Insurance penetration in Ghana remained low in 2024, holding steady at 1.0% of gross premiums — the same level recorded in 2023, according to the 2024 Financial Stability Review.

Under the new Insurance Service Revenue metric introduced by IFRS 17 (Insurance Contracts), penetration was even lower at 0.63% for the year. The report notes that digitalisation, product innovation, inclusive insurance schemes, and sustained public education could help lift penetration levels in the coming years.


Average per capita spending on insurance — or insurance density — rose to GH₵202.40 in 2024 from GH₵195 in 2023. This reflects larger average policy sizes or improved disposable incomes, signalling a modest easing of economic strain on households and businesses.


Life insurance premium retention remained high at 96.36%, highlighting the sector’s focus on strong reserving, sound asset–liability matching, and prudent investment practices to protect policyholder funds.

The non-life retention ratio also improved, rising to 73% in 2024 from 69% in 2023, suggesting greater use of local underwriting capacity and reduced dependence on external reinsurance.


Despite these gains, overseas reinsurance premium transfers climbed sharply. The National Insurance Commission (NIC) approved GH₵814 million in foreign reinsurance premiums in 2024, up from GH₵656 million in 2023.

This trend underscores ongoing capacity constraints in the domestic market and increased reliance on foreign reinsurers, leading to higher foreign currency outflows.

While offshore reinsurance provides valuable risk diversification, the report warns it also exposes the sector to exchange rate volatility and capital outflows, which could intensify liquidity pressures if currency depreciation accelerates.