New insurance law likely to have a positive impact on the Ghanaian insurance industry
Summary
18 February 2020 – GCR Ratings (“GCR”) has published an industry research piece on how the new insurance law is likely to have a positive impact on the Ghanaian insurance industry.
In February 2021 the Ghanaian president signed into law the new Insurance Bill, 2020 which includes the introduction of three additional compulsory covers: group life for employees, public liability, and professional indemnity. GCR expects Insurance penetration in Ghana to improve as a result.
In addition, a focus on good corporate governance standards and best practices as well as the provision of a stringent regulatory framework is likely to sustain the industry.
The law ensures that the industry is well regulated in accordance with the international framework and acceptable supervisory standards.
GCR will periodically provide insights on key sectors/industries across different territories in which various rated entities are domiciled, encompassing changes in the operating environment, performance trends and its view of the impact of an evolution in market dynamics on the credit risk profiles of rated entities in selected industries.
Analytical Contacts
Sylvia Mhlanga
Senior Analyst
SylviaM@GCRratings.com
+27 11 784 1771
Matthew Pirnie
Group Head of Ratings
MatthewP@GCRratings.com
+27 11 784 1771
Related criteria and research
Criteria for the GCR Ratings Framework, May 2019
Criteria for Rating Insurance Companies, May 2019
GCR Ratings Scales, Symbols & Definitions, May 2019
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