The National Insurance Commission (NIC) of Ghana, the regulatory authority for the country’s insurance industry, reportedly has announced a goal to increase penetration of the microinsurance market from the current 1 percent of the population to ten percent within three years. Insurance commissioner Nyamikeh Kyiameh outlined NIC’s strategy to focus on women and women-based savings associations first to build momentum for the initiative.
For the year 2010, 20 microfinance institutions (MFIs) in Ghana report to the US-based nonprofit Microfinance Information Exchange (MIX) an aggregate gross loan portfolio of USD 91.9 million outstanding to approximately 241,000 borrowers and aggregate deposits of USD 93.6 million.
By Brendan Millan, Research Associate
About National Insurance Commission (NIC) of Ghana: Established in 1989, NIC is the regulatory authority of Ghana’s insurance industry. NIC is mandated to ensure effective administration, supervision, regulation and control of the business of insurance in the country. The roles of NIC also include the licensing of entities, setting standards, arbitrating disputes and approving rates of insurance premiums and commissions.
Sources and Resources:
[1] Ghana Web: “Insurance Commission Targets 10% Microinsurance Penetration”, http://www.ghanaweb.com/GhanaHomePage/business/artikel.php?ID=239750
MicroCapital.org story, April 25, 2012, “MICROCAPITAL BRIEF: National Insurance Commission (NIC) of Ghana Anticipates New Microinsurance Law”, https://www.microcapital.org/microcapital-brief-national-insurance-commission-nic-of-ghana-anticipates-new-microinsurance-law/
MicroCapital.org story, March 21, 2012, “MICROCAPITAL BRIEF: Bank of Ghana (BOG) Pursues Tighter Regulation, Enforcement of Microfinance Sector”, https://www.microcapital.org/microcapital-brief-bank-of-ghana-bog-pursues-tighter-regulation-enforcement-of-microfinance-sector/
MicroCapital Universe Profile: National Insurance Commission (NIC) of Ghana, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Insurance+Commission+%28NIC%29
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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