National Insurance Commission chief Dr Abiba Zakariah has detailed plans to transform Ghana’s insurance market through enhanced regulation, expanded coverage and regional leadership initiatives.
The strategy aims to rebuild public trust while positioning Ghana as West Africa’s insurance hub.
Zakariah met with media representatives to outline her commission’s priorities since taking office under President John Mahama’s administration. The regulatory overhaul targets an industry struggling with low penetration rates and public skepticism about insurance products.
“Resetting Ghana’s insurance sector is our strategic focus,” Zakariah said. “Strengthening the industry is not just about financial security; it is about fostering trust, encouraging investment and unlocking long-term prosperity.”
The commissioner’s three-part approach begins with market sensitization to address unethical practices undermining consumer confidence. Current initiatives include standardizing rates and terms while implementing risk-based supervision frameworks and customer satisfaction monitoring.
Market penetration represents the second priority, particularly reaching the 80% of Ghana’s workforce operating in informal sectors. The commission has established campus demonstration centers at universities while developing specialized products for informal workers and transport unions.
Agricultural insurance receives special attention through a dedicated fund aimed at reducing premium costs for smallholder farmers. An Innovation Challenge invites public participation in designing practical insurance solutions for underserved markets.
The third pillar focuses on establishing Ghana as a regional insurance center through expanded cooperation across Africa. Zakariah plans to extend existing insurance pools covering oil, gas and agriculture to other African countries while pursuing creation of a continental rating agency.
The commission has already conducted stakeholder consultations with transport unions and informal worker associations to understand their specific insurance needs. These sessions inform product development targeting previously excluded populations.
Enforcement of compulsory insurance policies will strengthen under the new strategy, including motor third party coverage, marine cargo insurance and professional indemnity requirements. Implementation plans are advancing following stakeholder consultations.
Zakariah brings experience from WAICA Re, the West African reinsurance company, where she served as chief operating officer before her government appointment. Her background includes regional insurance market development and risk management.
The reforms address fundamental challenges including skills mismatches where employers struggle to find qualified workers while unemployment remains high. Statistics show 54% of employers cannot locate appropriate skills despite widespread joblessness.
Ghana’s insurance market remains underdeveloped compared to regional peers, with low penetration rates limiting financial protection for individuals and businesses. The sector requires modernization to support economic growth and attract international investment.
The commission hosted the Environmental Social and Governance Africa Conference, demonstrating commitment to sustainable insurance practices aligned with international standards and climate adaptation requirements.
Source: newsghana.com.gh
