The Commissioner of Insurance is advocating for broader insurance coverage that includes Ghana’s vast informal workforce. With over 80% of the labor force in the informal sector, expanding insurance access is seen as vital to improving social protection and financial resilience. The Commissioner urged insurance providers to develop innovative, affordable products tailored to the unique needs of informal workers. He emphasized that inclusive insurance policies can bridge protection gaps, deepen industry penetration, and contribute to national economic stability.
Speaking at the inauguration of the new Insurance House in Kanda, Accra, Dr. Zakariah challenged industry players to design inclusive insurance products that cater to market women, farmers, artisans, and other informal workers who currently make up the majority of Ghana’s uninsured population.
“The insurance industry must rise to the task,” she said. “We cannot build a resilient financial sector without including the people who drive our informal economy. No one should be left behind in financial protection and security,” he said.
Dr. Zakariah’s comments come amid persistent concerns about low insurance penetration in Ghana, estimated to be below 3% of the population, despite efforts by regulators and insurers to broaden the customer base.
The National Insurance Commission (NIC) has long identified the informal sector as key to unlocking industry growth and financial inclusion.
New Insurance House Symbolises Growth, Unity
The event also marked the official opening of the new three-storey Insurance House, a landmark facility designed by Ghanaian architectural firm Spektra Global, to serve as the administrative headquarters for key insurance industry bodies.
President of the Ghana Insurers Association (GIA), Mr. Seth Aklasi, described the building as more than just a physical structure, but rather a “symbol of unity, resilience, and progress” in Ghana’s insurance ecosystem.
“This facility is a commitment to our shared growth as an industry. It will foster collaboration, house innovative ideas, and elevate the relevance of insurance as a national priority,” he said.
Also speaking at the ceremony, Mr. Benjamin Yamoah, Chairman of the Ghana National Bureau of the ECOWAS Brown Card Insurance Scheme, lauded the collective vision behind the initiative.
“This space should become one of real transformation, where strategies for deeper coverage, stronger partnerships, and regional integration can flourish,” he noted.
Industry Stakeholders Commended for Milestone Achievement
The event brought together stakeholders from across the insurance landscape, including representatives from the Insurance Brokers Association of Ghana (IBAG), Chartered Insurance Institute of Ghana (CIG), Association of Savings and Investment (ASG), West African Insurance Companies Association (WAICA), and the Ghana Insurance College (GIC).
Special recognition plaques were awarded to past GIA presidents and contributors to the realisation of Insurance House, including Nana Agyei Duku and Mr. Max Kobina, for their leadership and commitment.
The Insurance House is expected to serve as a centre for thought leadership and innovation, advancing the NIC’s regulatory vision while empowering the industry to reach underserved markets and increase insurance penetration across the country.
Last Updated on June 24, 2025 by Senel Media
