Ghana Insurance Market to hit US$3000m Gross income in 2010

The High Street Journal (HSJ) said there are strong indications that the Ghana Insurance Market may hit a gross income target of US$300 by the end of 2010 according to a business plan released last week by the National Insurance Commission (NIC).

In the business plan, the NIC will be expecting the targets for the growth to move as follows: Minimum real growth rate of 25% per annum for the period 2000-2003, 20% from 2004-2007 and 15% from 2008-2010.

The plan also indicates that if these percentages are achieved, gross income of the market will reach a cedi equivalent of at least US$100m by the end of the first period of growth in 2003, while it will double to US$200 million in 2007 and further increase to US$300 million by 2010.

However, the business plan states that to achieve these set targets, all new applicants for registration as insurance companies will be required to have a minimum capitalisation level of the cedi equivalent of US$1 million.