Ghana Industry Research: Insurance

Image placeholder
COVID-19 risks and oil price shocks likely to curb near term gains from regulatory reforms in the Ghanaian short term insurance industry.
  • Ghana Industry Research: Insurance
  • Year : Apr 2020
Access Now
Summary

GCR sees potential for higher capital and cash balances and enhanced earnings capacity to strengthen the financial profile, given developing risk-based solvency management initiatives.Over the long term, we expect to see improved underwriting capacity across the short-term insurance industry,potentially supporting higher industry growth rates and insurance penetration.
On the other hand, the effects of the coronavirus (“COVID-19”) pandemic and low oil prices could undermine
the National Insurance Commission’s (“NIC”) efforts in the short term.

Additional Information

The spread of COVID-19 has significantly slowed global economic activity and resulted in high levels of uncertainty regarding its impact. The drop in global oil prices will affect Ghana’s oil revenues and government fiscal headroom. This will have negative economy-wide impact, including the insurance sector. Thus, initiatives by the NIC to increase local insures’ participation in the insurance of oil and gas may be undermined by subdued growth and demand

Related Publication

COVID-19 risks and oil price shocks likely to curb near term gains from regulatory reforms in the Ghanaian short term insurance industry.

GCR sees potential for higher capital and cash balances and enhanced earnings capacity to strengthen the financial profile, given developing risk-b...

SIC Insurance Company Limited (2015-10)

A Credit Rating report is a research report providing detailed analysis utilised by GCR in the accordance of a Credit Rating.

GCR Risk Score Snapshot as of Dec 31st 2019

If you are interested in the underlying scores, ratings or a more detailed score breakdown for any of the issuers mentioned, or the methodologies t...

Available Purchase Options: