UNDP calls for bold collaboration to close Ghana’s insurance protection gap

The United Nations Development Programme (UNDP) has called for stronger collaboration among governments, regulators, the private sector, and innovators to expand inclusive insurance and strengthen Ghana’s resilience against climate change, health emergencies, and other emerging risks.

Speaking during the Inclusive Insurance Innovation Webinar, Dr Amina Sammo, National Coordinator at UNDP Ghana, said climate change, health emergencies and uncertainty continue to expose millions of people to financial hardship, noting that a single flood, illness or failed harvest can wipe out years of progress.

She stressed that closing the insurance protection gap is not only an insurance challenge but also a development priority, adding that resilience depends on strong institutions, sound policies, effective early warning systems and financial protection mechanisms that enable households, businesses and governments to recover quickly from crises.

Dr Sammo highlighted UNDP’s partnership with the National Insurance Commission (NIC) since 2022, which has focused on strengthening Ghana’s risk financing architecture through policy support, regulatory reforms, technical assistance and innovation. She said a key outcome of the collaboration is the Inclusive Insurance Innovation Challenge, designed to make insurance more accessible, affordable and relevant to underserved communities.

She noted that innovators such as Agricom, Walmart and Resolute have demonstrated Ghana’s ability to develop practical insurance solutions but emphasised that innovation must be backed by partnerships, investment and supportive regulation to achieve scale.

Emphasising the need for collective action, she said, “Closing the insurance protection gap will require bold collaboration across innovators, the private sector, and government. We must invest in solutions that are simple, trusted, and built to last so that no one is left behind in moments of shock and uncertainty.”

Also speaking at the webinar, Stella Jonah, Head of Market Strategy and Innovation at the National Insurance Commission, said innovation must be supported by strong partnerships and a clear understanding of market needs.

“Insurance innovation must be matched with strong partnerships and a clear understanding of market needs. To close the protection gap, we must design solutions that are practical, inclusive, and capable of earning the trust of the people we serve,” she said.

During a panel discussion, Gideon Ataraire, a Microinsurance Master and Certified Master Trainer in Inclusive Insurance, stressed the importance of building strong partnerships, investing in actuarial expertise and strengthening public trust to scale inclusive insurance solutions.

Francis Gota, CEO of aYo Ghana, also highlighted the need to build public trust and awareness to increase insurance uptake.

The panellists agreed that expanding inclusive insurance requires committed partnerships, simple and easy-to-understand products, and reliable systems that consistently deliver on their promises to underserved communities.

The event featured presentations from Agricom Assurance, WellMax Inclusive Insurance, and IPAP Resolut, the winners of the Inclusive Insurance Innovation Challenge (3iC), showcasing practical solutions designed to expand access to affordable and inclusive insurance.