By Jan Meissner; published by Ghana’s National Insurance Commission (NIC) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ); 2013; 243 pages; available at: http://www.microfinancegateway.org/gm/document-1.9.61118/Promoting%20Microinsurance%20in%20Ghana_Full%20Book.pdf
This book analyzes potential ways to enhance the development of the microinsurance sector in Ghana, providing an overview of inclusive financial market development in the country as well as a series of recommended best practices for microinsurance development. The book also cites findings from a market survey that was commissioned by NIC and GIZ in April 2012.
The survey indicates that microinsurance is a key priority for insurance providers in Ghana; respondents indicated that they were planning to introduce new microinsurance products and services under the legal framework proposed by NIC. Additionally, survey respondents believed that innovation in product distribution has led to an increase in microinsurance outreach and market penetration.
The following six topics are addressed in the book: (1) regulation and supervision; (2) managing information; (3) appropriate pricing of microinsurance products; (4) research and development; (5) distribution; and (6) innovations and technology. The chapter entitled “Regulation of Microinsurance” focuses “on the implementation of a new insurance and microinsurance legal framework” in Ghana and providing “insight into some of the key issues the NIC pondered with regards to microinsurance structuring and sequencing.” The chapter entitled “Managing Information for Microinsurance Development” covers “the modeling of microinsurance in Ghana; National Insurance Commission (NIC) reporting; and Key Performance Indicators (KPIs).”
The author suggests that improvements in financial reporting, the use of available market data and measurement of key performance indicators will help to strengthen the insurance sector, while alternative distribution models will continue to help increase outreach and profitability. Mr. Meissner further suggests that technology can be used to reduce transaction costs, increasing both product value for consumers and profitability for providers.
By Makai McClintock, Research Associate
Sources and Additional Resources
“Microinsurance in Ghana: Microinsurance as a Means of Insurance Sector Development;” by Jan Meissner; published by National Insurance Commission (NIC) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ); 2012; 243 pages; available at: http://www.microfinancegateway.org/gm/document-1.9.61118/Promoting%20Microinsurance%20in%20Ghana_Full%20Book.pdf
MicroCapital story: “MICROCAPITAL BRIEF: Uganda’s Insurance Regulator, Making Finance Work for Africa (MFW4A), Access to Insurance Initiative (A2ii) Seek to Expand Access to Microinsurance, Perhaps Mobile Money”; published March 12th, 2013; https://www.microcapital.org/microcapital-brief-ugandas-insurance-regulator-making-finance-work-for-africa-mfw4a-access-to-insurance-initiative-a2ii-seek-to-expand-access-to-microinsurance-perhaps-mobile-money/
MicroCapital story: “MICROCAPITAL BRIEF: National Insurance Commission of Ghana Announces New Regulatory Regime, New Book Released on Promoting Microinsurance in the Country”; published February 12th, 2013; https://www.microcapital.org/microcapital-brief-national-insurance-commission-of-ghana-announces-new-regulatory-regime-new-book-released-on-promoting-microinsurance-in-the-country/
MicroCapital story: “MICROFINANCE PAPER WRAP-UP: “Briefing Note: The Landscape of Microinsurance in Africa 2012” by Michael J. McCord, Roland Steinmann and Molly Ingram; published by GIZ and Munich Re Foundation; 2012; 11 pages”; published February 4th, 2013; https://www.microcapital.org/v-3-microfinance-paper-wrap-up-briefing-note-the-landscape-of-microinsurance-in-africa-2012-by-michael-j-mccord-roland-steinmann-and-molly-ingram-published-by-giz-and-munich-re/
MicroCapital story: “MICROCAPITAL BRIEF: MicroEnsure Ghana Unveils “Edusave”, Incorporating Insurance, Savings, Education Finance”; published November 28th, 2012; https://www.microcapital.org/microcapital-brief-microensure-ghana-unveils-edusave-incorporating-insurance-savings-education-finance/
MicroCapital story: “MICROFINANCE PUBLICATION ROUND-UP: Impact of Property Insurance in Ghana; Priority Issues for the Microfinance Sector; Investment in Sub-Saharan Africa”; published June 21st, 2012; https://www.microcapital.org/microfinance-publication-round-up-impact-of-property-insurance-in-ghana-priority-issues-for-the-microfinance-sector-investment-in-sub-saharan-africa/
MicroCapital story: “MICROFINANCE PAPER WRAP-UP: “Perceptions of (Micro)Insurance in Southern Ghana: The Role of Information and Peer Effects;” by Lena Giesbert and Susan Steiner, published by DIW Berlin”; published June 13th, 2012; https://www.microcapital.org/microfinance-paper-wrap-up-perceptions-of-microinsurance-in-southern-ghana-the-role-of-information-and-peer-effects-by-lena-giesbert-and-susan-steiner-published-by-diw-berlin/
MicroCapital Universe Profile: Microinsurance Innovation Facility
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Microinsurance+Innovation+Facility+%28MIF%29
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/
Similar Posts:
- MICROFINANCE EVENT: International Conference on Inclusive Insurance (ICII); October 23-27, 2023; Accra, Ghana
- MICROCAPITAL BRIEF: Papara of Turkiye Acquires Rebellion Pay Mobile Money Service from Beka Finance of Spain in Cash, Equity Deal
- MICROFINANCE PAPER WRAP-UP: “Mobile Money, Interoperability and Financial Inclusion;” by Markus K Brunnermeier et al; published by National Bureau of Economic Research (NBER)
- MICROFINANCE EVENT: Sa-Dhan National Conference on Inclusive Growth; November 8-9, 2023; New Delhi, India
- MICROCAPITAL BRIEF: DAI’s MicroVest Loans $4m to Bayport Colombia, Payroll Lender to Public Sector Workers
