Ghana National Insurance Commission sets out three-pillar reset strategy to sanitize markets, lift penetration and position Ghana as an African insurance hub

The Ghana National Insurance Commission (NIC) published a strategic statement by acting Commissioner Dr Abiba Zakariah setting out a “reset” programme for Ghana’s insurance sector, aimed at building a more efficient, fairer, safer and more stable market while expanding coverage, including across the largely untapped informal sector. The strategy is organised around three pillars. Market sanitization focuses on identifying and eliminating unethical practices, collaborating with industry to develop standardized rates and terms across product lines, strengthening enforcement capacity through the Risk-Based Supervision framework and other tools, and launching a Customer Satisfaction Index. Market penetration includes establishing an Insurance Penetration Committee, creating “Campus Care” demonstration centres on university campuses, co-designing products with informal sector groups, launching an Insurance Innovation Challenge, working toward an Agricultural Insurance Fund to help lower premiums for small-holder farmers, and exploring digital tools for public engagement and internal efficiency. The third pillar targets making Ghana an insurance hub in Africa, including discussions on new insurance pools, expanding the Ghana Oil and Gas Insurance Pool and Ghana Agricultural Insurance Pool to other African countries, and pursuing the creation and hosting of an African insurance rating agency. Stakeholder consultations on stronger enforcement of compulsory insurance lines have been held and implementation plans are underway, while discussions on regional pool expansion and the proposed rating agency have been initiated.