The National Insurance Commission (NIC) has unveiled the formation of a steering committee comprising key stakeholders to spearhead an inclusive insurance initiative targeting underserved populations in Ghana.
This newly established committee will feature representatives from the Ministry of Finance, the Ministry of Agriculture, the National Health Insurance Authority, the Social Security and National Insurance Trust (SSNIT), and the National Pensions Regulatory Authority, among others.
Commissioner of Insurance, Michael Kofi Andoh, announced the initiative during his closing remarks at a two-day workshop on Legal and Regulatory Review and Capacity Building held in the Eastern Region, supported by the United Nations Development Programme’s Insurance and Risk Finance Facility (UNDP IRFF).
The steering committee will ensure the smooth implementation of inclusive insurance across the country, addressing the needs of the underserved and enhancing insurance penetration in Ghana,” stated Andoh.
He emphasized the collaborative efforts required to make insurance more inclusive nationwide.
Andoh highlighted that the next phase of the initiative should focus on microfinance insurance, aligning with the broader objectives of inclusive insurance. He also underscored the NIC’s commitment to prioritizing the workshop’s recommendations by establishing a secretariat to manage the implementation of these measures and effectively influence policy.
Amina Sammo, the UNDP IRFF Representative, emphasized the workshop’s critical role in advancing Ghana’s insurance sector.
The insurance sector is vital for promoting economic stability and resilience. It provides a safety net that enables individuals, businesses, and governments to recover from adverse events and invest confidently in our futures,” she remarked.
The workshop centered on three primary objectives: Legal and Regulatory Review which involves modernizing the Ghana Insurance Act 1061 to align with international best practices, fostering a more competitive and resilient insurance market; Capacity Building which also involves enhancing the skills and knowledge of stakeholders through training sessions and knowledge-sharing activities, equipping industry professionals to navigate the evolving insurance landscape and drive innovation; and the Development of an Inclusive Strategy and Roadmap which looks at creating a comprehensive and inclusive insurance regulatory strategy that addresses the needs of all Ghanaians, particularly underserved and vulnerable populations.