In a welcome address, Mrs Nyamikeh Kyiamah, Commissioner of Insurance at the Ghana Micro insurance Commission indicated that appropriately designed insurance products provided an indispensible tool to manage the risk of sudden financial shocks, especially those that could not be fully covered by savings or risk sharing arrangement.
The commissioner lamented that access to insurance services in Ghana were very limited, especially amongst the low-income population, adding that only 4.1 per cent of the total adult population held any form of insurance policy in 2010 which excluded health insurance.
stated that the insurance sector comprised 43 companies whose combined gross premium amounted to 1.89 percent of Ghana's Gross Domestic Product (GDP) in 2010.
According to Mrs, Kyiamah
, the Ghana insurance market had, in recent times, been growing rapidly with more insurers and intermediaries seeking to expand their services to the informal sector and to the lower income population.