Michael Kofi Andoh, the Acting Commissioner of Insurance at the National Insurance Commission (NIC), highlighted the significance of inclusive insurance to expand coverage, especially among the informal sector and low-income earners in Ghana’s economy. He emphasized that this category plays a crucial role in driving national economic growth and the insurance sector’s development when provided with suitable insurance schemes.
Speaking at the launch of the International Conference on Inclusive Insurance (ICII) in Accra, Andoh noted that the inclusive insurance sector has witnessed substantial growth in client outreach and premium volumes over the past decade, aided by new technologies that aim to increase market coverage. Despite this progress, a considerable number of people still lack insurance coverage or alternative risk management options.
As Ghana prepares to host the conference in October 2023, Andoh believes the informal sector will indirectly benefit, leading to improved insurance coverage, even though premiums for inclusive insurance may be small. He stressed that while insurance penetration is crucial, equally important is safeguarding the lives of people through increased coverage.
Hosting the ICII in Accra presents various benefits for Ghana, including providing a platform for knowledge sharing among experts and authorities in the inclusive insurance domain. Ghana’s commitment to inclusive insurance efforts makes it well-suited to host such an international conference.
The ICII will bring together nearly 500 delegates from around the world to discuss challenges related to extending insurance-based risk management solutions to low-income households and micro, small, and medium-sized enterprises (MSMEs). The discussions will focus on boosting economic growth and enhancing the protection of lives through comprehensive insurance coverage.