NIC calls for proactive inclusive insurance policies to boost livelihoods

The Acting Commissioner of Insurance, Michael Kofi Andoh, has advised a 12-member steering committee to harness the transformative potential of inclusive insurance to reduce poverty and enhance livelihoods.

Speaking at the launch and inauguration of the committee, tasked with spearheading the implementation of inclusive insurance in Ghana, Andoh urged the members to prioritize financial inclusion, especially in underserved communities.

“It is crucial to combat poverty and establish the necessary foundations for financial inclusion. Inclusive insurance can offer access to vital payment services,” Andoh stated.

He emphasized the untapped potential within Ghana’s informal sector and the importance of expanding agricultural insurance and implementing parametric insurance solutions to address the country’s vulnerabilities.

Dr. Amina Sammo, Coordinator of the Insurance and Risk Finance Facility (IRFF) at the United Nations Development Programme (UNDP), described the inauguration as a pivotal moment in advancing inclusivity.

“This marks a significant step in empowering people in inner-city and low-income communities across the country,” Dr. Sammo said.

She commended the partnership between the NIC and UNDP, which has achieved notable milestones since the promulgation of the Insurance Act, 2021 (Act 1061). She also encouraged committee members to maintain their momentum and ensure that inclusive insurance in Ghana aligns with international standards.

The steering committee has been tasked with developing strategies to extend insurance coverage to underserved populations, particularly in the informal sector. Members are also expected to promote awareness and adoption of inclusive insurance products, contributing to the broader goal of financial empowerment for all Ghanaians.

With this initiative, the NIC aims to address critical gaps in Ghana’s insurance sector while fostering resilience and economic growth.

The committee, chaired by Stella Jonah, Head of Supervision at the NIC, includes representatives from key institutions. Abdul-Rashid Rahman serves as the Secretary to the Committee.

Other members include Mohammed Hafiz Issahaku, Head of Innovation at NIC; Kyeame Ghansah, Head of Research at NIC; Patience Arku-Boham, Head of the Pensions and Insurance Unit at the Ministry of Finance; and Nicholas Nyagblornu, Head of the Intersectoral Collaborations Unit at the Ministry of Health.

The team also comprises Emmanuel Kofi Asare Abrokwa, Manager of Standards and Compliance at the National Pensions Regulatory Authority (NPRA); Dr. Yaw Opoku Boateng, Director of Quality Assurance at the National Health Insurance Authority (NHIA); and Dr. Kingsley Kwabahson, CEO of the Ghana Insurers Association (GIA).

Other members are Leona Lillian Abban, Manager of TURACO Inclusive; Kofi Akoto Okoampah of the Insurance Brokers Association of Ghana (IBAG); and Ernestina Amankra of the Insurance Awareness Coordinators’ Group (IACG).

The committee is further supported by Mrs. Magdalene Afriyie, Registrar of the Ghana Insurance College (GIC); Yaw Boamah Baafi of the National Communications Authority (NCA); and Ing. Dr. Kenneth Ashigbey, CEO of the Ghana Chamber of Telecommunications.

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