The acting Commissioner of Insurance, Dr Abiba Zakariah, has urged the insurance industry to move towards a new era that makes insurance more accessible, affordable and relevant, especially for the informal sector.
This phase of innovation and inclusivity, she said, should bridge the gap between Ghanas formal insurance sector and its largely uninsured population.
We are moving towards innovation and inclusive insurance because we realise that the majority of Ghanaians have not been able to take insurance, not because they dont want to, but because we have not yet met them where they are, Dr Zakariah stated at the opening of the 2025 Insurance Fair in Accra today.
Ghanas insurance penetration remains under two per cent currently, with vast sections of the population either unaware of insurance or skeptical of its relevance in their lives.
In Ghana, where the informal sector contributes over 80 per cent of employment, this demography represents a massive untapped market for insurers.
Dr Zakariah explained that the NIC had in recent years supported initiatives to expand micro-insurance products, although more needed to be done to reach scale.
We are using technologies that reach people in real time so that we can be there when you need to buy insurance and also be there when you need to have your claims paid, she added.
Insurance Fair
The annual event is organised by the Graphic Communications Group Ltd (GCGL), in collaboration with the National Insurance Commission (NIC) and the Ghana Insurers Association (GIA).
On the theme: Boosting Insurance in the Formal and Informal Sectors in Ghana, this years event has brought together insurance sector players, state and corporate institutions as well as individuals to explore opportunities within the sector.
The three-day event, happening at the Accra Mall Food Court from 8 a.m to 7 p.m. daily, aims to address the countrys insurance penetration challenges while positioning the sector as a critical pillar of national development.
Some participating insurance companies at the event are State Insurance Company Ltd, Entreprise Insurance, GLICO Life, Equity Health Insurance, Serene Insurance, Millennium Insurance, Prudential Life Insurance, MiLife Insurance and Hollard Insurance.