I’ve recently taken an interest in insurance in Ghana. It’s a term I hear bandied around a lot especially in corporate environments. I only actively got anything insurance related thanks to my first 9-5 in real estate when I had to register for SSNIT.
I’ve been thinking a lot lately about why insurance (or assurance) is even important. To do that, I figured I’d research how it started in Ghana.
Ghana’s insurance industry has its origins from the colonial era (Pre 1957) when insurance business was transacted through foreign trading companies who acted as agents of Insurance companies in mostly the United Kingdom and other lands. Barclays Bank was the first agent for the UK’s Royal Exchange Assurance Corporation in 1924.
After this, many other companies sprung up as agents of other insurance companies in other countries. 1958 saw the establishment of the State Insurance Corporation and subsequently, laws to regulate the insurance industry as the sector kept growing.