Hollard Ghana has reinforced its commitment to its policyholders and partners with a record claims payout of approximately GH₵18.2 million between January and December 2025, nearly double the GH₵9.5 million paid in 2024.
According to Hollard, the figures signal a business that is not only expanding but consistently delivering on its promises for brokers, corporate clients, retail policyholders and industry observers across Ghana and West Africa.
Emmanuel Akwada, Head of distribution at Hollard Life, Ghana says, ‘in an industry where trust remains a defining factor in insurance adoption, this performance strengthens our positioning as a dependable partner in risk protection and long-term financial planning.”
“The increase in claims payouts reflects both business growth and the natural progression of our products portfolio. The increase in claims payouts is largely driven by the maturity of savings policies and the scale of group life cover within our corporate portfolio,” he explains.
He added that the growth in claims is closely linked to the lifecycle of Hollard Ghana’s product offering. Since introducing savings and investment-linked products in around 2020, the company has entered a phase where many of these policies, structured over five years or longer have reached maturity. As a result, payouts associated with these products accelerated significantly in 2025.
Maturity-related payouts for long-term savings and investment linked policies represent the largest share by value, with approximately GH₵4.4 million paid to clients.
Partial withdrawals (encashments) accounted for the highest volume of transactions, with 752 claims totalling approximately GH₵2.46 million.
“This trend indicates that policyholders are increasingly utilising their insurance products as flexible financial instruments to meet immediate or intermediate financial needs while maintaining longer-term cover,” explains Emmanuel.
According to Hollard, this trend is particularly relevant for brokers and financial advisors, as it highlights the growing demand for structured savings solutions among Ghanaian consumers. Increasingly, individuals are utilising insurance products not only for protection, but also as vehicles for wealth creation, education planning and long-term financial security and this aligns with our promise of enabling everyone to create and secure a better future.
In parallel, corporate and group life policies continue to drive high-value claims. These policies, typically structured around multiples of employees’ annual salaries, can result in substantial payouts when claims occur.
“As a business, the largest individual claims we see are from the group side,” Emmanuel notes.
“When you insure organisations and their employees, particularly at senior levels, the sums assured are significant. This naturally leads to higher claims values when events occur.”
He highlights that the current trends are testament to Hollard’s sustainability in the market.
“Importantly, Hollard Ghana continues to demonstrate its ability to manage these large-scale obligations without compromising its financial stability. Through a disciplined approach to reinsurance and co-insurance, the company has been able to ensure that high-value claims are effectively shared with partners, to reduce balance sheet pressure while maintaining prompt settlement for clients,” he said. “For retail policies, we have designed our offerings within our financial capacity, which continues to enable us to settle claims consistently without strain.”
For brokers and intermediaries, this consistency remains a critical differentiator. In an increasingly competitive insurance landscape, claims performance is one of the most compelling indicators of an insurer’s credibility. The ability to demonstrate timely and reliable payouts enhances market confidence.
Emmanuel adds that, “beyond performance metrics, the 2025 claims data also provides insight into Ghana’s evolving risk environment. It is clear that funeral-related expenses continue to represent a significant financial burden for households, reflecting the cultural and social importance of funerals in Ghanaian society. Death claims represented a significant value of claims paid, with approximately GH₵2.81 million paid for funeral-related claims. Through these claims, we have lessened the financial burden on individuals and families, enabling them to give their loved ones dignified farewells.
“At the same time, rising incidences of critical illness and increasing education costs are shaping demand for more comprehensive and forward-looking insurance solutions.”
Hollard Ghana’s product portfolio has been structured to respond to these realities. Its flagship offerings combine funeral cover with life insurance and optional critical illness benefits, while its savings products are designed to support clients in achieving long-term financial goals in a manner that accounts for inflation and changing economic conditions.
“It must be noted that while Ghana’s insurance market continues to grow gradually, structural gaps in insurance coverage persist, particularly among small and medium-sized enterprises (SMEs), which form a critical component of Ghana’s economy. Despite their importance, many SMEs remain underinsured,” says Emmanuel.
He highlights that there is a clear need for tailored insurance solutions that reflect the realities of small businesses. Hollard Ghana in consultation with the relevant stakeholders in this sector, has developed a tailor-made product called Asondwee designed for Micro, Small, and Medium-sized Enterprises (MSMEs), which provides cover for both life and property.
Historically, scepticism around claims payments has been a contributor to constrained uptake across many African markets. When people receive their claim payouts, it changes everything, especially in markets where trust has been a challenge, every claim paid helps build confidence and shift perceptions; and in turn to build stronger economies.
“We remain focused on strengthening trust, expanding access and contributing to the development of a more inclusive and resilient insurance ecosystem in Ghana and across West Africa,” Emmanuel concludes.
