16 companies, 6 individuals honoured, at Insurance Awards 2025

By Kingsley Webora TANKEH

The Ghana Insurance Awards 2025, held in Accra, has acknowledged and honoured the contributions of 16 companies and 6 insurance industry players to transforming the insurance industry in Ghana. 28 awards were given to life and non-life insurance companies, re-insurers, brokerage firms, and other intermediaries, health insurers, actuarial firms, and other insurance service providers.

Organised annually by Xodus Communications Limited, the Ghana Insurance Awards celebrates the achievements of individuals and companies in the industry and provide a platform for networking and sharing of best practices. It seeks to promote industry growth through competition and innovation while adhering to the highest professional standards.

The eight edition celebrated the excellence of a total of 16 companies and 6 individuals. The prestigious Hall of Fame award went to Enterprise Insurance Limited, while Senere Insurance Company Limited took home the Best Growing Company of the Year 2025. Absa Bank won the Bancassurance Leader Award 2025.

The event saw the crowning of SIC Insurance Company as General Insurance Company of the Year and Starlife Assurance as Life Insurance Company of the Year. Acacia Health Insurance took the top spot in the Private Health category. Imperial General Assurance won the Product Innovation Award 2025 for the general insurance category while the life insurance category award went to Hollard Life (Asomdwee MSME Insurance).

Dr. Kwabena Duffuor of the Star Assurance Group was crowned with the coveted Lifetime Achievement Award 2025. His daughter, Kakra Duffuor-Nyarko, who is the CEO of Starlife also won the CEO of the Year 2025 in the life insurance category.

Delivering the keynote address, Deputy Commissioner of the National Insurance Commission (NIC), Mr. BernardOhemeng-Baah, lauded the awards’ enduring significance since  its inception. “Awards ceremonies like this are important for two reasons,” he stated. “First, they set the standard. Second, these awards build trust… showcasing our industry’s commitment to excellence, the most powerful signal we can send to the assuring public.”

Mr. Ohemeng-Baah urged the room full of industry players to take advantage of the 24-hour economy to transform service delivery in the industry. He urged then to “reimagine” their business models – encompassing sales channels, pricing, and operations – to capitalize on the opportunities presented by round-the-clock manufacturing, logistics, and nightlife. He referenced a recent NIC white paper as an essential read if they wish to navigate this shift.

While praising the enormous adoption of digital technologies by industry players,  including mobile money platforms like MOMO in service delivery, particularly in micro-insurance, Mr. Ohemeng-Baah emphasized the “urgent need for cyber resilience,”  citing recent major cyber breaches that affected insurers both locally and globally.

Mr. Ohemeng-Baah said the insurance industry is “not just a participant in our nation’s growth, but its most critical partner.” “Insurance has conventionally been seen as a safety net… But I prefer to see insurance as a trampoline that helps businesses bounce back quickly so that the wheels of productivity can keep rolling in the 24-hour economy.”

The organiser, the CEO of Xodus Communication Limited, Richard Abbey Jr., echoed the sentiment of the role of technology in micro-insurance penetration, dispelling the perceived challenge of public trust, particularly regarding claims payment.

Mr. Abbey Jr. stressed that NIC’s active monitoring of claims non-payment and introduction of the ‘Claims Initiative of the Year’ award has improved the situation. He cited a real example of Vanguard Assurance winning the ‘Major Loss Award 2025’ for paying a claim exceeding  GH¢8 million, saying “that tells you that it is not like people don’t pay claims. They do.”

This underscores the Awards’ tangible impact over the past eight years. He cited new product launches by Imperial General Assurance and Equity Health Insurance as direct results of the competitive spirit occasioned by the awards, driving innovation in private health – Equity’s ‘Daakye Apomuden Plan’ and MSME coverage – Hollard Life’s ‘Asomdwee MSME Insurance’. “There’s been quite a number of competitions… Everybody trying to do some CSR… [and] investing in new products.”

The Ghana Insurance Awards was first organised in 2018 by Xodus Communications Limited, the organiser of Forty Under 40 Ghana, Forty Under 40 Africa, Forty Under 40 UK, Forty Under 40 Global, Ghana Oil and Gas Awards, Ghana Manufacturing Awards and Ghana Auto Awards. The 2025 edition was organised in partnership with PayAngel. PayAngel is a FinTech company based in the UK, that facilitates easy transfer of money.

The full list of all award winners at the 2025 Ghana Insurance Awards

Hall of Fame, General Insurance Company – Enterprise Insurance; Bancassurance Leader, Absa Bank; Best Growing Company, Serene Insurance; Brokerage Company of the Year, iRisk Management; Claims Initiative, Vanguard Assurance; CSR Leadership Award (Private Health); Glico Health Insurance; Indigenous Insurance Company (Private Health), Equity Health Insurance; Major Loss Award, Vanguard Assurance; Fastest Growing Company, Imperial General Assurance; CSR Leadership Award (Insurance Category), Star Assurance; ICT Leadership Award, Starlife Assurance; and Indigenous Insurance Company, SIC Insurance.

Innovative Product (Private Health), Equity Health Insurance (Daakye Apomuden Plan); Marketing Initiative, Sunu Assurance (Combo Saver Initiative); Product Innovation (General Insurance), Imperial General Assurance; Product Innovation (Life Insurance), Hollard Life (Asomdwee MSME Insurance); Customer Care, Hollard; Unsung Hero, Wahab Adams Hamidu (Hollard); Brand Of The Year 2025 (Private Health), Glico Health; Brand of the Year, (Insurance Category), Glico General; Private Health Insurance of the Year, Acacia Health Insurance; General Insurance Company of the Year, SIC Insurance; and Life Insurance Company of the Year, Starlife Assurance.

Individual honours

CEO of the Year (Private Health), Maame Afriyie Boachie – Glico Health; CEO of the Year (General Insurance), Frederick Adotey Saka – Vanguard Assurance; CEO of the Year (Life Insurance), Kakra Duffuor -Nyarko – Starlife Assurance; Personality of the Year, Mercy N.K Boampong-Serene Insurance; and Lifetime Achievement Award, Dr. Kwabena Duffuor (Star Assurance Group).

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