Ghana's Insurance Penetration Rate Drops to 1%
Thursday, 09 12 2019, Category: Insurance and Reinsurance, Country: Africa
The country's Insurance penetration rate has dropped to 1 percent from the previous rate of 1.12 percent, the 2018 report of the National Insurance Commission has revealed.
The new rate includes both life and nonlife insurance.
The decline of insurance penetration rate last year was witnessed despite the 21 percent growth in the industry's gross written premiums. The NIC has blamed the reduction in the figures to the rebasing of the economy.
According to NIC's 2018 report on the insurance industry, only 30 percent of Ghanaians have insurance cover.