The National Insurance Commission (NIC) has outlined plans to overhaul Ghana's insurance market by improving the regulatory framework, increasing coverage and rebuilding public trust in the sector.
Dr Abiba Zakariah, who was appointed the acting insurance commissioner in February 2025, said that plans for the insurance industry are anchored by three pillars, which are:
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Sanitising the insurance market;
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Growing the insurance market through technology and inclusive insurance
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Positioning Ghana’s insurance market internationally.
Dr Zakariah is convinced the pillars would change the game exponentially for the growth of the industry, where all stakeholders, including consumers such as organised groups, would be part of the product development, distribution, pricing, and promotion decision-making process, not just as consumers of insurance products and services. The objective is to position the industry to improve the insurance penetration rate and its contribution to the country’s GDP.
Dr Zakariah elaborated on these goals when she elaborated on the NIC’s work plan at a briefing with media organisations last month, the first such briefing since she assumed her post, reported News Ghana.
Sanitising the insurance market entails identifying unethical practices that undermine consumer confidence and proposing practical solutions to curb them. Current initiatives include standardising premium rates and coverage terms while implementing a risk-based supervision framework and monitoring customer satisfaction.
Increasing insurance penetration requires, particularly, reaching the 80% of Ghana’s workforce that operates in the informal sector. A committee has been formed to conduct market analysis and submit recommendations to expand insurance coverage.
Establishing Ghana as a regional insurance centre involves expanding cooperation across Africa. There are plans to extend existing insurance pools covering oil, gas and agriculture to other African countries while pursuing the creation of an African credit rating agency.
Dr Zakariah said that the NIC is also working on strengthening the enforcement of compulsory insurance, including motor third-party insurance, marine cargo insurance for commercial imports, commercial property insurance, professional indemnity and public liability insurance.