Glico General

What Glico General does

Glico General Insurance Company Limited is a Ghanaian non-life (general) insurance company and a wholly owned subsidiary of GLICO Group Limited. Incorporated in 2002 and commencing underwriting operations in 2006, the company is headquartered at GLICO House, 47 Kwame Nkrumah Avenue, Adabraka, Accra, and is ranked among the top five non-life insurers in Ghana. The company serves both individual consumers and corporate clients through a national distribution footprint of over 20 branch offices, an in-house broker and agent channel, an online customer portal, and a WhatsApp-based virtual assistant ('Cushion Man'). With approximately 127 employees, it operates within a license-gated regulatory framework under Ghana's Insurance Act 724, with a four-member board providing governance oversight.

The company's product portfolio spans motor (third-party, third-party fire & theft, and comprehensive), fire and property (including burglary, public liability, homeowners, householders, shop owner's, and assets all-risk), marine (cargo and hull), accident policies (employers' liability, group personal accident, fidelity guarantee, money, professional indemnity, D&O), engineering (electronic equipment, plant & machinery, contractor's all-risk), bonds (bid, performance, customs, transit, warehouse, and others), agricultural insurance (livestock, poultry, aquaculture, crop/tree plantation, hybrid index, and parametric variants), and specialty risk with a particular focus on oil and gas (rigs, pipelines, tank farms, operators' extra expense, control-of-well). Distribution is omnichannel: branch network, brokers, agents, customer clubs (Motor Club, Homeowners Club), and digital self-service.

The revenue model is subscription/recurring insurance premiums across annual and multi-year policies, with quote-based pricing that varies by risk class, coverage, and policy type. Capacity for large and specialty risks is supported by a tier-1 reinsurance panel including Munich Re, Swiss Re, Africa Re, Ghana Re, WAICA Re, and direct access to Lloyd's of London, with PICC serving as main reinsurer for major construction covers such as the BUI Dam. The company benefits from the broader GLICO Group's 40+ year operating history in Ghana, an experienced management team of Chartered Insurers, and corporate social engagement (e.g., the August 2025 GHC 2M payout to dependents of the Gallant Eight).

Name

Glico General

Legal name

GLICO General Insurance Company Limited

Website

https://glicogen.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

251–500 employees

Short description

Glico General is a top-5 Ghanaian non-life insurer and wholly owned subsidiary of GLICO Group, offering motor, fire, marine, accident, engineering, agricultural, bond, and specialty-risk insurance to individuals and businesses through 20+ branches and digital channels.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Mid-Market Commercial Package (Package Policies) (FSAJAFAB)

akta.pro secondary industry

Small Business BOP (Main Street) (FSAJAFAA)

Keywords

• General insurance products
• Motor insurance coverage
• Marine cargo insurance
• Agricultural insurance
• Fire and property insurance

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices24 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premiums: GLICO General generates revenue primarily through insurance premiums collected from policyholders. The company offers various insurance products including motor, fire, marine, accident, engineering, agricultural, and specialty risk insurance. Premiums are collected on a recurring basis (annual or multi-year policies) or single-transaction basis depending on the policy type.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

GLICO General Insurance Company Limited is a Ghanaian general (non-life) insurance company that underwrites and distributes motor, fire, marine, accident, engineering, agricultural, specialty risk, and bond insurance products to both individual consumers and business clients. The company distributes its policies through a nationwide branch network of 20+ offices, an online customer portal, a WhatsApp-based Cushion Man virtual assistant, brokers and agents, and dedicated customer clubs. It operates as the wholly owned non-life subsidiary of GLICO Group Limited and is among the top five non-life insurers in Ghana.

Product overview

GLICO General is a Ghanaian general insurance company and wholly owned subsidiary of GLICO Group Limited, incorporated in 2002 and operating in the non-life sector. The company offers a comprehensive portfolio of insurance products organized across multiple categories: Motor Insurance (Third Party, Third Party Fire & Theft, and Comprehensive), Fire and Property Insurance (Fire and Allied Perils, Burglary, Public Liability, Homeowner's, Householders', Shop Owner's, and Assets All Risk), Marine Insurance (Marine Cargo and Marine Hull), Agricultural Insurance (covering Farm Machinery, Goods in Transit, Goods in Storage, Poultry, Livestock, Aquaculture, Hybrid Index Insurance, and Crop/Tree Plantation), Accident Policies (Goods in Transit, Employers Liability, Group Personal Accident, Fidelity Guarantee, Money Insurance, Professional Indemnity, Directors and Officers Liability), Engineering Products (Electronic Equipment, Plant & Machinery, Contractor's All Risk), Specialty Risk (Oil and Gas), and Bonds (Bid, Performance, Advance Payment, Customs, Security/Warehouse, Removal, Temporary Import, Re-Exportation, Transit, Exportation, and Customs House Agent). The company also provides a WhatsApp-based virtual assistant called 'Cushion Man' for customer service. GLICO General serves both individual and corporate clients through offices across Ghana and is recognized among the top five insurance companies in the country.

