The National Insurance Commission (NIC), insurance companies and other stakeholders have been encouraged to increase awareness on insurance in order to increase penetration.
This will ensure that the public is made aware of the numerous benefits of acquiring insurance to protect their life, property and investments, among others.
Insurance penetration in...
The African Export-Import Bank (Afreximbank) last Sunday launched its wholly owned insurance management services subsidiary, AfrexInsure, with a commitment to provide a single-entry point for all specialty insurance needs to assist in optimally managing related risks for the trade and commerce sector in Africa.
Established in 2021, AfrexInsure is set...
About 98 percent of insurance companies have met the new minimum capital requirement of the National Insurance Commission (NIC).
The regulator in June 2019 announced new minimum capital requirements for players in the insurance space. It increased the minimum capital requirement for life and non-life companies from GH¢15 million to...
In Ghana, insurance is typically not considered a necessity; however, for people who take insurance policies their sum insured (maximum amount paid out for claims) is largely based on their current circumstances. Sadly, after people take policies they fail to increase their sum insured as their circumstances change.
Head of...
Financial technology firms (fintechs) have become key enablers and positive disruptors in the country’s quest to deepen insurance penetration.
Insurance and pensions sector experts at the B&FT’s 2023 Money Summit held last week noted that fintechs have become very critical and less of a disruption, as the platforms are helping...
The Head of Group Business at StarLife Assurance, Dzifa Fiati, has urged insurers to take advantage of the growing trend in technology to remain relevant and to meet market demands.
According to her, this is crucial in the quest to boost insurance coverage or penetration in the country. She is...
The Director General of the Social Security and National Insurance Trust (SSNIT), Dr. John Ofori-Tenkorang has revealed that a mere 2 percent out of the 1.9 million SSNIT contributors are self-employed, a situation he described as disturbing.
Currently, only 32,000 self-employed workers contribute to the scheme regularly out of the...
Financial technology firms (fintechs) have become key enablers and positive disruptors in the country’s quest to deepen insurance penetration.
This was the position of insurance and pensions sector experts at the just-ended 2023 Money Summit, which was hosted by the Business & Financial Times on the theme Africa’s robust financial...
To commemorate International Workers’ Day, StarLife Assurance, a leading indigenous insurance company in Ghana, has shown a keen interest in the career stories of its workers. The aim is to celebrate their struggles and successes and showcase them as inspirations for others.
Out of the many staff stories received across...
