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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 Ghana’s 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 don’t 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.
Ghana’s 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.
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 year’s 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 country’s 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.
Others are Bedrock Insurance, Vanguard Assurance, Imperial General Insurance, Sanlam Allianz, Nsia Insurance, Old Mutual and Coronation.
Dr Zakariah explained that Ghana, like many African countries, was entering an era of heightened climate vulnerability, with flooding, droughts and extreme weather events becoming more frequent.
These situations, she said, could wipe out entire communities beyond the capacity of what families or government alone could rebuild.
“We are at a point where no one community, or even government, can handle all the risks on their own. Insurance allows us to pool our risks and our resources, nationally and globally,” the Commissioner stated.
The Director of Sales and Marketing of GCGL, Franklin Sowa, told the Daily Graphic that the Insurance Fair emphasised the company’s commitment to boosting insurance across the country.
He said GCGL, with its marketing quality and credibility, offered platforms for the insurance companies to access the available market for the insurance companies.
“We want them to get access to the market out there and engage, create more awareness for the industry, create more excitement towards their products, their services, their activities and deliver value to them,” he said.
Mr Sowa added that the positive feedback gained from the previous three editions underscored the need for an enhanced insurance fair.
“Every year, they (insurance companies) come back. This is part of the programme of activities for the insurance awareness month as marked by the industry itself.
“So, clearly this is giving them a lot of value, a lot of visibility, a platform to deepen understanding of insurance and more importantly attract the interest of people to value insurance and what insurance means to us as a business, as people and as a nation,” he said.
The Sales and Marketing Director implored Ghanaians to visit the stands at the insurance fair to learn about the various insurance policies and get the best policy for themselves, their loved ones and property.
A patron from the Logistics Department of the Ghana Armed Forces (GAF) Headquarters, Colonel Eric Kwasi Akafia, lauded the organisers of the event, describing it as an “excellent organisation”.
He indicated that the fair offered an opportunity for GAF to appreciate more insurance choices in order to assess viable ones.
Col. Akafia added that GAF had always partnered insurance companies over the years, insisting that the military outfit had established a number of insurance offices at its various camps through such partnerships.
He urged GCGL and the various insurance companies to intensify education on insurance to enable the citizenry and various business to know the policies so as to know which to take-up to safeguard their businesses, lives and property.
