The Landscape of Microinsurance in Ghana 2015
Microinsurance is an important mechanism for managing uncertainties and vulnerabilities of low-income segments of the population. In Ghana, microinsurance industry development is being spearheaded by the National Insurance Commission (NIC) to expand the insurance market and facilitate improved access to and the usage of insurance services by MSMEs and low-income households. The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), provides technical assistance to NIC and other key stakeholders in the insurance sector to achieve this objective. In pursuance of this, the NIC has introduced the Market Conduct (Microinsurance) Rules in order to guide the microinsurance segment of the insurance market.
As a follow up to a 2012 survey, the NIC working with GIZ contracted MicroInsurance Centre (MIC) and CDC Consult Limited to conduct a Microinsurance Landscape Survey for 2014. The survey focused on both the supply and demand sides of the market. The supply side sought to throw more light on the status of the microinsurance sector in Ghana; solicit detailed feedback from the insurance industry on the current level of adoption of the Market Conduct (Microinsurance) Rules; identify examples of good practices in the microinsurance market and investigate their promotion. The demand side focused on assessing the current level of knowledge, attitude and perception of microinsurance clients.Microinsurance is an important mechanism for managing uncertainties and vulnerabilities of low-income segments of the population. In Ghana, microinsurance industry development is being spearheaded by the National Insurance Commission (NIC) to expand the insurance market and facilitate improved access to and the usage of insurance services by MSMEs and low-income households. The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), provides technical assistance to NIC and other key stakeholders in the insurance sector to achieve this objective. In pursuance of this, the NIC has introduced the Market Conduct (Microinsurance) Rules in order to guide the microinsurance segment of the insurance market. As a follow up to a 2012 survey, the NIC working with GIZ contracted MicroInsurance Centre (MIC) and CDC Consult Limited to conduct a Microinsurance Landscape Survey for 2014. The survey focused on both the supply and demand sides of the market. The supply side sought to throw more light on the status of the microinsurance sector in Ghana; solicit detailed feedback from the insurance industry on the current level of adoption of the Market Conduct (Microinsurance) Rules; identify examples of good practices in the microinsurance market and investigate their promotion. The demand side focused on assessing the current level of knowledge, attitude and perception of microinsurance clients.
