Insurance fair ends today - Visit Accra Mall food court
The First Vice President of the Ghana Insurers Association (GIA), Dr Nashiru Iddrisu, has said insurance remains the most reliable means of transferring risk and bouncing back from sudden losses that could devastate families and businesses.
He therefore called on Ghanaians, especially informal sector workers, to protect themselves with insurance coverage as the most reliable way to recover from unexpected events.
Speaking to the Daily Graphic on the sidelines of the ongoing 2025 Insurance Fair at the Accra Mall Food Court last Thursday, Dr Iddrisu explained that every segment of Ghana’s economy needed insurance protection against life’s uncertainties, hence the need for it to be embraced by all.
“This fair is about redefining insurance. We are encouraging everyone, including individuals, families, and businesses, to walk through the stands, ask questions, and get the right products that meet their needs.
“It is a one-stop platform for clarity, education and innovation in the insurance space,” Dr Iddrisu stated.
Statistics
The industry push comes as many Ghanaians, particularly those in the informal sector, remain vulnerable to financial ruin from accidents, illness, fire, theft, and other unexpected events that insurance could help them survive.
A christian group from South Korea performing at the insurance fair. Pictures: BENEDICT OBUOBI
According to provisional data released by the National Road Safety Authority (NRSA), in collaboration with the Police Motor Traffic and Transport Department (MTTD), Ghana recorded a total of 7,289 road crashes and 1,504 fatalities between January and June 2025.
The report further indicated that 12,354 vehicles were involved in various accidents during the six months, causing injuries to 8,300 individuals.
Additionally, 1,301 pedestrians were reported to have been knocked down by vehicles across the country.
These figures, Dr Iddrisu said, reflected the urgent need for Ghanaians to adopt insurance as a proactive measure to secure themselves and their families against financial ruin.
Insurance Fair
The annual event is organised by the Graphic Communications Group Ltd (GCGL), in collaboration with the National Insurance Commission (NIC) and the Ghana Insurers Association (GIA).
Abena Arhin, a representative of Graphic communications group Ltd, interacting with representatives from GLICO Group
This year’s edition, on the theme, “Boosting Insurance in the Formal and Informal Sectors in Ghana,” brought together insurance sector players, state and corporate institutions, as well as individuals, to explore opportunities within the sector.
The three-day event, scheduled for 8 a.m. to 7 p.m. daily, aims to address the country’s insurance penetration challenges while positioning the sector as a critical pillar of national development.
The participating insurance companies include State Insurance Company Ltd, Enterprise Insurance, GLICO Life, Equity Health Insurance, Serene Insurance, Millennium Insurance, Prudential Life Insurance, MiLife Insurance and Hollard Insurance.
Others are Bedrock Insurance, Vanguard Assurance, Imperial General Insurance, Sanlam Allianz, Nsia Insurance, Old Mutual and Coronation.
Opportunity
He described the fair as an opportunity to connect with both insured and uninsured populations.
He explained that the informal sector, which contributed over 80 per cent to the national economy, remained a major target for micro insurance products and mobile-based services.
“People in the informal sector own businesses, assets and properties just like those in the formal sector. Some are even wealthier. So why shouldn’t they be insured?” he asked.
He added that the insurance industry was gradually shedding its conservative image and embracing innovation.
“Today, with just a click of a button, you can get insurance via telecom platforms like MTN or Telecel. There are exciting digital insurance solutions to meet various needs,” Dr Iddrisu said.
He, therefore, called on the public to take advantage of the fair, which has attracted over 30 companies, including life, general, and health insurers, to engage directly with service providers and understand their offerings.
Low penetration
Touching on the state of the industry, he stressed that the insurance sector still had a lot of room for growth, with penetration currently below two per cent of Gross Domestic Product (GDP).
He attributed the low uptake partly to mistrust, negative perceptions, and limited understanding of insurance products.
“Many people buy a product expecting something entirely different.
But when you understand what you’re buying, your experience with insurance will be totally different,” he stated.
He advised the public to be well informed before committing to any insurance product, adding that insurance companies were committed to paying legitimate claims promptly.
“Seek clarification, ask questions, understand exactly what you are signing up for.
That is the only way to ensure the product truly serves your needs.
“Paying claims is our business. It’s even a form of advertisement when we pay quickly and genuinely,” he added.
