The Ghanaian insurance sector saw a remarkable 22% growth in investment assets in 2023, reaching GH₵10.5 billion, up from GH₵8.6 billion in 2022, as noted in the Bank of Ghana’s 2023 Financial Stability Review.
This performance reflects the sector’s resilience amid economic challenges, including the effects of COVID-19 and the Domestic Debt Exchange Programme (DDEP).
Leading this growth, the life insurance sub-sector reported investment assets valued at GH₵7.0 billion, while the non-life sub-sector followed with GH₵3.5 billion.
Fixed-income assets continue to dominate investment portfolios in both sub-sectors; however, the proportion of government securities has significantly decreased, likely influenced by the DDEP.
In the non-life sector, the share of government securities fell by 13%, from 38% in 2022 to 27% in 2023. This sector now has 23% in fixed deposits, while listed securities and investment properties account for 27% and 19%, respectively.
Similarly, the life insurance sector reduced government securities by 9%, from 49% in 2022 to 40% in 2023, shifting toward other asset classes, with investment in properties rising to 23% and fixed deposits increasing by 8 percentage points to 21%.
These adjustments underscore the sector’s strategic response to economic fluctuations, showcasing its commitment to portfolio diversification and financial stability for policyholders in a changing economic landscape.
