Insurance Products
Generic insurance products available in Ghana's insurance market.
Insurance products
Overview
Insurance is a contract between you (or a business) and an insurance company that protects you and/or your loved ones from financial loss due to unforeseen events, such as accidents, illness, natural disasters, or other uncertainties of life. The insurance contract — generally referred to as a policy — outlines the persons and risks covered, the amount payable by the insurer, and the terms and conditions for claims.
The products below are generic descriptions of insurance classes available in Ghana. Specific terms, conditions, and premiums vary by insurer. Always read your policy document carefully.
Non-Life Insurance
Motor Insurance
Motor insurance provides financial protection against damage, injury, or liability from vehicle-related incidents. It is legally mandatory to have at least a third-party liability policy.
Types of coverage:
- Third-Party Liability — Covers injury or damage to others. Minimum limit: GH₵7,000 (can be increased).
- Comprehensive — Covers third-party liability plus own-vehicle damage, theft, fire, and natural disasters.
- Third-Party, Fire and Theft — Covers liability plus fire and theft risks.
Fire Insurance
Fire insurance covers losses or damages caused by fire and related risks.
Household Insurance
Protects homes and belongings, including liability for accidents on the property.
- Building — Structure protection.
- Contents — Personal belongings.
- Liability — Injury or damage claims.
- Loss of Use — Temporary housing costs.
Commercial Fire Insurance
Protects business properties and ensures continuity.
- Property Damage
- Assets All Risks
- Business Interruption
Engineering Insurance
Covers risks in construction, machinery, and industrial activities.
Types of cover:
- Contractors' All Risks (CAR)
- Erection All Risks (EAR)
- Machinery Breakdown
- Boiler and Pressure Plant
- Electronic Equipment
General Accident
Provides compensation for accidental injury, disability, or death.
Types of cover:
- Personal Accident
- Group Accident Insurance
Travel Insurance
Provides protection during travel, whether domestic or international.
Coverage includes:
- Medical expenses and evacuation
- Trip cancellation or interruption
- Baggage loss or damage
- Travel delays
- Accidental death and disability
- Personal liability
- Emergency assistance services
Liability Insurance
Protects against legal claims for injury or property damage to others.
Types of coverage:
- Public Liability
- Product Liability
- Employer-related claims — Work injuries and illnesses.
- Professional Liability — Errors & Omissions.
- Third-Party Liability
Life Insurance
Pure Risk Policies
Provide only death benefits with no savings or investment value. Premiums are lower since the policy pays out only if the insured event occurs.
Policy types:
- Term Life Insurance — Coverage for a set period (e.g., 10–30 years).
- Funeral Policies — A common form of term insurance in Ghana.
- Credit Life Insurance — Covers outstanding loans upon death.
Investment-Linked Policies
Combine life protection with an investment or savings component.
Policy types:
- Whole Life Insurance — Lifetime coverage with a cash value.
- Endowment Policy — Pays a lump sum on death or after a specified period.
- Unit-Linked Policy (ULIP) — Investment returns plus life cover.
- Annuities / Pension Plans — Provide a regular income during retirement.