Great strides have been made in Ghana in recent years in terms of promoting microinsurance by developing a framework for the segment and introducing new delivery mechanisms. Insurers have eagerly begun to offer new products that will help rural and low-income customers access cover. The country has set a strong foundation for increasing...
What do you see being the major drivers of growth in the insurance sector in the next few years? AVEREYIREH: Life insurance will be the major driver of sector growth in the medium term. Life has been the fastest-growing segment of the sector and we believe that this trend will continue. Culturally, plans such as funeral and...
Growing at one of the fastest rates in Africa, Ghana’s insurance sector continues to do well despite the headwinds faced by the overall economy. Analysts and market participants are expecting years of solid performance as awareness, penetration and density increase toward global averages. Companies in the sector are reporting strong profits...
Social safety nets in many of Africa’s economies are thin. A large informal sector, combined with inefficient administration of universal pension schemes, has limited income support from pensions. Pensions themselves have suffered from stringent portfolio allocation rules and shallow capital markets, which constrain their ability to invest in...
Designed to provide a basic level of health care coverage for everyone in the country, the Ghana National Health Insurance Scheme (NHIS) is an ambitious programme. It has been in place since 2003 and has helped many receive insurance protection that they would not otherwise have been able to afford. For the average Ghanaian, the scheme is...
Capital requirements for domestic insurers have been increased over a number of years. Minimum levels were set in the Insurance Law of 1989, and since then a series of adjustments have been made to strengthen balance sheets and account for changes in global standards. Capital requirements have also been hiked to encourage the merger of smaller...
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