1 week ago
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A programme dubbed micro and inclusive insurance clinic to educate traders and artisans in the Greater Accra Metropolitan Area (GAMA) on the benefits of insurance has been launched in Accra.
It is an initiative of the United Nations Development Programme (UNDP) Insurance and Risk Finance Facility (IRFF), National Insurance Commission (NIC) and the Insurance Awareness Coordinators’ Group.
It formed part of the Inclusive Insurance Certification Programme by the UNDP/ IRFF programme which is being done in collaboration with the Ghana Insurance College with the support from the NIC with the aim to build the required capacities and promote awareness of inclusive insurance across the country.
Micro and inclusive insurance provides tailored products designed specifically for low-income earners, giving them access to coverage in case of unforeseen events and is targeted at groups like market women, artisans, and food vendors.
The clinics which will run from September to November, would educate traders at Ada, Sege, Kasoa, Galilea and Prampram on the importance of insurance.
The Acting Commissioner of Insurance, Mr Michael Kofi Andoh, who launched the programme, said the clinics would take the form of interactive sessions with the informal sector workers on the risks they faced in their business and personal lives and the need for them to buy insurance to cover their businesses.
He emphasised the need for the insurance sector to grow exponentially with focus on the informal sector.
Mr Andoh noted that over 70 per cent of the national workforce operated within the informal sector, and was mostly underserved with the traditional insurance products and stressed the need for the development insurance products that addressed the needs of the underserved segment of the population.
He said micro and inclusive insurance made farmers and other informal workers creditworthy and called on market traders, artisans and other vulnerable groups to embrace insurance as a risk mitigating mechanism.
The Chief Executive Officer (CEO) of the Ghana Insurers Association (GIA), Dr Kingsley Kwabason, said not much progress had been made, though Ghana was the first country to develop a framework for inclusive insurance.
He expressed optimism about the NIC’s partnership with the UNDP/IRFF, aimed at making inclusive insurance more accessible to all Ghanaians.
The Regional Technical Advisor for UNDP/ IRFF, Ms Linet Odera, commended the NIC’s vision of rolling out the inclusive insurance programme, predicting it would increase the supply of insurance in the country whilst the awareness clinics take care of the demand side.
The Head of Environment and Climate Cluster at UNDP – Ghana, Dr Abdul- Razak Saeed, added that inclusive insurance could play a crucial role in mitigating the impacts of climate change and climate-related issues.
The UNDP/ IRFF Coordinator, Dr Amina Sammo, expressed her satisfaction with the progress of the initiative.
She highlighted the importance of extending insurance coverage to those who had traditionally been excluded, such as market traders and artisans.
BY KINGSLEY ASARE
