The National Insurance Commission (NIC) and key stakeholders have launched a sensitization program in Techiman, Bono East Region, to increase insurance penetration among micro and small businesses. The program aims to educate these businesses on the benefits of insurance and make it more accessible to them.

According to Acting Commissioner of NIC, Mr. Michael Kofi Andoh, Ghana’s insurance penetration stands at 44.6%, and the country aims to achieve insurance inclusivity, especially among Micro, Small, and Medium Enterprises (MSMEs). He emphasized the importance of insurance for small business owners, explaining how the right policies can benefit their businesses.

The NIC has pledged to intensify public education on insurance claims processing, making it easier for MSMEs to understand and access insurance products. Business owners who participated in the workshop shared their perspectives on insurance, highlighting the need for greater awareness and understanding of insurance products.

The sensitization program is part of the NIC’s efforts to bring insurance closer to MSMEs, making it more attractive for them to purchase insurance products. By increasing insurance awareness and adoption among micro and small businesses, the NIC aims to promote economic growth and development in Ghana.

Benefits of Insurance for MSMEs

– Protection against unforeseen risks and losses
– Business continuity and stability
– Access to credit and loans
– Compliance with regulatory requirements
– Enhanced business credibility

The NIC’s sensitization program is a crucial step towards achieving insurance inclusivity in Ghana, particularly among MSMEs. By making insurance more accessible and attractive to these businesses, the NIC aims to promote economic growth and development in the country.