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Ghana’s insurance is driven by a high demand for insurance on cars, property, health, and other types of insurance.
Customers across all insurance categories are being further encouraged by factors like rising life expectancy, tax advantages on insurance products, and favourable savings connected with insurance
The market for motor vehicle insurance, which currently dominates the global insurance market due to rising regulatory requirements for car insurance, is anticipated to increase.
As insurance companies compete not just with one another but also with risk retention groups, the government, and self-insurance, there is intense competition in Ghana’s insurance market.
The Ghana Motor Insurance Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
Bayport Savings and Loans Ltd., a multiple award-winning savings and loan company, has introduced its new product, Bayport Motor Insurance, in Ghana.
Through a partnership with Star Assurance, the most locally owned insurance provider in Ghana, the new Bayport Motor Insurance was created
The new product was unveiled in front of the press and other stakeholders at the Star Assurance Head Office in Stanbic Heights.
A strategic alliance has been formed between Bayport Savings and Loans and Star Assurance. Both companies are market leaders in their respective fields.
With the greatest market share in payroll loans, Bayport is currently a top savings and loans organisation. In Ghana’s insurance market, Star assurance has been active for more than 36 years.
