Insurance
From The Report: Ghana 2022
View in Online Reader

Ghana is well positioned to develop its insurance sector. According to a 2021 survey conducted by the UN Development Programme, around 70% of Ghanaians do not have access to insurance of any kind, and many of the products available in the market do not respond to the needs of the population. Even so, the sector’s value grew 10-fold between 2011 and 2021. The market has been able to expand its breadth through the introduction of micro-insurance and the digitalisation of services. Moreover, the authorities have worked to overhaul insurance-related legislation through the Insurance Act 2021, which aims to modernise the sector and increase penetration. Much depends on the rollout of reforms implemented in recent years, as well as the sector’s ability to adapt to Ghanaians’ specific needs.

This chapter contains an interview with Justice Yaw Ofori, Commissioner, National Insurance Commission.

Articles from this Chapter

Overview

Expand the base: Regulatory reforms and the introduction of new products and technologies are broadening insurance penetration
OBG
plus

Ghana is well positioned to develop its insurance sector – an imperative made more pressing in recent years due to the Covid-19 pandemic and increasingly frequent weather disasters linked to climate change. According to a 2021 survey conducted by the UN Development Programme, around 70% of Ghanaians do not have access to insurance of any kind, and many of the products available in the market do not respond to the needs of the population. Even so, the sector’s value grew 10-fold between 2011 and…

Analysis

The next step: A new legislative framework and push towards digitalisation to modernise and deepen the local market
OBG
plus

Ghana’s National Insurance Commission (NIC) has been working in recent years to implement a series of changes aimed at enhancing access to coverage, diversifying products and bolstering awareness in the general public about the importance of insurance. The Covid-19 pandemic further underscored the need to bolster the market. “The financial sector and insurance companies in particular have shown resilience throughout 2021,” Yasmin Essilfie-Mensah, executive director of Accra-based insurance…

Interview

Financially sound: Justice Yaw Ofori, Commissioner, National Insurance Commission, on recapitalisation and digitalisation
OBG
plus

Interview: Justice Yaw Ofori How can insurance companies benefit from the participation of actuaries in their businesses? JUSTICE YAW OFORI: Insurance thrives on probabilities. Individuals with similar risk profiles may therefore be grouped together and specific outcomes may be predicted with some certainty. This predictability enables insurers to take on individually unpredictable risks and spread the financial consequences across many policyholders with similar risk profiles through premium charged.…

Analysis

Smaller footprint: A focus on sustainability is expected to reduce risks associated with climate change while bolstering bottom lines
OBG
plus

As environmental, social and governance (ESG) concerns become increasingly important in the corporate world, insurance companies are emerging as potentially key players in the shift away from fossil fuel-powered projects. The launch of the UN-convened Net-Zero Insurance Alliance (NZIA) in July 2021 reflects an ongoing shift in the global insurance industry towards the wider recognition of the risks associated with climate change. Targeting Net-zero The NZIA brings together the world’s biggest…