NIC and partners take business insurance to artisans and market women

The National Insurance Commission (NIC) under its Insurance Awareness Coordinators group, in collaboration with the United Nations Development Programme's Insurance and Risk Finance Facility (UNDP'sIRFF), has launched a nationwide initiative to promote inclusive insurance campaigns for artisans and market women.

The initiative aims to provide these underserved groups with access to insurance in times of emergency, ensuring their livelihoods are protected.

As part of the effort, 26 enumerators are being trained to conduct fieldwork starting next week.

The team will visit key markets such as Galilea in Dodowa, Katamanso, Kasoa, Ada, Sege and Asutuare from October 1 to October 5, meeting with the leadership of market women, artisans and associations to raise awareness about the benefits of business insurance.

Speaking at NIC’s Inclusive Insurance Awareness Clinic for the Greater Accra Metropolitan Area, UNDP'sIRFF Coordinator Dr. Amina Sammo expressed her satisfaction with the progress of the initiative.

She highlighted the importance of extending insurance coverage to those who have traditionally been excluded, such as market traders and artisans.

"My stance on inclusive insurance has always been a passionate one.

Insurance has often eluded small business owners, like the charcoal, waakye or plantain sellers on the street.

Basic insurance such as car, property and life insurance are common, but what about coverage for the market woman’s stocks or the artisan’s tools in case of an emergency?

We need to shift the focus toward micro-business insurance, which can bring real relief to those who lose their livelihoods due to unforeseen circumstances," Dr. Sammo said.

She urged the enumerators to keep this in mind as they go into the field, stressing the importance of business insurance over the heavily marketed funeral policies, which often overlook the immediate needs of traders facing disasters like floods and market fires.

She made a call to action for the insurance associations to be innovative in coming up with insurance products that are accessible and capable of protecting the business of especially vulnerable populations.

She added UNDP's IRFF is committed to supporting the insurance industry to break boundaries in serving over 90% of the population that are not captured in general insurance products.

Mr. Nda Ahale Polley, representing the Ghana Insurers Association(GIA) and the Insurance Awareness Coordinating Group (IACG), explained that the IACG was formed to streamline and coordinate all insurance awareness campaigns in the country, preventing overlapping efforts.

He noted that the group's activities began in June 2023 and will continue until November, with a focus on driving inclusive insurance efforts.

Mr. Abdul-Rashid Rahman, who oversees inclusive insurance at NIC’s supervision department, outlined the five phases of the programme.

The first stage involved a reconnaissance trip to selected markets, then now training the enumerators, while the third phase, known as the Focus Group Discussion, will see them going into the field to engage with market leaders and artisans to gather data and feedback from participants.

The final stage will be building the capacity of selected teams to enable them to relay insurance information to the masses after the programme.

Kyeame Ghanasah, the lead facilitator, took participants through the key objectives of the fieldwork, ensuring they are equipped to effectively communicate in indigenous languages the benefits of inclusive insurance during their engagements.