A recent National Insurance Commission (NIC) study shows that fire is the leading threat to informal‑sector businesses in Ghana, with 41% of respondents citing it as their greatest risk. The survey, which collected 26,493 complete responses across ten regions, found that market traders are willing to pay a median of GH¢25 per week for insurance, the second‑highest among occupational groups after drivers, who are willing to pay GH¢30.
Artisans matched the national median of GH¢20 a week, while store owners and youth entrepreneurs reported GH¢15. Nationwide, the median willingness to pay was GH¢20, with a middle 50% range of GH¢10 to GH¢50. Regional differences were stark: Ashanti, Greater Accra and Bono respondents showed a median of GH¢30, whereas those in the Northern and Volta regions were at GH¢10.
Based on these findings, the NIC recommends a three‑tier pricing structure: GH¢10–15 a week for entry‑level cover, GH¢20–30 for standard products and GH¢40–60 for comprehensive coverage. The report also urges insurers to offer weekly mobile money payments, simplified claims and digital policy issuance to make coverage more accessible to informal traders.
While willingness to pay is high, actual uptake will depend on insurers demonstrating value through affordable premiums, clear terms and reliable claims settlement. The NIC report highlights an opportunity for the insurance sector to expand coverage among informal businesses by tailoring products to their risks and payment capacity.
