Preamble Bancassurance has notably grown in Africa and around the world since the 1980s by offering banks and other financial institutions (BOFIs) an opportunity to provide more diversified products to their customers, whilst earning additional income by providing their distribution channels and other platforms to insurance companies. Insurance companies, on the other hand, can have an increased reach to a broader audience and achieve more sales by leveraging the BOFIs’ distr

The Greater Accra Regional Office of the National Health Insurance Authority (NHIA) has held its 2025 First Quarter Performance Review Meeting at its Regional Office Conference Room in Accra. The meeting brought together district managers, technical officers, and regional staff to evaluate the region’s progress toward achieving its annual targets. In his opening remarks, the Acting Regional Director, Mr. Samuel Sowah Oblejumah, commended staff for their punctuality and dedica

The Ghana Revenue Authority has announced that the implementation of value-added tax (VAT) on the supply of non-life insurance services, in line with the Value Added Tax (Amendment) Act, 2023, Act 1107, commenced on 1 April 2025. Suppliers of non-life insurance services must register for VAT and charge the standard VAT rate on policy premiums, where the registration threshold is met. Affected insurers can claim input VAT on qualifying expenses related to providing taxable non

Government is strongly collaborating with regulators in the insurance and pensions industry to develop annuity and syndicate markets. According to the Head of Pensions and Insurance Unit at the Ministry of Finance, Benjamin Torsah-Klu, this will stimulate long term investments of pension and insurance funds. Speaking on behalf of the Finance Minister, Ken Ofori-Atta at the 6th African Actuarial Congress ongoing in Accra, he said government is committed to the creation of long

Insurance companies that fail to meet the new minimum capital requirement by May this year may have to sell off their companies or merge with others. This is according to the Commissioner of Insurance for the National Insurance Commission (NIC), Justice Ofori. The move follows a decision by the NIC to see to the recapitalisation of insurance companies in the country. Insurance penetration in Ghana has remained low for years, hanging at just around two per cent. The contributi

Parliament recently passed the Insurance Act, 2021 (Act 1061) to replace the Insurance Act, 2006 (Act 724) and to provide for the regulation and supervision of the insurance market. Act 1061 creates three main licence categories under which insurance businesses may operate: Insurance Licence, Reinsurance Licence and the new Innovative Insurance Licence. An Innovative Insurance business uses new financial technology or any other innovative technology or method in the insurance

Fidelity Bank Ghana has been adjudged the Bancassurance Leader of the Year at the recently held Ghana Insurance Awards in Accra. The award was in recognition of the bank’s outstanding leadership in delivering exceptional bancassurance products and services to its customers and stakeholders. In a release issued by the bank on Tuesday, it said Fidelity’s bancassurance products are underwritten by one of the global leaders in insurance, Prudential Life Ghana. “Through its partne

Players in the insurance industry last Friday gathered at the Kempinsky Hotel for the fourth edition of the Ghana Insurance Awards which seeks to celebrate the achievements of individuals and companies who have distinguished themselves in the industry in the year under review. Organised by Xodus Communication, the awards has since its inception in 2018 rewarded excellence and standards in the industry. The awards ceremony saw 20 companies and eight individuals winning 36 awar

It will be recalled that the company was granted its operating license from the Nigerian National Insurance Commission (NAICOM) in November 2020, after meeting all the necessary requirements, including a stated capital of ₦8 billion. A media release issued in Accra yesterday described the latest development as a significant milestone in the group’s expansion project into foreign markets, coming a few years after its first venture beyond the shores of Ghana, into The Gambia.

The Enterprise Group has cut sod for the construction of a modern three storey classroom block at the Bishop Mixed JHS, next door to the...