Insurance firms paid GHS3.3bn claims in 2024
Insurance companies in Ghana paid out an unprecedented GHS3.3 billion in claims in 2024, highlighting the sector’s growing importance in protecting lives, businesses and the wider economy.
The figure, disclosed by the National Insurance Commission (NIC), represents an average of GHS9.2 million disbursed daily.
Life insurers accounted for GHS1.5 billion, about GHS4 million per day, while non-life insurers settled GHS1.9 billion, translating into GHS5.2 million daily.
Acting Commissioner of Insurance, Dr Abiba Zakariah, made the announcement at a media briefing in Accra, where she outlined the Commission’s three-pronged strategy to reposition the industry under government’s economic reset agenda.
Her remarks come amid persistent public complaints that insurers are slow to honour claims despite collecting premiums promptly.
Dr Zakariah dismissed this perception as inaccurate, stressing that the industry consistently delivers on its obligations, though often without fanfare.
“Insurance companies pay so much in claims every day, but because we do not make noise about the obligations we meet, our story is not told,” she said.
Dr Zakariah revealed that the NIC would begin publishing claims data regularly to enhance transparency and rebuild public confidence.
The NIC is implementing a bold transformation blueprint anchored on eight strategic pillars.
These include expanding inclusive insurance and disaster cover to broaden protection for households and communities; launching a campus insurance initiative in partnership with universities such as KNUST and the University of Ghana to establish insurance halls and innovation hubs and positioning Ghana as a regional hub by leveraging experience in oil, gas and agricultural insurance to attract pan-African business.
The Commission also plans to strengthen the Motor Compensation Fund and introduce a new Fire Compensation Fund as part of its compensation funds expansion.
Dr Zakariah noted that insurance must be viewed not merely as a mechanism for claims settlement but as a central pillar of resilience for households, businesses and the economy.
On climate risks, she warned of Africa’s disproportionate vulnerability to disasters such as floods, despite contributing little to global emissions.
“Insurance can serve as a buffer by providing financial relief to affected households and communities,” she said.
Dr Zakariah stressed that insurance is not just about paying claims but about protecting lives, preventing losses and building a stronger economy for all.
