The Ghana National Insurance Commission (NIC) published a policy paper by its Acting Deputy Commissioner of Insurance assessing how Ghana’s newly launched 24-Hour Economy blueprint could reshape risk exposures and what the insurance ecosystem would need to change to support round-the-clock activity. It argues that existing insurance products, pricing and service models are largely built around traditional working hours and may not be fit for purpose as night-time operations expand. The paper notes that insurance penetration in Ghana (net of private health insurance) is about 1% and concentrated in motor, fire and traditional life products, while a 24/7 economy could intensify exposures in transport and logistics, retail and hospitality, manufacturing and warehousing, and healthcare and emergency services. It sets out imperatives including more agile supervision with faster approval of innovative products and a more flexible regulatory sandbox; product innovation such as on-demand accident and liability cover for gig workers and micro-cyber insurance for SMEs; round-the-clock claims capability supported by digital platforms and AI; and reinsurance and capital planning that reflects new aggregation risks. The paper also references NIC work with partners on premium subsidies to expand agricultural insurance and an objective to double insurance penetration over the next three years.
Ghana National Insurance Commission 2025-07-29
Ghana National Insurance Commission paper calls for adaptive regulation, new products and 24/7 claims to support the 24-Hour Economy
The Ghana National Insurance Commission published a policy paper assessing the impact of Ghana's 24-Hour Economy blueprint on risk exposures and necessary changes in the insurance sector. It highlights the need for agile supervision, product innovation, and enhanced claims capabilities to support round-the-clock operations. It also discusses efforts to expand insurance penetration, particularly in agriculture, aiming to double penetration over the next three years.