Ghana targets insurance inclusivity for MSMEs – NIC

The Acting Commissioner of the National Insurance Commission (NIC), Micheal Andoh, has said Ghana is targeting to achieve insurance inclusivity especially to all Micro Small and Medium Enterprises operating in the country.

According to him, the target could be achieved through raising awareness and increased demand for micro-insurance products for the low-income segment of the Ghanaian economy.

Speaking with journalists ahead of the 2023 International Conference on Inclusive Insurance to be held in Accra from October 23, the NIC acting commissioner urged all MSMEs to get the appropriate insurance policies to protect their businesses.

“MSMEs are a critical component of our economy and it is vital for them to be given the necessary sensitization on the importance, benefits of insurance and appropriate insurance policies in order for them to safeguard their businesses and livelihoods,” Micheal Andoh said.

He emphasized that creating appropriate micro-insurance products to serve small businesses will help safeguard against any form of disaster should they occur.

The acting NIC boss used the opportunity to explain how small business owners can benefit from the right insurance policies, while assuring that the insurance regulator [NIC] will step up public education on how insurance claims are processed.

“This will bring more confidence into the insurance industry,” Micheal Andoh added.

Meanwhile, the 2023 International Conference on Inclusive Insurance is organized by the National Insurance Commission of Ghana (NIC), the Ghana Insurers Association (GIA) and the Insurance Brokers' Association of Ghana (IBAG), in cooperation with Munich Re Foundation and the Microinsurance Network.

The conference which will take place in Accra-Ghana from Monday October 23, 2023, will bring together global insurance experts to think of new and advance ways to develop micro-insurance products to serve the low-income economy.

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