glico General, Hollard Insurance and Ghana Union Assurance completed the top six. The significance of this concentration is clear. Just six insurers generate nearly two-thirds of the industry's insurance revenue.

Pot 2: The challengers

The next six insurers generated approximately GH¢1.36 billion, representing 23.1% of the market.

Vanguard Assurance leads this group with approximately GH¢426.5 million and a 7.2% market share.

Phoenix Insurance and Sanlam Allianz General follow, with market shares of approximately 4.0% and 3.7% respectively.

Prime Insurance, Activa International and Provident Insurance complete the second pot.

Collectively, these six insurers generate less than half the revenue of the six insurers in Pot 1.

Pot 3: The mid-table

The third group contains six insurers with a combined market share of 11.2%.

SUNU Assurance is the largest insurer in this group, with a 2.4% market share.

Serene Insurance follows at approximately 2.1%, while Priority Insurance, Coronation Insurance, Donewell Insurance and Imperial General each have market shares below 2%.

This group illustrates the significant difference between the largest insurers and the middle of the market.

Pot 4: The long tail

The final six insurers account for just 4.3% of the market.

Loyalty Insurance has a market share of approximately 1.2%, followed by Unique Insurance at 1.0% and Millennium Insurance at 0.9%.

NSIA Insurance, Best Assurance and Bedrock Insurance make up the remainder.

The smallest insurer in the ranking has a market share of only 0.21%.

The average Pot 1 insurer is 14 times larger than a Pot 4 insurer

The concentration becomes even more striking when we compare the average insurer in each group.

The average market share is:

• Pot 1: 10.23%

• Pot 2: 3.85%

• Pot 3: 1.87%

• Pot 4: 0.72%

This means the average insurer in Pot 1 has a market share more than 14 times larger than the average insurer in Pot 4.

The difference shows just how unevenly distributed Ghana's non-life insurance market has become.

The top 10 control almost 80% of the market

The concentration is not limited to the top six. The five largest insurers account for approximately 53% of the market, while the top 10 control roughly 79%. In practical terms, about four out of every five cedis of non-life insurance revenue is generated by just 10 insurers. The remaining insurers are therefore competing for a relatively small portion of the total market. This does not necessarily mean smaller insurers are unsuccessful. Market share is only one measure of performance. However, it does demonstrate the scale advantage enjoyed by the largest players.

Enterprise Insurance leads the market

Enterprise Insurance is the largest insurer in the ranking, with approximately GH¢802.8 million in FY2025 insurance revenue.

Its 13.6% market share puts it ahead of SIC Insurance and Star Assurance.

However, the gap between the leaders is not enormous.

SIC and Star each have market shares of around 10%, meaning the top three insurers are relatively close compared with the much wider differences further down the ranking. The market therefore has a clear leader, but not one that dominates the industry on its own.

But market share is only half the story

The ranking tells us who controls the market.

The profitability figures tell us something more interesting about how the industry performed.

According to the Bank of Ghana's 2025 Financial Stability Review, the non-life insurance service result improved from approximately GH¢1.28 billion in 2024 to GH¢1.49 billion in 2025.

That suggests that the core insurance business performed better during the year.

Yet overall industry profit declined. So what happened?

Investment income became the pressure point

The visual highlights a sharp contrast in the industry's financial performance.

The underwriting result improved by approximately 18%, while investment income declined by approximately 51.4%.

Overall industry profit fell by approximately 32%, from GH¢585.8 million in 2024 to GH¢398.7 million in 2025.

The decline in investment income was approximately GH¢217.9 million, which was larger than the overall decline in industry profit.

This suggests that weaker investment performance was a major drag on profitability. The lesson is important. Insurance companies do not rely solely on underwriting to generate earnings. Investment income can also have a significant impact on their overall financial performance.

Stronger underwriting does not automatically mean stronger profits

The 2025 results demonstrate why looking at revenue or underwriting alone can be misleading.

The industry generated more insurance revenue.

The core insurance result improved.

But investment income weakened significantly.

The result was a decline in overall profit.

Therefore, the most accurate description of the industry's performance is not simply that insurers performed poorly.

Instead, the core insurance business improved, but weaker investment income put significant pressure on overall profitability.

What does the concentration mean for Ghana’s insurance industry?

The market structure creates several important implications.

1. Scale is concentrated among a few players

Six insurers control more than 60% of the market.

This gives the largest players significant scale in areas such as distribution, technology, claims management, marketing and operating infrastructure.

However, market share alone does not prove that larger insurers are more efficient or profitable.

2. Smaller insurers face a different competitive challenge

Eighteen insurers share less than 40% of the market.

For these companies, competing purely on scale against the largest players may be difficult.

Specialisation, customer experience, digital distribution, partnerships and niche insurance products could therefore become increasingly important competitive strategies.

3. Market growth does not guarantee profit growth

Perhaps the most important lesson from the 2025 numbers is that revenue growth and profit growth are not the same thing.

An insurer can generate more insurance revenue while still experiencing pressure on its bottom line.

The performance of investment portfolios, claims, expenses, underwriting results and other financial factors can all influence profitability.

What should we watch next?

Several indicators will be important as Ghana's insurance industry moves forward.

Market concentration: Will the largest insurers continue increasing their market share, or will smaller players gain ground?

Underwriting performance: Can insurers sustain the improvement in their core insurance operations?

Investment income: Will investment returns recover after the sharp decline recorded in 2025?

Insurance penetration: Can insurers expand coverage to more households and businesses, particularly through microinsurance and specialised products?

Digitalisation: How quickly will technology change customer acquisition, premium collection, claims processing and distribution?

These factors could determine whether the industry's next phase of growth translates into stronger profitability.

The bottom line

Ghana's non-life insurance market is growing, but the growth is highly concentrated.

Six insurers control 61.4% of the market.

The top five control more than half.

The top 10 control almost four-fifths.

At the same time, the profitability story is more complicated.

The core underwriting business improved in 2025, but a sharp decline in investment income contributed to a significant fall in overall industry profit.

So the real story is not simply about who is winning the insurance market.

It is about where the market's growth is concentrated and whether that growth is ultimately translating into sustainable profits.

That is the real draw. Join our WhatsApp group to receive data viz insights on Ghana and Africa directly: https://chat.whatsapp.com/JCqBvBWfqjILTxiaCqFhCx?mode=wwt