Ghana-based Star Microinsurance Company Limited reportedly has paid some of the victims of the Kantamanto and Agbogbloshie markets fire outbreak in the Ghanian city of Accra a total insurance claim of GHS 115,000 (USD 57,629) through its partners MicroEnsure Ghana, an insurance intermediary and subsidiary of US-based nonprofit Opportunity International, and Advans Ghana Savings and Loans, a non-bank financial institution that focuses on micro enterprise. [1]
The fire took place on May 5, 2013 and affected approximately 250 people through the destruction of market property. An unreported number of victims received claims as a result of Star Microinsurance’s credit life protection policy that protects business property. The victims’ microloans were repaid and each received a cash benefit of GHS 200 (USD 100).
Star Microinsurance Company is an independent agency that collaborates with Ghanian companies Star Assurance Company Ltd and StarLife Assurance Company Ltd to provide microinsurance products to low-income households in Ghana. Star Microinsurance currently has approximately 550,000 clients as of 2012 [2]. Star Microinsurance does not report to the US-based nonprofit Microfinance Information Exchange (MIX) and financial data is not otherwise available.
By Meghan Gillis, Research Associate
About Star Microinsurance Services Limited
Incorporated in 2008 as an independent agency to collaborate with Ghanian companies Star Assurance Company Ltd and StarLife Assurance Company Ltd, Star Microinsurance provides microinsurance products to low-income households in Ghana. Star Microinsurance has approximately 550,000 clients as of 2012. Star Microinsurance does not report to the US-based nonprofit Microfinance Information Exchange (MIX) and financial data is not otherwise available.
About MicroEnsure
MicroEnsure was founded in 2005 in the UK as a wholly-owned subsidiary of Opportunity International, a US-based nonprofit microfinance network created in 1974. MicroEnsure was known as the Micro Insurance Agency until 2008. As an insurance intermediary, it provides a range of products including health, life, property and weather index-based insurance to approximately 3.5 million poor clients through retail providers in Ghana, India, Bangladesh, Mozambique, Malawi, the Philippines, Tanzania and Kenya as of 2011.
About Advans Ghana Savings and Loans
Advans Ghana Savings and Loans Limited is a non-bank financial institution founded in 2008 with a headquarters in Accra Newtown and 10 total branches. Advans Ghana is a member of the Advans Group, a network of financial institutions focusing on micro enterprise. As of 2012, Advans Ghana had EUR 3.8 million (USD 4.89 million) in outstanding loans and a total amount of EUR 1.2 million (USD 1.54 million) in deposits.
Sources and Additional Resources
[1] GhanaWeb: “Kantamanto fire victims receive insurance claims,” http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=274452
[2] Star Microinsurance Services Limited: “About Us,” http://www.starmicroinsurancegh.com/?p=about_us
MicroCapital brief, March 15, 2012, “MICROCAPITAL BRIEF: Airtel, uniBank, Star Microinsurance Offer Free Life Insurance to Customers of Airtel Mobile Money,” https://www.microcapital.org/microcapital-brief-airtel-unibank-star-microinsurance-offer-free-life-insurance-to-customers-of-airtel-mobile-money/
MicroCapital brief, November 28, 2012, “MICROCAPITAL BRIEF: MicroEnsure Ghana Unveils “Edusave”, Incorporating Insurance, Savings, Education Finance,” https://www.microcapital.org/microcapital-brief-microensure-ghana-unveils-edusave-incorporating-insurance-savings-education-finance/
MicroCapital brief, April 1, 2013, “MICROCAPITAL BRIEF: MTN Mobile Money, Mobile Financial Services (MFS) Partner to Launch KwikAdvance Payday Loans in Ghana,”https://www.microcapital.org/microcapital-brief-mtn-mobile-money-mobile-financial-services-mfs-partner-to-launch-kwikadvance-payday-loans-in-ghana/
MicroCapital brief, May 22, 2013, “MICROCAPITAL BRIEF: Ghana Institute for Management and Public Administration, Venture Capital Trust Fund Establish Centre for Impact Investing,”https://www.microcapital.org/microcapital-brief-ghana-institute-for-management-and-public-administration-venture-capital-trust-fund-establish-centre-for-impact-investing/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: AIA Commits $200m to LeapFrog Investments Seeking Positive Social, Environmental Impact
- MICROFINANCE EVENT: International Conference on Inclusive Insurance (ICII); October 23-27, 2023; Accra, Ghana
- MICROCAPITAL BRIEF: DreamStart Labs Adding VisionFund as Preferred Financial Service Provider in Savings Groups App DreamSave
- MICROCAPITAL BRIEF: DAI’s MicroVest Loans $4m to Bayport Colombia, Payroll Lender to Public Sector Workers
- MICROCAPITAL BRIEF: First City Monument Bank of Nigeria Offers Asset Financing Starting at $600
