The National Insurance Commission (NIC) has commended mobile network operator, Tigo for its contribution to improve insurance penetration in the country.
According to the Head of Supervision at NIC, Kofi Andoh, the high mobile penetration rates in the country would be a major boost to insurance companies reaching out to the informal sector.
During a courtesy call on the management of Tigo in Accra, he said by close of the year the regulator would conduct a survey on mobile micro-insurance in the country to get a full appreciation of the dynamics of the service.
He urged stakeholders to support the activities of NIC to grow the sector.
In 2010 and 2013, Tigo introduced two innovative products Tigo Family Care and Tigo Hospital insurance, which are uniquely designed for the informal sector and it currently boasts of more than 1.3 million subscribers.
The Regulatory Manager for Tigo Ghana, Sylvia Owusu-Ankomah, said Tigo Ghana was excited to be a part of team pushing for financial inclusion in the informal sector.
“For example, the loss of a family member results in significant expenses to cover the cost of a funeral and with Tigo insurance,” she added.
She said without insurance, individuals are forced to take actions that could negatively impact their lives such as selling assets or withdrawing children from school.
Madam Owusu-Ankomah said for 90 per cent of Tigo insurance subscribers, it is their first private insurance product.
Tigo’s insurance policies are underwritten by Prudential Life and distributed by Bima.
Bima is a micro-insurance agent, which offers insurance products to millions of customers across Africa, Asia, Latin America and Pacific.