Differentiator

Problem solved

Functional benefit

Products and services

• Comprehensive Motor Insurance Full-coverage motor policy covering third party liability plus own-vehicle risks (fire, explosion, theft, accidental collision, mechanical breakdown, malicious damage, flood, storm) with emergency medical treatment and personal accident benefits; for private and commercial vehicle owners in Ghana.
• Third Party Motor Insurance Statutory minimum motor insurance covering liabilities to third parties for property damage and injury or death arising from vehicle use; for vehicle owners seeking legal compliance.
• Third Party Fire & Theft Motor policy covering third party liabilities plus protection for the insured vehicle against theft (by violence or force) and fire damage; for vehicle owners seeking moderate protection.
• Fire and Allied Perils Policy Insurance for loss or damage to property from fire, explosion, lightning, and allied perils (impact, riot/strike, water tank overflow, flood, earthquake, hurricane, tornado, windstorm, cyclone, aircraft damage); includes up to GHC 20,000 third party legal liability. For property owners and businesses.
• Burglary Insurance Policy indemnifying loss or damage to property caused by theft following forcible and violent entry into or exit from premises; for property owners and businesses.
• Public Liability Insurance Indemnifies business owners against liabilities for accidental bodily injury, death, and property damage suffered by third parties arising from business activities, including legal defense costs; for business owners and operators.
• Homeowner's Policy Insurance covering loss or damage to private dwellings and household goods from fire, allied perils, and theft, plus third party liability coverage; for owner-occupiers of residential homes.
• Householders' Insurance Insurance covering loss or damage to household goods and personal effects from fire, allied perils, or theft, plus third party liability coverage; for tenants and residential occupants.
• Shop Owner's Policy Comprehensive policy combining fire and allied perils cover with burglary cover for shop buildings, stock, contents, and merchandise, including free public liability up to GHC 500 per accident; for retail shop owners.
• Assets All Risk Policy All-risk policy indemnifying buildings, plant and machinery, and contents (including office equipment, furniture, fixtures, fittings) against accidental, sudden, and unforeseen loss or damage; for commercial property owners and operators.
• Marine Cargo Insurance Insurance for goods in transit by sea, air, and inland routes, both domestic and international; available as per-shipment cover or as an open continuous cover and adopting Institute Cargo Clauses A, B, C. For importers, exporters, traders, and logistics operators.
• Marine Hull Insurance Insurance covering loss or damage to hull and machinery of fishing vessels, passenger vessels, cargo vessels, yachts, and boats, plus third party liability from perils of the sea; available as Voyage Policy or Time Policy (12 months). For vessel owners and operators.
• Goods-in-Transit Insurance Insurance for road haulage operators and distributors covering liability for safe delivery of goods and covering loss or damage to goods while in transit by insured vehicle against fire, theft following violence, and vehicle accident damage.
• Employers Liability Policy indemnifying employers against legal liability for employee injuries arising from employment as required by the Workmen's Compensation Act; for employers across industries in Ghana.
• Group Personal Accident Insurance providing 24-hour compensation for accidental death or bodily injuries to members of groups such as employees or association members; for organizations insuring staff, clubs, or association members.
• Fidelity Guarantee Policy protecting companies against infidelity or dishonesty by employees handling money or finances, reimbursing losses from fraud and dishonesty; for businesses and financial institutions.
• Money Insurance Insurance covering loss of cash, bank drafts, currency notes, coins, cheques, and postal orders from accidents or armed robbery while in transit, locked in a safe, or on premises; for businesses handling cash.
• Professional Indemnity Insurance protecting businesses from claims by dissatisfied clients covering negligence, intellectual property infringement, loss of documents or data, dishonesty, and the cost of fixing mistakes; for professional service firms.
• Directors and Officers Liability Liability insurance indemnifying directors and officers for losses or defense costs from legal actions for alleged wrongful acts, including criminal and regulatory investigations; for corporate boards and executives.
• Money-in-Transit Insurance indemnifying against accidental loss or damage to cash, bank notes, cheques, and postal orders while in transit between specified locations; for cash-in-transit operators and businesses moving funds.
• Comprehensive Farm Machinery And Equipment Insurance Insurance protecting farming machinery and equipment from accidental damage, loss, or theft to minimize disruption to agricultural productivity; for farmers and agribusiness operators.
