Insurance Penetration report lays path for sector reforms

The Acting Commissioner of Insurance, Dr Abiba Zakariah, has reiterated her commitment to strengthening Ghana’s insurance industry through inclusive policies and stakeholder participation.

“Together, we are building a stronger, more inclusive insurance landscape,” she emphasised.

She made these remarks when the Committee on Insurance Penetration officially presented its report to her at the National Insurance Commission (NIC) Head Office in Accra on August 28, 2025.

The committee, constituted by Dr Zakariah, was tasked with investigating challenges and recommending measures to improve Ghana’s insurance penetration rate, which currently stands at about 1%.

Receiving the report, she noted that it provides key insights into the current state of insurance uptake, representing a crucial step towards expanding coverage, improving public trust, and shaping policies to make insurance more accessible.

Let's place GH¢1 million penalty payment on insurance undercutting – Former GIA President

Presenting the report, the Chairman of the Committee, Larry Kwesi Jiagge, Esq., acknowledged the challenges faced during the process but expressed confidence that their findings and recommendations would significantly drive industry growth.

He highlighted three major issues:

• The avoidance of compulsory motor insurance by some motorists and vehicle owners;

• Significant unreported leakages within the industry;

• Limited and cumbersome reporting structures on inclusive insurance.

Jiagge stressed that economic stability is key to driving insurance penetration and called for stronger collaboration with the NIC.

He further urged the Commission to ensure that Professional Indemnity Insurance, as mandated under Sections 216 and 217 of the Insurance Act, 2021 (Act 1061), continues to be enforced, thereby enhancing industry accountability and consumer protection.

'Let's challenge ourselves to change the insurance market' – Dr. Abiba Zakariah

The committee, chaired by Larry Kwesi Jiagge of Risk Management Advisory Services (RMAS), drew its membership from key institutions across the insurance and transport sectors.

Members included Salifu Abubakari of the Ghana Insurers Association (GIA); Peter Nyarko Dennis of the Chartered Property Casualty Underwriters (CPCU); Esther Armah and Josephine Agyemang Aboagye, both representing the NIC; Kofi Okoamprah Akoto of the Insurance Brokers Association of Ghana (IBAG); Emma Ocansey of the GIA; and Dr Jacob Odae of the Ghana Private Roads Transport Union (GPRTU).

Dr Zakariah reaffirmed NIC’s commitment to working with stakeholders to implement the committee’s recommendations, noting that doing so will ensure a more robust, inclusive, and sustainable insurance ecosystem for Ghana.

Currently, Ghana’s insurance penetration rate measures the contribution of both life and non-life insurance to the country’s Gross Domestic Product (GDP).

MA