Informal sector vital to boosting Ghana's inclusive insurance coverage – NIC

The Acting Commissioner of Insurance at the National Insurance Commission, Micheal Kofi Andoh, has underscored the importance of inclusive insurance to increase coverage, especially among the informal sector or low-income earners of the economy.

According to him, the category plays a critical role in propelling the growth of the national economy and the insurance sector at large once they are roped into best-suited insurance schemes.

Speaking with journalists on the sidelines at the launch of the International Conference on Inclusive Insurance (ICII) in Accra, the Acting NIC Commissioner said the inclusive insurance sector has experienced persistent growth in client outreach and premium volumes over the past ten years along with new technologies aimed at boosting market coverage.

Despite this development, Mr Andoh said there consists a large number of people still living without insurance coverage or alternative risk management options.

“As Ghana gears up to host this conference in October 2023, the informal sector will indirectly be impacted positively while directly impacting on insurance coverage because the premiums for inclusive insurance, although small, tends to cover a lot more people…so it does very little to the insurance penetration but improves on insurance coverage,” the Acting NIC Commissioner explained.

“Insurance penetration is important and the lives of people are also important,” he added.

Touching on the benefits Ghana stands to achieve from hosting the conference in the capital Accra, the Acting Insurance Commissioner said it will provide a platform for knowledge sharing from experts and authorities in the inclusive insurance space.

“Ghana has been at the four front of inclusive insurance efforts and so it is apt to say that the country is best qualified to host this international conference,” Andoh stressed.

Meanwhile, close to 500 delegates from across the world are expected to converge in Accra-Ghana to hold the International Conference on Inclusive Insurance (ICII).

Participants and experts will discuss the challenges involved in extending risk management solutions based on insurance principles to low-income households and MSMEs to boost economic growth and safeguard lives.


MA/NOQ