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Best Insurance Companies in Ghana 2023: Top 10

Top Ten Best Insurance Companies in Ghana: Insurance has become more popular across Africa as businesses diversify. Companies have begun to take proactive measures to protect their assets from loss, theft or damage. This has led to an increase in the need for insurance. Nowhere is this more obvious than Ghana. As a developing country seeking to fast track its growth and attract potential investors, the need for quality insurance services cannot be over emphasized.

Fortunately, Ghana does not lack a plethora of companies seeking to make their mark on the corporate scene. The aim of this article is to present the top ten subjectively best insurance companies in Ghana which by virtue of experience, expertise, and visibility have established themselves in this competitive sector.

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10 Most Trusted And Best Insurance Companies in Ghana

10.   State Insurance Company: In Ghana, The State Insurance Company, sometimes known as SIC, is a reputable and well-known insurer. SIC has established a reputation as a significant participant in the market for non-life insurance products and has locations all around the country. It was formed February 1962 and since then SIC has over 1400 stockholders and a sizable market share in the industry.

Insurance coverage for damages in a variety of industries, including travel, maritime, accident, and oil and gas insurance, is the main goal of SIC. The company’s exceptional client service and unwavering professionalism have earned it a solid reputation. Customers count on SIC to manage claims efficiently and offer top-notch insurance services. Both people and businesses in Ghana can easily acquire insurance protection because of SIC’s extensive presence.

9. Hollard Insurance: Originally known as Madison Insurance, Hollard Insurance changed its name to Metropolitan Insurance Company four years after it was founded in 1993. Over time, the company underwent significant modifications and increased its activity. In 2015, Hollard Insurance evolved into a complete insurance provider, offering a wide range of business and personal insurance solutions. Currently, Kumasi, Tamale, Takoradi, and Tema are among the significant Ghanaian cities where Hollard Insurance has offices.

The company’s presence in these regions makes its services easily accessible to customers across the country. Hollard Insurance offers a wide variety of insurance products. Some of these include executive insurance, indemnity insurance, bonds,  fire insurance, burglary insurance, travel insurance, and personal injury protection. They offer a wide range of services that is sure to meet their customers’ needs.

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8. Priority Insurance Company: Priority Insurance Company is among the most respected insurance firms in Ghana. Despite being incorporated recently in September 2011, being ranked as the third-fastest-growing insurance firm in the country in 2014 served as a testament to its advancement and position in the industry. Over the course of more than seven years, Priority Insurance Company has built a strong foundation and expertise in the insurance market.

Best Life Insurance companies in Ghana
Best Life Insurance companies in Ghana

The company takes pride in its enthusiastic and driven staff members that are dedicated to effectively meeting all of your insurance needs. Priority Insurance Company offers a comprehensive range of insurance products. They offer bonds, indemnity insurance, third-party liability insurance, vehicle insurance, transit goods insurance, maritime insurance, fire insurance, theft insurance, advanced loss of profits insurance, and indemnity insurance.

7. Star Assurance Company: Privately owned Star Assurance Company Limited (“Star Assurance“) was established in August 1984 and holds a license from Ghana to carry out corporate and retail insurance operations. With 35 years in the business, Star Assurance has constantly outperformed itself in providing first-rate insurance services. Whether you’re at home or on the road, Star Assurance has got you covered.

Top Insurance Companies In Ghana You Should Know
Top Insurance Companies In Ghana You Should Know

Their comprehensive insurance policies protect against losses and damages to contract works, machinery, and more, while their travel insurance plans provide you peace of mind while you’re on the go. Their professionalism and expertise has not gone unnoticed with the company bagging a number of prestigious awards in recent years such as;

Best Insurance Company (General) 2021
CIMG Awards 2022

Outstanding Customer Service Award
Ghana-West African Excellence Awards 2023

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6. Glico General Insurance: GLICO General, which was founded in 2002, works in the non-life division of the insurance market. It ranks among the top five insurance providers in Ghana and is one of the six subsidiaries of GLICO Group Limited.

Non Life Insurance companies in Ghana
Non Life Insurance companies in Ghana

The business, which has its headquarters in Accra’s GLICO House off Kwame Nkrumah Avenue, serves customers from all social classes by offering thoughtful and quick non-life insurance solutions.

5. A-Plus Life Assurance Company : Privately-owned A-Plus Life Assurance Company Limited was founded in Ghana in May 2014. Their main goal is to provide insurance and asset management products and services to individuals, families, and company owners. . For families, groups, and organizations, A-Plus Life Assurance seeks to offer social safety and encourage sensible risk management. They work hard to guarantee that their clients enjoy thorough protection and financial stability.

leading general insurance companies in Ghana
leading general insurance companies in Ghana

A-Plus Life Assurance works to protect its customers’ well-being and help them manage potential risks through its solutions. A-Plus Life Assurance is dedicated to offering dependable insurance and asset management solutions to satisfy the various demands of its clientele with a commitment to excellence.

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4. Ghana Life Insurance Company: Ghana Life Insurance Firm was established in February 1980 and is a specialized life insurance company. Ghana Life, which started out with very little, has developed into one of Ghana’s top eight life insurance companies and has been a member of the Ghana Club 100 for four years running.

Travel insurance companies in Ghana
Travel insurance companies in Ghana

The West Africa Insurance Companies Association (WAICA), the Ghana Employers Association (GEA), the Ghana Insurers Association (GIA), the Life Offices Association (LOA), and the African Insurance Organization Conference (AIO) are just a few of the associations that the company claims membership.

3. Phoenix Life Assurance Company: Phoenix Insurance is a privately owned limited liability insurance company that was founded in Ghana in 1995. A combination of domestic and foreign investors own Phoenix Insurance, with CD Investment Limited, a Ghanaian investment group, holding the majority of the company’s shares.

List of Top Insurance Companies in Ghana
List of Top Insurance Companies in Ghana

A seasoned insurer, Phoenix Insurance, manages a reliable and consistent general insurance business. To underwrite all general insurance products at all levels, from very tiny enterprises to extremely large organizations, the company has dependable reinsurance plans in place and uses both local and foreign reinsurance programs.

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2. Prudential Life Insurance Company: Safeguard Life Insurance Ghana is home to a reputable and long-standing insurance provider. Prudential provides a comprehensive range of life insurance products and services and has a significant market share in the nation. Their main goal is to give people and their families financial security and protection.

Distribution of leading life insurance companies in Ghana
Distribution of leading life insurance companies in Ghana

Prudential Life Insurance Ghana is dedicated to assisting its clients with future planning and making sure that their loved ones are taken care of in the event of unforeseen circumstances. Prudential works to provide great service and customized insurance solutions to fit the individual needs of its clients by assembling a team of committed professionals and adopting a customer-centric philosophy.

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1.  Saham Life Insurance Group Accra: A Pan-African Insurance Group, SAHAM GROUP has 46 companies, 650 branches, and about 6,000 workers spread throughout 28 nations in Africa, Europe, and the Middle East. SAHAM Insurance reported 1.1 billion USD in income for the year 2013.

Insurance companies in Ghana and their contacts
Insurance companies in Ghana and their contacts

The GROUP is an industry leader with more than 37 years of experience running call centers for MNOs and offering life insurance, non-life insurance, health insurance, reinsurance, real estate, and offshore services. They are among the top insurance providers in Ghana that you can rely on and with their reach in sub Saharan Africa you can rest assured that they are here to stay.

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