Corporate space saturation limits insurance growth – NHIA

…Health Insurance Retail Product from Acacia to close gap

By Christabel DANSO ABEAM

Insurance penetration in Ghana, particularly within the informal sector, remains low due to overconcentration in the corporate market, prompting calls for insurers to focus on the largely untapped space in the informal sector.

According to the Acting Director of Private Health Insurance schemes at the National Health Insurance Authority (NHIA), traditional insurance products primarily serve a small segment of the population, making it necessary to develop innovative and affordable solutions that can expand coverage and deepen insurance penetration across the broader economy.

“This is where microinsurance becomes critical. By developing affordable, accessible, and sustainable microinsurance products, we can reach a broader population and bring more people into the safety net,” Baba Sadique Zankawah Esq. noted.

Mr. Zankawah delivering his speech at the lunch of Acacia’s Health Insurance Retail Product in Accra, also emphasised that enabling people to access care at an early stage can prevents complications, reduce long-term costs – while improve overall health outcomes.

He further proposed innovative ideas such as preventive care packages and more inclusive plans that cater for different segments of the population, noting that these offerings would strengthen the impact of the newly launched product.

As the Acting Director re-echoed the Authority’s commitment to collaborate and provide all the necessary support, he urged stakeholders to adhere strictly to regulations of the industry to help product it’s integrity.

Acacia’s Health Insurance Retail Product

Acacia Health Insurance, a leading private health insurance company and a member of the Enterprise Group, has launched a new retail health insurance product onto the Ghanaian market aimed at addressing challenges families face in accessing quality healthcare without financial strain.

The new initiative dubbed Edencare is meant to extend the strength of Acacia’s corporate health insurance heritage into solutions that are more accessible, flexible and responsive to the realities of the retail market.

According to the Managing Director of Acacia Health Insurance, Araba Asumanu, the unveiled product is anchored on three key pillars:

Access to a broad provider network, which ensures that healthcare is available wherever one may need it, flexible plans that recognise that different needs of individual and businesses and experienced accumulated from years of serving Ghanaians and continuously improving service delivery.

She further attributed the strategic move to concerns that have been raised by customers, especially those who are transitioning out of the corporate sector.

“Across both the formal and informal sectors, one question has remained consistent: ‘What about us?’ We have also heard this question from people transitioning out of corporate employment, whether through retirement or other life changes, who still desire the reassurance of continued health coverage,” she noted.

Daniel Tieku Larbi, the Chief Executive Officer – Enterprise Group also stressed on the company’s commitment to understand and address the challenges customers endure to have access to quality healthcare without financial strain.

Even though Mr. Larbi acknowledged the complexity of managing a retail health insurance scheme, he assured customers of strong governance, clear purpose and a long-term perspective.

“This is not a one-time initiative. Today’s launch marks the beginning of a gradual rollout. Over time, we will introduce additional customised solutions to meet the diverse needs we continue to identify within the market,” he noted.

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