Choosing the right insurance company in Ghana can feel overwhelming with over 50 licensed providers competing for your business. Whether you need car insurance, health coverage, life insurance, or business protection, selecting a reliable insurer is crucial for your financial security and peace of mind.
In this comprehensive guide, Biz assurance ranks and compares the top 15 insurance companies in Ghana for 2025, based on financial strength, customer service, claims processing speed, product variety, and affordability. We’ll help you find the perfect insurance provider for your specific needs.
Overview of Ghana’s Insurance Industry in 2025
Ghana’s insurance sector continues to show impressive growth and resilience. The gross written premium of the Ghana insurance market was GHS8.1 billion ($731.7 million) in 2023 and is projected to achieve a CAGR of more than 17% during 2024-2028 Ghanapv.
Key Industry Facts:
- Regulator: National Insurance Commission (NIC), led by Dr. Abiba Zakariah, who officially assumed office as acting Commissioner on February 17, 2025 CEIC
- Governing Law: Insurance Act 2021 (Act 1061) MyJoyOnline
- Licensed Companies: 50+ insurance and reinsurance companies
- Market Structure: Separate life and non-life insurance companies (composite companies prohibited)
Important: Always verify that your chosen insurance company is licensed by the NIC. Check the official list at nicgh.org or ghanainsurers.org.gh.
How We Ranked These Insurance Companies
BizAssurance evaluated Ghana’s insurance companies using these criteria:
Financial Strength: Capital reserves, solvency ratios, and ability to pay claims
Customer Satisfaction: Reviews, testimonials, and complaint resolution
Claims Processing: Speed and ease of getting claims paid
Product Variety: Range of insurance products offered
Pricing & Affordability: Competitive premiums and payment flexibility
Market Reputation: Years in operation and industry recognition
Branch Network: Accessibility across Ghana
Top 15 Insurance Companies in Ghana (2025 Rankings)
1. Enterprise Insurance Company
Best For: Comprehensive coverage for individuals and businesses
Enterprise Group Plc stands as Ghana’s most established insurance conglomerate, comprising Enterprise Life Assurance and Enterprise Insurance Company, and is Ghana’s leading life insurance company Ghanapv.
Key Strengths:
- Over 100 years of industry experience (since 1924)
- Highest ranked insurance company and leader in the financial services sector according to the Ghana Club 100 rankings Ghanapv
- Strong corporate partnerships and reliable claim payouts
- Extensive product portfolio covering all insurance needs
Products Offered:
- Motor insurance (comprehensive & third-party)
- Life insurance & pension plans
- Health insurance
- Property & fire insurance
- Marine & aviation insurance
- Business & corporate insurance
Contact: Multiple branches across Ghana
Website: enterpriseghana.com
2. SIC Insurance Company Limited
Best For: Large corporations and specialized industries
SIC Insurance Company Limited represents Ghana’s largest non-life insurer, deeply embedded in the nation’s economic infrastructure Ghanapv.
Key Strengths:
- One of the oldest insurance companies in Ghana
- State-backed with decades of experience
- Over 1,400 shareholders
- Extensive branch network nationwide
- Specialization in marine, oil & gas, and construction insurance
Products Offered:
- Motor & fleet insurance
- Marine insurance (cargo & hull)
- Fire & property insurance
- Oil & gas insurance
- Engineering & construction insurance
- Travel insurance
Best For: Corporate clients, businesses in high-risk sectors, government contracts
3. SIC Life Insurance Company Limited
Best For: Life insurance and funeral coverage
SIC Life Insurance Company Limited dominates Ghana’s life insurance sector, writing approximately 40% of total life premiums in the market Ghanapv.
Key Strengths:
- Market leader in life insurance
- Products resonate with Ghanaian cultural values, particularly funeral expense coverage and family protection plans Ghanapv
- Agent-driven distribution model
- Strong community trust
- Educational initiatives for financial literacy
Products Offered:
- Individual life insurance
- Group life schemes
- Funeral expense plans
- Education savings plans
- Retirement & pension products
4. Hollard Insurance Ghana
Best For: Modern, tech-savvy customers seeking convenience
Hollard Ghana represents the new generation of insurance providers, combining international expertise with local market understanding Ghanapv.
Key Strengths:
- Innovative digital insurance solutions
- MeBanbɔ microinsurance product accessible via USSD codes, demonstrating how technology can democratize insurance access Ghanapv
- Comprehensive product range
- Excellent customer service
- Branches in Accra, Kumasi, Tamale, and Takoradi
Products Offered:
- Motor insurance
- Home & property insurance
- Travel insurance
- Personal accident cover
- Fidelity guarantees
- Engineering insurance
5. Prudential Life Insurance Ghana
Best For: Life and health insurance
With $140.2M in revenue, Prudential Ghana is ranked first among Ghana’s insurance companies by revenue as of June 2025 Citi Newsroom.
