Insurance Commission targets 10% micro insurance penetration

The National Insurance Commission - NIC is targeting a 10% penetration of the micro insurance market in the next two to three years.

The country's overall insurance penetration currently hovers around 2%, with micro insurance penetration speculated to constitute less than half of that.

Speaking to Joy Business at the ongoing International Microfinance Conference, Insurance Commissioner, Nyamikeh Kyiameh outlined to Joy Business some strategies being instituted to achieve the target.

“For the time being we will target the market women and their associations first. Once we get them on board I think the word will spread around.

It's a new area and you have to study it closely before you make projections. With respect to the target we are obviously not looking at the end of this year but in the next two to three years”

Story by Emmanuel Agyei / Nana Agyei Essuman - Joy Business