Ghana: National Insurance Commission Advocates for Wider Access through Inclusive Insurance

The Central regional office of the National Insurance Commission (NIC) recently hosted a stakeholder engagement event centered on “Enhancing Economic Development in the Central Region through Inclusive Insurance.” Held on April 5, 2024, this event aimed to raise awareness and deepen understanding of inclusive insurance among both the public and industry stakeholders.

At the gathering, Mr. Michael Kofi Andoh, the Acting Commissioner of Insurance, delivered key remarks that emphasized the commission’s dedication to broadening access to insurance for all Ghanaians, irrespective of their occupation or socioeconomic background. He stressed the crucial role of inclusive insurance in providing financial security and resilience against unexpected events, particularly for those in the informal sector.

Mr. Andoh passionately stated, “Insurance should be accessible to everyone—workers, self-employed individuals, artisans. We are championing what we call ‘inclusive insurance,’ making it possible for anyone earning an income and of sound mind to access insurance services.”

Highlighting the universal need for insurance, he added, “Every activity carries a risk—whether you are a market trader, a farmer, a fisherman, or an office worker. It is essential to prepare and secure coverage against potential losses instead of waiting for disasters to strike.”

Furthermore, Mr. Andoh advised vehicle owners to ensure their insurance is legitimate by using the USSD Code 92057# to verify insurance validity, underlining the importance of reliable coverage in the event of accidents.

The event also underscored the commission’s role in public education and enforcing fair treatment of policyholders within the insurance sector. “We regulate insurance companies and ensure that every entity complies with the National Insurance Commission’s standards,” Mr. Andoh explained.

Nicholina Naa Yeye Adumuah, the regional head and host of the event, supported Mr. Andoh’s messages, emphasizing the value of such stakeholder engagements in fostering industry collaboration and understanding. She mentioned the commission’s commitment to enforcing compulsory insurance policies and maintaining high standards of transparency and fairness.

Ms. Adumuah noted that the event provided a platform for interactive dialogue, where participants could learn about insurance products, claim processes, and more. She highlighted the participation of additional resource persons like police officers, medical staff, and fire service representatives, who also addressed public concerns related to their fields.

Concluding the event, Ms. Adumuah called on insurance companies to stay updated with the latest developments in inclusive insurance to enhance the microinsurance sector’s appeal and viability for low-income individuals and groups. She advised potential policyholders to thoroughly understand the terms and conditions of any insurance product and encouraged insurance companies to adequately train their agents to better inform clients.

For those facing challenges with their insurance coverage, she advised reaching out to their insurance provider first. If issues are not resolved satisfactorily, she recommended that policyholders should approach the NIC for assistance. She also emphasized the importance of policyholders understanding their insurance policies thoroughly and consulting their insurance company if they have any concerns.