Key Strengths:
- Best for Life Insurance according to industry rankings TechCabal
- Rated 3rd fastest-growing insurance company in Ghana
- Strong customer satisfaction ratings
- Extensive product range
Products Offered:
- Life insurance policies
- Health insurance plans
- Motor insurance
- Business insurance
- Property insurance
- Construction insurance
6. Priority Insurance Company Ltd
Best For: Affordable motor and home insurance
Priority Insurance ranks third in Ghana by revenue with $36.4M Citi Newsroom, and is recognized as best for Motor Insurance alongside Star Assurance TechCabal.
Key Strengths:
- Competitive pricing for motor insurance
- High claim approval rate and fast processing TechCabal
- Excellent customer service
- Growing customer base
Products Offered:
- Motor insurance (third-party & comprehensive)
- Home & property insurance
- Travel insurance
- Personal accident insurance
7. Star Assurance Company
Best For: Retail and corporate motor insurance
Best for Motor Insurance alongside Priority Insurance, popular for both retail and corporate clients TechCabal.
Key Strengths:
- Strong financial backing
- Reliable claim settlement
- Well-known brand with customer trust
- Tailored insurance solutions for different industries
Products Offered:
- Motor & fleet insurance
- Marine insurance
- Fire insurance
- Business insurance
- Personal accident cover
8. Allianz Life Insurance Ghana
Best For: Expatriates and international travelers
When you choose Allianz, you tap into over a century of global expertise. As part of the German Allianz Group, one of the world’s largest insurers, they bring international standards to Ghana.
Key Strengths:
- Global brand recognition
- World-class risk assessment
- Top-tier claims processing
- Modern, sleek product offerings
Products Offered:
- Auto insurance
- Health insurance
- Travel insurance
- Life insurance
- Corporate insurance
Best For: Expatriates, frequent travelers, those valuing globally recognized brands
9. Vanguard Assurance Company
Best For: Fast claims processing
Best for Fast Claims Processing alongside Priority Insurance TechCabal.
Key Strengths:
- Trusted for general insurance services
- Quick claim response
- Reliable customer service
- Strong in motor, fire, and property coverage
Products Offered:
- Motor insurance
- Fire & property insurance
- General insurance
- Business insurance
10. Metropolitan Life Insurance Ghana
Best For: Family-focused life planning
Metropolitan specializes in insurance for planning your family’s future, with products tailored to Ghanaian families’ needs.
Key Strengths:
- Extensive branch network across Ghana
- Group funeral plans
- Credit life plans
- Retirement schemes designed for local needs
Products Offered:
- Life insurance
- Funeral plans
- Retirement savings
- Education savings plans
- Credit life insurance
11. Activa Insurance Ghana
Best For: Families seeking reliable, straightforward coverage
As a member of the Pan-African Insurance Group, Activa ranks as the 7th largest insurer in Ghana with strong regional backing.
Key Strengths:
- Pan-African financial stability
- No-nonsense, straightforward products
- Affordable policies
- Good reputation for reliability
Products Offered:
- Homeowners insurance
- Motor insurance
- Travel insurance
- Personal insurance
12. StarLife Assurance
Best For: Young professionals and middle-class families
StarLife Assurance has emerged as Ghana’s fastest-growing life insurer, capturing significant market share through innovative product development Ghanapv.
Key Strengths:
- Digital-first approach appeals to younger demographics Ghanapv
- Flexible savings and investment-linked products
- Targets Ghana’s emerging middle class
- Modern customer experience
Products Offered:
- Individual life insurance
- Investment-linked policies
- Education plans
- Retirement products
13. Old Mutual Ghana
Best For: Integrated financial planning and wealth management
Old Mutual is more than just insurance they’re a full financial services partner combining insurance with investment options.
Key Strengths:
- South African international backing
- One-stop shop for insurance and wealth creation
- Education plans particularly popular
- Group life insurance for companies
Products Offered:
- Life insurance
- Investment products
- Education savings plans
- Group life schemes
- Wealth management services
14. Quality Insurance Company (QIC)
Best For: Affordable car insurance
Key Strengths:
- Among the cheapest third-party car insurance providers in Ghana Graphic Online
- Affordable packages for individuals and SMEs
- Good value for money
Products Offered:
- Motor insurance (third-party & comprehensive)
- Property insurance
- General insurance
15. Glico General Insurance
Best For: Diverse insurance needs
Part of the larger Glico Group, offering comprehensive insurance solutions.
