Twenty-three out of Ghana’s 25 non-life underwriting companies closed the first quarter with an income of GH¢226.3 million.
The income was earned as the April 1 2014 deadline for the implementation of the “No Premium, No Cover” policy drew near.
The income of two non-life companies -- WAPIC insurance Ghana and Provident Insurance -- could not be obtained before going to press.
Top earners at the close of the first quarter still remained the top-five, which include SIC Insurance, Metropolitan Insurance Company. Vanguard Assurance, Star Assurance and Enterprise Insurance.
The top five non-life insurers earned about 64.4% of the total earnings in the first quarter, while the table turned amongst lower income earners.
Equity Assurance and Saham Insurance improved on their earnings in the first quarter.
Most insurers B&FT spoke to said they expect a dip in income in the second quarter. “We will only see the true picture of our earnings from the second quarter which ended in June,” said one insurance practitioner.
| Non-Life Companies | Q1, 2014 |
| Activa International Insurance Company Limited | 12,012,406 |
| Allianz Insurance Company Limited | 2,778,350 |
| Donewell Insurance Company Limited | 5,494,366 |
| Enterprise Insurance Company Limited | 25,771,000 |
| Equity Assurance Company Limited | 7,122,806 |
| Ghana Union Assurance Company Limited | 8,444,377 |
| Glico General Insurance Company Limited | 9,880,096 |
| Imperial General Assurance Co.Ltd | 1,129,021 |
| International Energy Insurance Company Limited | 2,389,536 |
| Metropolitan Insurance Company Limited | 27,587,994 |
| Millennium Insurance Company Limited | 3,653,217 |
| NEM Insurance Ghana Limited | 1,994,515 |
| NSIA Ghana Insurance Company Limited | 2,035,249 |
| Phoenix Insurance Company Limited | 7,939,495 |
| Prime Insurance Company Limited | 1,132,024 |
| Priority Insurance Company | 1,001,518 |
| Provident Insurance Company Limited | N/A |
| Quality Insurance Company Limited | 4,525,598 |
| Regency Alliance Insurance Ghana Limited | 2,248,290 |
| Saham Insurance Ghana Limited | 4,901,166 |
| SIC Insurance Company Limited | 46,967,088 |
| Star Assurance Company Limited | 22,240,244 |
| Unique Insurance Company Limited | 1,960,453 |
| Vanguard Assurance Company Limited | 23,076,399 |
| Wapic Insurance Ghana Limited | N/A |
| Total | 226,285,208 |
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