• Agricultural Goods In Transit Insurance Insurance covering transportation of agricultural products, compensating for losses while produce is in transit to market or storage; for farmers, aggregators, and produce traders.
• Agricultural Goods In Storage Insurance providing benefits to farmers for losses during storage from pest and microorganism attacks, moisture, fire, explosion, flood, and natural disasters; for farmers and agricultural storage operators.
• Poultry Insurance Policy Insurance covering poultry birds raised in battery cages or deep litter systems against risks of accidental death and disease, including fire, storm, flood, lightning, and uncontrollable diseases; for poultry farmers.
• Livestock Insurance Comprehensive insurance for cattle, sheep, and goats against death or disability from disease and accident, covering lightning, injuries, fire, windstorm, snake bites, flooding, terminal diseases, emergency slaughter, calving complications, and epidemics; for livestock farmers.
• Aquaculture Insurance Insurance for fish farmers covering pond and caged fish during breeding, raising, and harvesting, protecting Tilapia, Catfish, and Trout against diseases and natural calamities including water pollution, flooding, windstorms, earthquakes, and epidemic-related death.
• Hybrid Index Insurance (HII) Combination of Weather Index Insurance (WII) and Area Yield Index Insurance (AYII) offering comprehensive coverage for both weather-related and non-weather-related perils; for farmers seeking parametric-style protection.
• Crop/Tree Plantation Insurance Insurance for crops and trees against direct losses from drought (non-irrigated), uncontrollable pests and diseases, hailstones, flooding, fire, lightning, windstorm, frost, and excessive rainfall; includes Multi-Peril Crop Insurance (MPCI) and Parametric Insurance variants. For crop farmers and plantation owners.
• Electronic Equipment Insurance All-risk insurance for electrical and electronic systems including Electronic Data Processing equipment, medical equipment, research equipment, communication facilities, and computers; for offices, hospitals, laboratories, and IT-dependent businesses.
• Plant & Machinery Policy Insurance covering all types of machinery, plant, and mechanical equipment at work, at rest, or during maintenance, against unforeseen and sudden physical loss or damage from faulty design, faulty operations, malicious acts, physical explosion, short circuit, and storm; for industrial operators and contractors.
• Contractor's All Risk/Erection All Risk All-risk insurance for contractors covering temporary and permanent works during construction or erection until handover, extending to unfixed materials and equipment on site, with third party liability coverage; for construction and erection contractors.
• Oil and Gas Specialty Risk Insurance Specialized insurance for oil and gas operations covering Oil Rigs and Platforms, Pipelines, Filling Stations, Gas Terminals, Tank Farms, Operators Extra Expenses, Cost of Controlling Well Under Fire, Cost of Re-drilling, Oil Seepage and Pollution, Marine Vessels, Employee Properties, and Employers Liability; for upstream and downstream oil and gas operators.
• Bid Bond Guarantee issued in favor of contractors assuring clients that winning bidders will proceed to obtain performance security; pays the bond sum if the bidder withdraws before contract award. For contractors bidding on projects.
• Performance Bond Bond guaranteeing proper and timely execution of contracts; the guarantor promises the client that the contractor will perform according to specifications within set periods. For contractors and project owners.
• Advance Payment Bond Loan guarantee protecting principals against loss of advance payments made to contractors for mobilizing resources; for project owners advancing mobilization funds to contractors.
• Customs Bond Bond guaranteeing that importers and exporters will pay all duties to the Ghana Revenue Authority Customs Division; covers Warehouse, Security, Removal, Transit, Exportation, and Customs House Agent bonds. For importers, exporters, and customs clearing agents.
• Security/Warehouse Bond Bond allowing importers to store goods at bonded warehouses without paying duties immediately, guaranteeing duty payment to customs; for importers using bonded storage.
• Removal Bond Bond guaranteeing that goods removed from bonded warehouses reach their intended destination, protecting against loss of customs duty; for importers moving goods out of bonded warehouses.
• Temporary Import Bond Bond guaranteeing payment of state revenue for goods imported temporarily with the intention to re-export; for temporary importers.
• Re-Exportation Bond Bond guaranteeing re-export of imported goods or goods-in-transit, covering tax elements especially for neighboring country transit; for re-exporters and transit shippers.
• Transit Bond Bond guaranteeing payment of lost revenue if imported goods are not transported to the neighboring country; for in-transit importers.
• Exportation Bond Bond guaranteeing payment of sales tax duty if locally produced goods are not exported and sold domestically instead; for exporters of locally produced goods.
• Customs House Agent Bond Bond guaranteeing the Ghana Revenue Authority against loss of customs duty due to misconduct by customs clearing agents; for licensed customs house agents.

