Insurance

Indonesia Inclusive Insurance Report 2022: An Open Door for an Innovative Inclusive Insurance Market – ResearchAndMarkets.com

September 30, 2022
Jacob M. Paul

DUBLIN–(BUSINESS WIRE)–The report “Inclusive Insurance in Ghana” has been added ResearchAndMarkets.com Offer.

With most of Ghana’s workforce employed in the informal sector, inclusive insurance is a fundamental necessity to build community resilience.

The insurance industry and its regulator, the National Insurance Commission, have implemented various initiatives that have enabled the development of microinsurance in Ghana.

Although the insurance sector is small relative to GDP, take-up of inclusive insurance is relatively high at 26% according to the 2021 Landscape of Microinsurance survey and is steadily growing thanks to consistent efforts and coordination by national and international stakeholders. A new insurance law was enacted in 2021, opening the door to innovative market development initiatives.

Important Findings

  • Agriculture plays a key role in Ghana’s economy and the country is the second largest producer and exporter of cocoa in the world.

  • Ghana has experienced floods, droughts and coastal erosion that have affected important sectors of the economy. The country is vulnerable to climate change, which is expected to increase the frequency of extreme weather events. In response, the government has launched strategies and measures to adapt to climate change.

  • In June 2022, the Insurance Development Forum (IDF), the federal government, the United Nations Development Program (UNDP) and the Ghana Ministry of Finance announced the launch of a tripartite project to develop a government risk transfer system for urban flooding in Ghana.

  • Mobile money made a significant contribution to financial inclusion in Ghana, which was ranked as the fastest growing mobile money market in Africa.

Main topics covered:

introduction

context

risk exposure

Enable the development of the inclusive insurance market

The current inclusive insurance landscape

  • Identified microinsurance coverage

  • Products

  • distribution

  • Expectations

  • gender

opportunities and challenges

companies mentioned

  • A2ii

  • Bank of Ghana

  • BIMA MILVIK

  • Cenfri

  • FSD Africa

  • Ghana Insurance Association (GIA)

  • Ministry of Finance of Ghana

  • Insurance Development Forum (IDF)

  • MIC Global (MicroEnsure)

  • National Health Insurance Agency

  • National Insurance Commission (NIC)

  • National Pensions Regulatory Authority (NPRA)

  • United Nations Development Program (UNDP)

For more information about this report, visit https://www.researchandmarkets.com/r/5f98tr