Insure to protect yourself against uncertainties - Insurance companies urge Ghanaians
Insurance companies have called on Ghanaians, especially informal sector workers, to protect themselves with insurance coverage, as it is the most reliable way to recover from unexpected events.
The First Vice-President of Ghana Insurers Association (GIA), Dr Nashiru Iddrisu, emphasised that insurance remained the most reliable means of transferring risk and bouncing back from sudden losses that could devastate families and businesses.
Speaking to the Daily Graphic on the sidelines of the 2025 Insurance Fair in Accra, Dr Iddrisu explained that every segment of Ghana’s economy needed insurance protection against life’s uncertainties and should be embraced by all.
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 to survive.
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 7,289 road crashes and 1,504 fatalities between January and June 2025.
The report further indicates that 12,354 vehicles were involved in various accidents during the six-month period, resulting in injuries to 8,300 individuals.
Additionally, 1,301 pedestrians were reported to have been knocked down 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.
The annual event is organised by the Graphic Communications Group Ltd (GCGL), in collaboration with the National Insurance Commission (NIC) and the GIA.
Held on the theme, “Boosting Insurance in the Formal and Informal Sectors in Ghana”, this year’s event brought together insurance sector players, state and corporate institutions, as well as individuals, to explore opportunities within the sector.
The three-day event sought to address the country’s insurance penetration challenges while positioning the sector as a critical pillar of national development.
Some participating insurance companies at the event were the State Insurance Company Ltd, Enterprise Insurance, GLICO Life, Equity Health Insurance, Serene Insurance, Millennium Insurance, Prudential Life Insurance, MiLife Insurance and Hollard Insurance.
Others were Bedrock Insurance, Vanguard Assurance, Imperial General Insurance, Sanlam Allianz, Nsia Insurance, Old Mutual and Coronation.
Dr Iddrisu described the fair as an opportunity to connect with the 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 quizzed.
Dr Iddrisu 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,” he said.
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 Growth Domestic Product (GDP).
Dr Iddrisu 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, therefore, 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,” the GIA First Vice-President stated.