Quantifiable outcome

• Same-day claims payment in some cases
• +1 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Munich RecoreOthersLeading reinsurance company headquartered in Munich, Germany. One of the world's leading reinsurers represented globally with over 43,428 employees. Provides treaty reinsurance capacity for GLICO General's operations.
• Swiss RecoreOthersLeading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Operating for over 154 years since founding in December 1863. Headquartered in Zurich, Switzerland with over 14,053 employees.
• African Reinsurance Corporation (Africa Re)coreOthersProvides reinsurance solutions to the insurance sector in Africa and internationally. Founded in 1976, based in Lagos, Nigeria. Rated 'A' by A.M. Best in 2017.
• Ghana Reinsurance Company Limited (Ghana Re)coreOthersHome-grown successful reinsurance company in Ghana with over 44 years' experience in reinsurance business. Proven track record of providing world-class reinsurance services to local and international markets.
• WAICA Reinsurance Corporation PlccoreOthersPublic limited liability company incorporated under the laws of Sierra Leone. Authorized share capital of $100 million with paid up share of approximately $65 million. West African regional focus.
• GN ReminorOthersHomegrown reinsurance company and subsidiary of Group Nduom. Grew initial stated capital of GHS 80 million to GHS 121 million in 2017 over 3 years of operations.
• Alltrust Insurance Company LimitedminorOthersProvides property and casualty insurance products and services. Founded in 2004, based in Shanghai, China. Operates as subsidiary of China Huaneng Group.
• Continental ReminorOthersWorld-class pan-African service reinsurer incorporated in Nigeria in 1985. Wrote gross premium income of NGN 22.4 billion as at 2016.
• ZEP-RE (PTA Reinsurance Company)minorOthersUnderwrites life and non-life reinsurance risks in Kenya, Ethiopia, Tanzania, Zimbabwe, India, Uganda, and Sudan. Offers property, casualty, motor, marine, aviation, life, and medical insurance products. Headquartered in Nairobi, Kenya.
• PICC Property and Casualty Company LimitedminorOthersPrincipal provider of property and casualty insurance products in China. Incorporated 2003, records total revenue of HKD 362.70 billion and net income of HKD 23.43 billion. Main reinsurer for BUI Dam construction cover.
• Lloyd's of LondoncoreOthersInternational insurance market providing capacity and expertise for GLICO General's oil and gas and specialty risk insurance products. Direct access to international markets for complex risks.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Enterprise Insurance Company: One of Ghana's leading non-life insurers, offering motor, fire, marine, and engineering products to individuals and corporates. Competes head-to-head with GLICO General in Ghana's Top 5 non-life ranking and shares a similar multi-line product breadth.
• Hollard Insurance Ghana: South African-owned general insurer operating in Ghana with a full P&C product line including motor, property, liability, and specialty. Brings international capital and digital capabilities, directly challenging GLICO General's broker and direct channels.
• SIC Insurance Company Limited: State-affiliated Ghanaian general insurance carrier offering motor, fire, marine, and accident products. Several GLICO General executives (CFO James Apam, Head of Underwriting Helena Osei-Frimpong, Head of Claims Kwame Asare-Kena) previously worked at SIC, making it the closest direct peer in product mix and customer base.
• Vanguard Assurance Company Limited: Established Ghanaian non-life insurer offering motor, fire, and general accident products. COO Charles Graham-Mensah previously served as Branch Manager at Vanguard, and the two carriers compete for the same Ghanaian broker channel.
• Star Assurance Company Limited: Ghanaian general insurance carrier with comparable product portfolio spanning motor, fire, marine, and bonds. Direct competitor for commercial and broker-distributed accounts in the Ghanaian market.

Regional players

• AIICO Insurance Plc: Nigerian non-life and life insurer with comparable motor, fire, marine, and oil & gas offerings. Operates in the same West African region but does not directly compete in Ghana, serving as a useful regional benchmark for product breadth and reinsurance structure.
• Leadway Assurance Company Limited: Top Nigerian general insurer with motor, fire, marine, and oil & energy lines. Operates in West Africa but primarily in Nigeria; comparable in scale and product mix, useful for cross-border benchmarking of Ghanaian non-life economics.

Broad incumbents

• Old Mutual Ghana (General Insurance): Pan-African financial services group with general insurance operations in Ghana. A broader incumbent with multi-line and multi-country scale, competing with GLICO General for corporate and broker accounts.
• Allianz Insurance Ghana: Subsidiary of global insurer Allianz offering P&C products in Ghana. A larger, broader incumbent with international capital and brand, but does not specialize in the agricultural and oil & gas niches that GLICO General emphasizes.
• AXA Insurance Ghana: Subsidiary of global insurer AXA operating in Ghana with motor, property, and personal accident lines. A broader incumbent with international balance sheet support, overlapping with GLICO General on retail and SME products.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/glicogeneral
• Facebookfacebook.com/GlicoGeneralInsurance
• LinkedInlinkedin.com/company/glico-general
• Instagraminstagram.com/glico_general/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Glico General