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New microinsurance regulatory regime launched in Ghana

11.02.2013

A new regulation on microinsurance has been introduced in Ghana on Wednesday (February 6th) during a conference organised by the National Insurance Commission (NIC) and the German International Cooperation.

A new regulation on microinsurance has been introduced in Ghana on Wednesday (February 6th) during a conference organised by the National Insurance Commission (NIC) and the German International Cooperation.

The new rules are expected to facilitate the sale of microinsurance products, contribute to the development of the micro-insurance sector and ensure that policy holders are adequately protected, Modern Ghana reports.

Speaking at the conference in Accra, Insurance Commissioner Nyamikeh Kyiamah defined microinsurance as the provision of insurance products to low-income populations and said the sector was experiencing rapid growth in the country.

However, she added that access to insurance services in Ghana is still very limited and that only 4.1 per cent of the total adult population held any form of insurance policy in 2010.

The Head of Cooperation at the Embassy of Germany, Dr Maria Tekuelve, added that the document provides a holistic perspective. "Each of the six chapters addresses a key aspect of good insurance practice, providing both international perspectives and solutions tailored to the Ghanaian market."

The insurance sector in Ghana counts 43 companies whose combined gross premium amounted to 1.89 percent of Ghana’s Gross Domestic Product (GDP) in 2010, according to figures from the government of Ghana official website.