Ghana: SanlamAllianz unveils first in Ghana

SanlamAllianz, a leading insurance provider across 27 African countries, has officially entered the Ghanaian market. Formed from the merger of Sanlam and Allianz Insurance, this new entity aims to revolutionize the insurance industry in Africa, starting with Ghana.

The merger of these two insurance giants created Africa’s largest non-banking financial services company under the joint venture name SanlamAllianz in 2023. They have now introduced the SanlamAllianz brand in Ghana, offering innovative product lines tailored to the market’s needs.

SanlamAllianz Ghana is focused on increasing insurance penetration from the current 1.7 percent and boosting the insured population, which is currently at a mere 25 percent, according to the 2023 Ghana insurance industry report. The goal is to enhance financial inclusion across the country.

While both organizations have been active in Ghana’s life and general insurance sectors, they will now operate under the SanlamAllianz brand as SanlamAllianz Life Insurance Ghana LTD and SanlamAllianz General Insurance Ghana LTD.

As part of its strategy, SanlamAllianz Ghana plans to utilize a range of innovative and diverse products to enhance financial inclusion and boost insurance penetration. This approach aims to support Ghana’s inclusive financial ecosystem and provide vital support to small businesses.

Chief Executive Officer of Sanlam Pan Africa, Robert Dommisse, emphasized at the press launch in Accra that with its presence in 27 African markets, SanlamAllianz is well-positioned to make a substantial impact on the country’s insurance sector.

“When we announced the joint venture that brought Sanlam and Allianz together in May 2022, we knew that our ambitions were big, not just for what the potential of the alliance could deliver, but also the possibilities in helping to bring about transformational change in financial services for the economies, people and communities in the 27 markets in which SanlamAllianz operates on the African continent.

“Looking at our combined experience, Sanlam and Allianz share a track record of over 200 years in Africa. In Ghana, we have an extensive history operating through various entities. The success that has been built by the local teams here over the past few years provides us with a compelling and strong foundation from which to move forward,” he said.

He added that SanlamAllianz is dedicated to empowering generations and communities with solutions that align with their insurance needs. With 75 percent of Ghanaians currently uninsured, the company aims to increase insurance coverage significantly within the next five years.

CEO of Sanlam Allianz Life Insurance Ghana LTD, Tawiah Ben-Ahmed, emphasised that a union between a global giant and an African champion symbolizes a renewed pledge to excellence, integrity, innovation, and a strong commitment to sustained positive customer experience.

“SanlamAllianz is the insurer you can trust and have confidence in to pay claims and provide you delightful service experience in your journey to become financially confident. We are filled with optimism and determination to do the right thing, and resolute in our commitment to what is good for all our stakeholders,” he said.