InsuranceMatters Arising

InsurTech Conversation Guidance and Questions

1 Mins read


In absolute terms, Ghana’s insurance industry has been among the fastest growing in the region. However, in relative terms it is stuck at around the same rate e.g., gross premiums equivalent to 1% of GDP approx. and assets at double this.

We would like to discuss the role that FinTech, specifically InsurTech can play bridging the insurance gap in Ghana. This appears to be all the more important now. Climate change and price/currency instability for example, are increasing pressures on local businesses and households at the same time as tightening credit conditions. Meanwhile, regulatory changes have been introduced by the NIC and the legislature relatively recently, and the FSD Africa incubator programme is getting underway.



With that in mind, we would like to understand the role for InsurTech as envisioned by important actors in the system, chief among them the NIC. For example:

  1. The 2021 legislation creates a new InsurTech licensing category – what was the rationale and how has the market responded?
  2. Where in particular would you like to see partnerships or new market entry?
  3. There have been innovations like the Ghana Agricultural Insurance Programme over the years. How have they fared?
  4. Same again on consolidation and minimum capital requirements?
  5. Looking at the pressures at play currently e.g., agricultural inputs scare and expensive, food inflation at 30% plus, what kind of innovations/responses are we seeing from the insurance industry?
  6. What is not yet taking place that the NIC would like to see more of?


There may be some an NIC representative would be more comfortable with than others. We would be happy to limit our questions to those that are most appropriate from your perspective. Equally, please do let us know if there are some areas that we should discuss, not reflected above currently


The discussion would be shared with those in our ecosystem (FinTechs, MNCs, investors), helping them to see where they can ethically, sustainably and profitably engage in the market. Depending on your preferences, we could record it as a video podcast, write it up as an article or as a question and answer transcript.



By: Leslie Hans

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