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Priority Insurance Limited and IRisk Management Limited have joined forces to launch a micro insurance product in order to help individuals to insure the contents in their homes.
Known as Home/Office 360, the inclusive insurance product, is also to help owners of small businesses to insure their offices.
With a daily premium of GH¢1.00 or annual premium of GH¢360.00, the product provides an insurance cover up to GH¢50,000.
Speaking at the launch, the Managing Director of Priority Insurance Limited, Matthew K A. Aidoo, said the development of the product was in response to demand by customers for the product and it was designed for the lower end of the insurance market.
That, he mentioned, followed extensive research by his outfit to determine the insurance needs of the general public, especially the lower end of the insurance market.
He stated that the product provided insurance cover home contents like electronics, furniture, office against fire and allied perils, burglary and also covered personal accident and public liability.
Furthermore, Mr Aidoo noted that the product which had been develop for micro businesses and the general public would help improve insurance penetration, which is currently below two per cent.
The Chief Executive Officer of IRisk Management Limited, Sheila Wristberg, added that the Home/Office 360 was designed to redefine insurance.
Ms Wristberg said the product had been priced low to help individuals and small business owners to sign on to the product.
That, she indicated, was to address the perception that insurance was expensive.
The Acting Commissioner of Insurance, Michael Kofi Andoh, who launched the product, described it as innovative.
He said the inclusive insurance product was designed for micro businesses, individuals and general public.
Mr Andoh point out that there was the need for insurance companies to develop micro insurance products to improve insurance penetration and coverage.
He said the country’s insurance industry was small and there was the need to grow the industry through increase patronage.
The President of Ghana Insurers Association, Mr Seth Aklasi, said the product was a game changer to deepen insurance penetration and coverage.
He stressed that the product was a mark of innovation and urged insurance companies to develop products that the public could easily relate or associate with.
