Deepening insurance penetration among informal workers

The country’s insurance market penetration (gross premiums as a share of GDP) sits at approximately 1%, despite the presence of over 50 licenced insurers and reinsurers.

While this trails the broader African average, the National Insurance Commission (NIC) and industry stakeholders are driving reforms to boost coverage through microinsurance, digital platforms and enforcement of regulatory policies.

To this end, NIC is also exploring ways to build insurance products around the informal sector’s traditional ‘susu’ and welfare systems as part of efforts to deepen insurance penetration across the country.

According to the 2026 Deloitte Africa Insurance Outlook, notwithstanding this low penetration, the sector has demonstrated notable resilience and gradual progress within a challenging macroeconomic environment.

The report highlights that while this limited uptake reflects significant untapped growth opportunities, it also points to underlying structural constraints which must be addressed to build a more competitive and sustainable market.

Commissioner of Insurance Dr. Abiba Zakaria revealed that the commission is engaging transport operators, among other informal workers, to better understand the sector’s long-established collective savings and support schemes with an aim of developing insurance solutions which complement and strengthen them.

This forms part of a broad strategy to increase insurance uptake among informal sector workers, who make up the bulk of the country’s workforce but remain largely uninsured.

Dr. Zakaria observed that many Ghanaians currently purchase insurance only because it is mandatory or tied to formal employment. However, NIC wants to create a culture in which individuals voluntarily seek insurance protection because they understand its benefits.

The National Insurance Commissioner is firmly conviced that such community-based systems provide a strong foundation upon which insurance products can be designed and delivered.

By leveraging familiar contribution-based models similar to crowd-funding and mutual support schemes, insurers may be able to reach millions of workers who have traditionally been excluded from formal financial protection mechanisms.

Beyond expanding access to insurance, the commissioner highlighted technology and innovation as key pillars of the industry’s growth strategy.

Also, NIC is collaborating with the financial sector – under Bank of Ghana leadership – to strengthen resilience against cyber fraud and emerging digital risks.

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