Key Strengths:
- Diverse policy offerings
- Part of established financial services group
- Offers micro-insurance products for low-income earners Graphic Online
- Affordable and accessible
Products Offered:
- Motor insurance
- Fire & property insurance
- Business insurance
- Personal insurance
- Marine insurance
Best Insurance Companies by Category
Best for Motor/Car Insurance:
- Priority Insurance
- Star Assurance
- Quality Insurance Company (QIC)
- Hollard Ghana
- Donewell Insurance
Best for Life Insurance:
- Prudential Life Insurance
- SIC Life Insurance
- Enterprise Life Assurance
- StarLife Assurance
- Metropolitan Life Insurance
Best for Health Insurance:
- National Health Insurance Scheme (NHIS) – Government
- Prudential Life Insurance
- Allianz Ghana
- Enterprise Insurance
Best for Business Insurance:
- Enterprise Insurance
- SIC Insurance
- Star Assurance
- Hollard Ghana
Best for Affordable Policies:
- Hollard Insurance
- Quality Insurance Company (QIC)
- Glico General Insurance
Best for Fast Claims Processing:
- Vanguard Assurance
- Priority Insurance
- Enterprise Insurance
How to Choose the Right Insurance Company in Ghana
Follow these steps to select the best insurance provider for your needs:
Step 1: Verify NIC Licensing
Always check that the company is licensed by the National Insurance Commission. Visit nicgh.org to view the official list of licensed insurers.
Step 2: Compare Prices & Coverage
Get quotes from at least 3-5 companies. Compare:
- Premium costs (monthly/annual)
- Coverage limits
- Exclusions and deductibles
- Additional benefits
Step 3: Check Claims Settlement Ratio
Ask about the company’s claims settlement ratio—the percentage of claims they pay out. Higher is better (aim for 80%+).
Step 4: Read Customer Reviews
Search for customer experiences online, on social media, and through word-of-mouth recommendations.
Step 5: Evaluate Customer Service
- Visit their office or call them
- Ask questions about policies
- Assess their responsiveness and professionalism
Step 6: Consider Accessibility
Choose a company with:
- Branches near you
- Easy online/mobile access
- Multiple payment options
Insurance Costs in Ghana (2025 Average Prices)
Motor Insurance:
- Third-Party Only: GH¢150 – GH¢400/year
- Comprehensive Coverage: GH¢800 – GH¢3,000/year (depends on vehicle value)
Health Insurance:
- NHIS: GH¢150 – GH¢300/year
- Private Health Insurance: GH¢500 – GH¢5,000/year (depends on coverage)
Life Insurance:
- Basic Life Cover: GH¢200 – GH¢1,000/year
- Comprehensive Life Insurance: GH¢1,000 – GH¢10,000/year
Property/Fire Insurance:
- Residential Property: 0.1% – 0.3% of property value/year
- Commercial Property: 0.3% – 0.5% of property value/year
Common Questions About Insurance in Ghana
Which is the best insurance company in Ghana?
Enterprise Group is Ghana’s most established and highest-ranked insurance company according to the Ghana Club 100 rankings Ghanapv. However, the “best” depends on your specific needs—Priority Insurance excels in motor insurance, while Prudential leads in life insurance.
Is car insurance mandatory in Ghana?
Yes! Car insurance is compulsory by law under the Insurance Act, 2021, and the NIC enforces compliance through the Motor Insurance Database (MID) Graphic Online.
How do I file an insurance complaint in Ghana?
Visit www.niccomplaintshub.com or nicgh.org to access the NIC Complaints Management System launched in 2024.
Can I buy insurance online in Ghana?
Yes, many companies like Hollard, Priority Insurance, and others offer online purchase options through their websites and mobile apps.
What’s the difference between third-party and comprehensive car insurance?
- Third-Party: Covers only damage you cause to others (minimum legal requirement)
- Comprehensive: Covers damage to your own vehicle plus third-party damage
How long does it take to process insurance claims?
- Fast companies (Vanguard, Priority): 7-14 days
- Average companies: 21-30 days
- Complex claims: 30-60 days
Tips for Getting the Best Insurance Deal
Bundle policies – Many companies offer discounts when you buy multiple policies
Pay annually – Annual payments are often cheaper than monthly installments
Maintain a good claims history – No-claims bonuses can reduce premiums
Shop around annually – Compare quotes every year before renewal
Consider deductibles – Higher deductibles = lower premiums (if you can afford the risk)
Ask about discounts – Students, senior citizens, and professionals may qualify
Red Flags to Avoid
Unlicensed companies – Always verify NIC licensing
Extremely low premiums – If it’s too cheap, the company may struggle to pay claims
Pressure tactics – Legitimate insurers won’t pressure you to buy immediately
Unclear policy terms – Reputable companies explain everything clearly
Poor customer reviews – Multiple complaints about claim denials are a warning sign
Conclusion
Insurance is one of the most important financial decisions you’ll make. Whether you’re protecting your car, your health, your family’s future, or your business, choosing the right insurance company ensures you’ll get the support you need when it matters most.
Our Top Recommendations for 2025:
- Overall Best: Enterprise Insurance (comprehensive reliability)
- Best Value: Hollard Ghana (modern, affordable solutions)
- Best for Claims: Vanguard Assurance & Priority Insurance
- Best for Life: Prudential Life Insurance
Ready to get insured? Contact any of the companies listed above or visit their offices to get a quote today. Remember to always verify their NIC licensing at nicgh.org before purchasing any policy.
Need help choosing the right insurance? Drop your questions in the comments below, and we’ll be happy to guide you!
About the Author
