Ghana National Insurance Commission flags reinsurance dependence and low insurance penetration at ANIA meeting in Accra

The Ghana National Insurance Commission reported on the 4th Africa Network of Insurers Associations (ANIA) Annual General Meeting and Conference in Accra, where regulators and market participants discussed ways to strengthen Africa’s insurance sector and increase market penetration. Commissioner of Insurance Dr. Abiba Zakariah chaired the opening and framed ANIA as a vehicle for continent-wide collaboration among insurers’ associations. Zakariah highlighted constraints on local insurers’ capacity to underwrite large and complex risks, leading to heavy reliance on foreign reinsurers and associated outflows of reinsurance premiums, alongside slow innovation and continued dependence on traditional distribution channels. She cited low penetration of about 3% across Africa compared with a global average of approximately 7.4%, attributing the gap to limited financial literacy, low demand and mistrust, and noted that the market remains concentrated in a few countries including South Africa, Namibia, Mauritius and Morocco. Ministry of Finance Financial Sector Division Director Louis Kwame Amo emphasised the need for strong regulatory frameworks, innovation and collaboration, and for building public confidence through awareness and financial literacy; the Ghana Insurers Association-hosted, five-day event also featured calls for seamless cross-border participation and a more coordinated response to insurance fraud.