General insurers improved gross premium earnings half year

The newest unaudited figures released recently by the National Insurance Commission – Insurance Industry Regulator recently for 29 general business underwriting companies recorded Gross Premium Income gains in the second quarter of the year.

Indicated pointed to all underwriting companies doubling their incomes over the previous quarters income earned. By the close of the quarter in August, general insurers collected gross premium income of about GH¢832,250,777 as against GH¢ 445,999 in the first quarter of 2019.

Earning position changed at the end of second quarter. Enterprise Insurance Company stretch its lead over the rest with an income of GH¢109,499,137 to control a market share of 13%.

SIC Insurance Company earned an income of GH¢91,769,089 to control a market share of 11%, following Enterprise Insurance closely, whilst GLICO General picked the third position of income earners from Star Assurance Company; the traditional holders of that position.

GLICO picked a market share of 9% to beat some traditional holders like Hollard and Vanguard Assurance. The top five market leaders at the end of the second quarter now include – Enterprise, SIC, GLICO, Hollard and Star. Vanguard moved down to the sixth position.

Vanguard downwards movement and some industry watchers have been attributed to human capital loss to competing companies. Industry observers say it was not strategic by management. However, Vanguard has also recruited some tested management staff to fill in the gap.

However, companies like - Activa International, Donewell, Ghana Union and Phoenix are strongly chasing this top five companies in income earnings.  Activa for instance in the second quarter of the year raked gross premium income of GH¢43,858,885 to gain market share of 5%, Donewell too earned gross premium of GH¢42,781,127 with a market share of 5%. Ghana Union Assurance earned GH¢29,910,934 with a market share of 4% and Phoenix gained a market share of 4% with gross premium income earning of GH¢29,239,458.
Company
Gross premium
Net written premium
Claims expense
Management expense
Active
43,858,885
9,542,214
3,617,713
7,748,861
Allianz
16,992,603
12,443,075
9,623,174
9,028,774
Bedrock
1,050,914
866,430
122,856
1,773,978
Best
8,459,575
7,024,848
937,641
4,753,409
Donewell
42,781,127
15,261,984
4,745,096
7,769,141
Enterprise
109,499,137
65,512,906
28,729,778
21,684,038
GUA
29,910,934
17,490,007
7,165,968
5,520,019
Glico
77,663,748
36,796,633
11,097,408
16,617,701
Heritage
4,922,285
4,777,106
1,140,205
2,179,362
Hollard
70,481,707
33,385,832
5,410,695
17,249,725
Imperial
6,615,217
6,245,755
1,724,552
4,011,017
Loyalty
4,235,979
3,453,990
487,058
2,220,515
Millennium
12,045,357
9,939,858
1,387,933
4,949,881
Multi
1,254,188
1,133,783
181,521
1,379,760
NSIA
7,435,251
6,597,649
834,060
4,830,403
Phoenix
29,239,458
19,971,404
7,887,591
11,844,181
Prime
17,822,593
15,222,451
4,216,827
5,954,767
Priority
9,737,919
8,683,066
1,929,505
4,743,770
Provident
15,500,739
13,652,210
7,122,656
6,231,169
Quality
26,741,244
15,199,973
5,473,932
8,827,846
RegencyNem
15,843,048
14,585,587
4,526,485
7,173,608
Saham
16,953,251
6,217,424
271,707
5,007,545
Serene
2,575,582
2,166,745
100,530
3,684,974
SIC
91,769,089
62,059,683
5,860,102
55,917,139
Star
66,683,317
52,856,964
22,708,979
20,708,613
Sunu
23,888,574
17,738,946
2,712,502
7,507,579
Unique
6,883,457
6,134,377
2,207,249
4,155,522
Vanguard
62,682,113
43,244,371
14,988,151
15,343,229
Wapic
8,723,486
6,583,687
3,927,977
4,812,791
Total
832,250,777
514,788,958
161,039,824
273,629,317

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