ABSTRACT
The study examines how the frequent occurrence and severity of extreme events affect the demand, supply and the profitability of insurance companies in Ghana. Secondary data collected from NIC, NADMO, Ghana Statistical Service and Open Data Initiative on eight classes of business as well as thirteen life and non-life companies over the period 2007 – 2016 was analysed using a panel regression method. The results indicated that the unexpected frequency of extreme events negatively affected both the demand and supply of insurance but had no influence on insurers’ profitability. Also, the unexpected severity of extreme events significantly decreased the profitability of life insurers but had no effect on non-life insurers. Therefore other avenues, such as public awareness and education can be explored in order to increase insurance demand and ensure the availability and affordability of insurance to all. Insurers are also encouraged to consistently assess the exposures of their investments, capital and reserves to extreme events. Keywords and phrases: extreme events, panel regression, profitability, reserves, severity, vulnerability.
YAMOAH, S (2021). Impact of Extreme Events on the Insurance Market in Ghana. Afribary. Retrieved from https://afribary.com/works/impact-of-extreme-events-on-the-insurance-market-in-ghana
YAMOAH, SUSANA "Impact of Extreme Events on the Insurance Market in Ghana" Afribary. Afribary, 03 Apr. 2021, https://afribary.com/works/impact-of-extreme-events-on-the-insurance-market-in-ghana. Accessed 30 Jul. 2025.
YAMOAH, SUSANA . "Impact of Extreme Events on the Insurance Market in Ghana". Afribary, Afribary, 03 Apr. 2021. Web. 30 Jul. 2025. < https://afribary.com/works/impact-of-extreme-events-on-the-insurance-market-in-ghana >.
YAMOAH, SUSANA . "Impact of Extreme Events on the Insurance Market in Ghana" Afribary (2021). Accessed July 30, 2025. https://afribary.com/works/impact-of-extreme-events-on-the-insurance-market-in-ghana