Insurance penetration in Ghana is yet to see a significant boost, despite efforts by industry players.

 According to the Bank of Ghana’s Financial Stability Review, insurance penetration remained at about one percent from December 2014 to December 2019.

To increase insurance penetration in the informal sector, StarLife Assurance is partnering Atwima Kwanwoma Rural Bank to rope in small scale businesses and traders.

 Rural banks over the years have promoted financial inclusion especially among the informal sector players.

Though their involvement has proven beneficial, some needs of clients are yet to be met fully.

Board Chairman for Atwima Kwanwoma Rural Bank, Patrick Owusu believes the introduction of insurance service will help bridge the gap.

 "In life one needs to be insured, our clients are small business people and limited financial status and policies like insurance is important for such people", he said.

"Education is important but our clients sometimes take loans to take their children through education but insurance gives them opportunity to insure their wards education".

Starlife Assurance is partnering with Atwima Kwanwoma Rural Bank to introduce the service to clients.

Head of Commercial Business at Staflife, Alex Twumasi explains the mode of operations.

"In the partnership, our people in the insurance industry will be in the banking hall selling the products tailored for needs of the customers", he said.