The Insurance Industry in Ghana traces its root to the colonial era when insurance business was transacted through foreign trading companies who acted as chief agents of insurance companies in the United Kingdom and elsewhere.
According to the Ghana Insurers Association (GIA), the Royal Exchange Assurance Corporation which was then represented by its Chief Agent, Barclays Bank, in 1924 opened its branch in the Gold Coast. It then became the first insurance company to operate in Ghana. It is now known as Enterprise Insurance Company after going through a series of changes. After that many other foreign companies opened offices in the Gold Coast.
The Gold Coast Insurance Company was the first local insurance company to be established in the Gold Coast in 1955. It was renamed Ghana Insurance Company when Ghana gained its independence. It traded mainly life assurance policies targeted at Gold Coasters and other Africans in the Gold Coast.
Insurance and financial services as a percentage of commercial service exports in Ghana was last measured at 1.54 in 2013, according to the World Bank.
Growth of insurance as a percentage of GDP has decreased from over 5% in 1976 to below 2% in 2008. Currently, Insurance is still below 2% of GDP.