The National Insurance Commission (NIC) has indicated it is working with its partners to improve access to insurance products and services.
This it believes will promote financial inclusion and make life better for many more Ghanaians.
Since 2010, the NIC has been working to develop an inclusive insurance regime in Ghana, with technical and financial assistance from the German Development Cooperation (GIZ) and support from the United Nations Development Programme (UNDP).
Several initiatives have been taken to propel the development of the inclusive insurance market. Addressing stakeholders in the insurance industry at a validation workshop in Accra, Acting Commissioner of Insurance, Michael Kofi Andoh said the NIC and its partners were seeking to identify gaps and opportunities in the work done so far by the team.
“The focus of insurance has been on white and blue colour employees and people who receive salaries and operate bank accounts but the majority of our people are petty traders, farmers, masons, and carpenters they operate in the informal sector. And so if we leave the insurance the way it is, in the conventional space then most of our people will not have access to insurance.”
“It is not that they don’t need insurance but they don’t have access to it due to the way it is structured and that’s where the inclusive insurance conversation comes in.”
Over the past years, the Commission has made a lot of efforts towards the increase in access, some of which were building the capacity of insurers, and regulatory changes.
Mr Andoh recalled that the NIC had given the requisite training to insurance companies and ensured the creation of products that meet the needs of the market.
Deputy Resident Representative at UNDP, Sukhrob Khoshmukhamedov, intimated that the UNDP insurance was critical for farmers in the wake of the impact of climate change so when farmers are insured against drought or flood they will be able to sustain their businesses and livelihoods.
“Inclusive insurance will play a vital role as a catalyst for social and economic development while promoting financial inclusion and safeguarding the well-being of vulnerable populations,” he added.
The partners are confident of coming up with an inclusive insurance regulatory strategy and roadmap that will rope in the informal sector, ensuring the desired financial inclusivity.
Latest Stories
-
FIFA Club World Cup 2025: Sundowns, Esperance join Al Ahly and Wydad as CAF representatives
3 hours -
CAFCL: Al Ahly set up historic final with ES Tunis
3 hours -
We didn’t sneak out 10 BVDs; they were auctioned as obsolete equipment – EC
7 hours -
King Charles to resume public duties after progress in cancer treatment
7 hours -
Arda Guler scores on first start in La Liga as Madrid beat Real Sociedad
8 hours -
Fatawu Issahaku’s Leicester City secures Premier League promotion after Leeds defeat
8 hours -
Anticipation builds as Junior Speller hosts nationwide auditions
8 hours -
Etse Sikanku: The driver’s mate conundrum
9 hours -
IMF Deputy Chief worried large chunk of Eurobonds is used to service debt
9 hours -
Otumfuo Osei Tutu II celebrates 25 years of peaceful rule on golden stool
9 hours -
We have enough funds to pay accruing benefits; we’ve never missed pension payments since 1991 – SSNIT
10 hours -
Let’s embrace shared vision and propel National Banking College – First Deputy Governor
10 hours -
Liverpool agree compensation deal with Feyenoord for Slot
10 hours -
Ejisu by-election: There’s no evidence of NPP engaging in vote-buying – Ahiagbah
10 hours -
Ejisu by-election: Independent ex-NPP MP’s campaign team warns party against dubious tactics
11 hours