The Chief Executive Officer of Sanlam Sanlam Allianz Life Insurance Ghana LTD, Tawiah Ben-Ahmed, has advocated improved financial literacy across the country to increase insurance penetration.

Speaking on the Joy Super Morning Show today (November 3, 2025), Mr. Ben-Ahmed explained that a significant portion of the population still lacks a clear understanding of insurance and its role in safeguarding livelihoods and businesses.

“Insurance is not just a cost. It is a buffer that protects you when life’s uncertainties happen. If people understand this better, they will be more willing to purchase policies,” he said.

He noted that although insurance companies continue to introduce innovative and flexible products, many Ghanaians especially those within the informal sector remain hesitant due to limited knowledge and misconceptions.

Mr. Ben-Ahmed added that strengthening financial education should be a shared responsibility among insurance firms, regulators, policymakers, and the media.

“We must make financial literacy a national priority, starting from the basic level. When people understand risk and financial planning, insurance penetration will naturally improve,” he emphasised.

Ghana’s insurance penetration remains below 3%, a level industry players say must rise to enhance economic resilience and strengthen social protection systems.

Mr. Ben-Ahmed believes that increasing public awareness, simplifying policy processes, and building trust between insurers and clients are crucial in moving the industry forward.