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SanlamAllianz Ghana has launched a financial literacy campaign aimed at educating and empowering Small and Medium Enterprises (SMEs) to increase insurance penetration across the country.
The three-month pilot campaign is being undertaken in partnership with the National Insurance Commission (NIC), the Ghana Insurers Association (GIA), the Chartered Insurance Institute of Ghana (CIIG), and the Insurance Brokers Association of Ghana (IBAG).
It is expected to raise awareness through accessible and appropriate financial education campaigns, build trust by delivering on promises delightfully, especially in claims payment, enhance confidence through innovative and inclusive economic solutions, provide valuable insights into understanding the evolving needs of the market, and restore public confidence in the insurance sector.
Speaking at the launch in Accra on Thursday, the Acting Commissioner of Insurance, Dr Abiba Zakariah, commended SanlamAllianz for the initiative aimed at improving insurance penetration across the country.
She emphasised the critical role insurance played in national development, stating that “Insurance is there to support the growth of any nation. Every nation without insurance will struggle, and every company or organisation without insurance will have issues.”
Highlighting the insurance penetration rate, which currently stands at one per cent, she underscored the need for such initiatives.
“The majority don’t do insurance mainly because either insurance has not reached them in terms of accessibility, or they do not understand insurance as expected,” the Commissioner stated, and added that 80 per cent or more of Ghana’s population remains underserved by the insurance industry due to geographical and product accessibility challenges.
“If we want insurance to make an impact in this economy or in this country, then we must reach that other group that has not been reached, the group we call the underserved in the insurance industry,” Dr Zakariah stated.
She further explained that NIC had been actively working on market penetration strategies, with the Acting Commissioner revealing that the Commission had conducted education programmes across several towns and cities and held two key engagement sessions with informal sector operators.
“We’ve spoken to the informal sector to understand what they expect in insurance and the kind of products we should design for them, how to make these products flexible and part of their everyday life,” she disclosed.
The Chief Executive Officer (CEO) of SanlamAllianz General Insurance Ghana, Mabel Nana Nyarkoa Porbley, emphasised the critical role of financial knowledge in building resilient businesses.
She explained that the low financial literacy levels in Ghana have pushed insurance down the priority list for many individuals and businesses, leaving them vulnerable when misfortunes strike.
“It is for this reason that both the government and private sector players must continue to design and support initiatives such as this financial literacy campaign to deepen knowledge around basic financial and insurance concepts to improve the general quality of life,” she stated.
For his part, the Chief Executive Officer of SanlamAllianz Life Insurance Ghana, Tawiah Ben-Ahmed, explained that the campaign formed part of the company’s corporate social investment, aimed at supporting Ghanaians in building financial confidence through improved literacy.
He said the initiative was not about selling company products, but about helping Ghanaians understand the basics of finance and the importance of insurance protection against financial risks.
He added that the campaign would be implemented through workshops, radio programmes, and community engagements across major cities, including Accra, Kumasi, and Koforidua, to build trust and address public perceptions about claim settlements in the insurance industry.
