Contrary to earlier objections by general insurance business operators in the early days of introducing the motor insurance database by the regulator, National Insurance Commission (NIC), the project has turned out to be a game-changer in the motor insurance industry.

 

General Insurance underwriting companies have commended the project for the numerous benefit it has brought into the motor portfolio. Practitioners say it has reduced undercutting and the issuance of fake motor stickers.

 

According to statistics gathered by Business and Financial Times from the motor insurance database since commencement of its implementation in 2020, sales have improved.

Most of the new generation companies that are less than 10 years old have eventually improved their sales: for instance, Priority Insurance Company and SUNU Assurances Ghana Limited have improved their motor sales and are presently in the top-10 bracket of motor insurance premium income earners since beginning of the MID’s implementation.

According to some practitioners, the statistics shown for the companies are a reflection of the extensive nature of their retail outlets. They also reflect portfolios which have been built for a longer time.

Priority Insurance Company and SUNU Assurances Ghana Limited are the only two companies in the top-10 that have operated for less than 15 years on the general insurance market. More importantly, the practitioners say technology can be a game-changer as it will enable companies at the bottom to leapfrog and disrupt the pattern. Others factors at play could be brand reputation and claims payment ability.

Ref Insurer No. of Stickers
1 SIC Insurance Company 180,661
2 Vanguard Assurance Company Limited 161,527
3 Star Assurance Company Limited 160,799
4 Enterprise Insurance Company Limited 159,074
5 Priority Insurance Company Limited 141,346
6 Donewell Insurance Company Limited 110,839
7 Sunu Assurances Ghana Limited 101,399
8 Hollard Insurance Ghana Limited 91,556
9 Prime Insurance Company Limited 89,312
10 Provident Insurance Company Limited 84,431
11 Quality Insurance Company Limited 73,564
12 Serene Insurance Company Limited 68,296
13 Ghana Union Assurance Limited 61,444
14 Phoenix Insurance Company Limited 58,695
15 Glico General Insurance Company Limited 52,234
16 Loyalty Insurance Company Limited 51,781
17 NSIA Insurance Company Limited 41,966
18 Unique insurance Company Limited 36,721
19 Millennium Insurance Company Limited 34,093
20 Saham Insurance Ghana Limited 30,219
21 Allianz Insurance Company Ghana Limited 29,766
22 RegencyNem Insurance Ghana Limited 26,735
23 Best Assurance Company Limited 24,027
24 Activa International Insurance Company Ghana Limited 20,487
25 Coronation Insurance Ghana Limited 15,556
26 Imperial General Assurance Company Limited 10,655
27 Bedrock Insurance Company Limited 9,014
TOTAL 1,926,197

Source : B&FT

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