The Ghana Insurers Association has reaffirmed its commitment to maintaining competition and transparency in the sector, following clarification from the State Interests and Governance Authority over concerns about procurement practices involving state-owned insurers.
The development comes after industry unease over a communication suggesting that state enterprises should prioritise business with SIC Insurance PLC and SIC Life Insurance Ltd.
The GIA noted that SIGA has since clarified the intent behind the directive, easing fears of exclusivity.
According to the Association, SIGA explained that the initiative was meant to encourage inter-trading within the state enterprise ecosystem rather than enforce a monopoly.
The Authority emphasised that the move “is not a call for blind loyalty, but rather a strategic business decision.”
While welcoming the clarification, the GIA stressed the importance of ensuring that implementation aligns with established procurement standards.
“Such initiatives must be implemented in a manner that preserves competition, transparency, and merit-based procurement.” - Ghana Insurers Association
Equal Opportunity for All Insurers
The GIA underscored that both state-owned and private insurers play vital roles in the sector’s development. It noted that SIC Insurance and SIC Life are valued members alongside private firms, reinforcing the need for a level playing field.
By highlighting inclusivity, the Association signaled that no single entity should be favoured at the expense of others, particularly in a regulated environment where fairness underpins market confidence.
The Association emphasised that competition remains central to innovation, efficiency, and improved service delivery.
It reiterated its mandate to “represent and safeguard the interests of all its members without distinction while promoting a fair and competitive market environment.”
The GIA argued that strong competition ultimately benefits consumers through better pricing and expanded insurance offerings, while also driving industry growth and financial inclusion.
Beyond Redistribution of Business
Addressing proposals to redistribute insurance business among firms, the GIA described such movements as normal in a competitive market but cautioned against overreliance on them.
“Redistribution of existing business does not increase insurance penetration; the industry must focus on expanding coverage,” the statement noted, stressing the need to bring new customers into the insurance ecosystem.
The Association reaffirmed its commitment to enforcing standards through collaboration with the National Insurance Commission, ensuring adherence to ethical and professional practices.
It also urged public institutions to follow due procurement processes when engaging insurers, noting that transparency and accountability are essential for sustaining trust.
As Ghana’s insurance sector navigates the balance between state-driven initiatives and market competition, the GIA’s stance highlights a broader industry priority: preserving fairness while expanding access and strengthening long-term growth.
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