Book on micro-insurance launched

A new book that explains ways to contribute to insurance on a small-scale (micro-insurance) and targeted at practitioners in the informal sector of the economy has been launched in Accra.

The 16-page book written by Dr Gideon Amenyedor, Executive Vice-Chairman of Vanguard Assurance, titled; ‘Offering a Winning Micro-insurance in Ghana – Vanguard’s Experience’, is a must-read piece of literature based on qualitative research of the informal sector in the country. 

Present at the ceremony were captains of the insurance industry, management of Vanguard Assurance and other invitees.

Giving a background to the book, Dr Amenyedor said he was inspired to write the book in response to a demand by the Chartered Institute of Marketing Ghana (CIMG), urging leadership of the insurance industry to share experiences in research with the public and and added that his desire to share knowledge to help eradicate poverty which was becoming widespread, particularly among the informal sector of the Ghanaian economy was another urge.

He bemoaned the fact that most workers in the informal sector did not adopt insurance in the management of their risks but resorted to reverse insurance – a situation where individuals rely on the benevolence of friends, family members or government to finance recovery from the devastating effect of a loss, which they should have insured against.

The Managing Director of the Graphic Communications Group Limited, Mr Kenneth Ashigbey, who was the chairman for the launch, said the book was a healthy remedy to the critical situation of an uninsured workforce that was affected by events resulting in loss and misfortune but did not know where to direct attention.