Insurance companies in Ghana paid out a staggering GH¢3.3 billion in claims in 2024, the National Insurance Commission (NIC) has revealed, underscoring the sector’s growing role in protecting lives, businesses, and the wider economy.
Breaking the figure down, Acting Commissioner of Insurance, Dr. Abiba Zakariah, said life insurers disbursed GH¢1.5 billion in benefits and compensation, while non-life insurers settled approximately GH¢1.9 billion in claims. This translates into GH¢9.2 million paid every single day with life insurers averaging GH¢4 million daily, and non-life insurers about GH¢5.2 million.
Dr. Zakariah made the disclosure during a media briefing in Accra, as she unveiled the Commission’s three-pronged strategy to reposition the industry under government’s economic reset agenda.
Her remarks come against a backdrop of persistent public complaints that insurers are often slow to settle claims despite collecting premiums promptly. She rejected this perception as misleading, stressing that insurers quietly meet massive obligations daily but rarely receive recognition.
“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 lamented. She assured that the NIC will now publish claims data regularly to build transparency and public trust.
Reset Agenda: Eight Pillars for Growth
Beyond claims settlement, the NIC is rolling out an ambitious transformation blueprint built on eight key pillars. Among them are:
Inclusive Insurance, Climate & Disaster Cover, Campus Insurance Initiative partnerships with universities, starting with KNUST and Legon, to establish insurance halls and innovation hubs. Positioning Ghana as a Regional Hub by leveraging Ghana’s experience in oil & gas and agricultural insurance to attract pan-African business. Market Sanitation Compensation Funds Expansion, strengthening existing funds such as the Motor Compensation Fund and introducing a new Fire Compensation Fund.
Dr. Zakariah stressed that insurance must be seen 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 noted Africa’s disproportionate vulnerability to climate change despite its minimal contribution to global emissions. “Disasters such as floods worsen poverty. Insurance can serve as a buffer by providing financial relief to affected households and communities,” she said.
She concluded with a call to action. “Insurance is not just about paying claims; it is about protecting lives, preventing losses, and building a stronger economy for all. We invite every Ghanaian to engage with us as we reset and transform the industry.”
With GH¢3.3 billion already disbursed last year, the NIC believes Ghana’s insurance industry is primed not only to win public confidence but also to emerge as one of Africa’s strongest growth stories.
