This workshop will be co-hosted in partnership with DFID, and it is based on the findings from the Ghana Insurance for Growth diagnostic study commissioned by DFID and FSDA.

The objective of the Ghana Insurance for Development Study is to understand the role insurance has played, and can play, to support sustainable development and economic growth in Ghana. It forms part of a broader set of insurance diagnostic studies being conducted in Kenya, Nigeria and Rwanda as a partnership between DFID, the World Bank, FSDA and Cenfri to investigate how insurance is contributing to growth and development.

The project scope spans the enabling environment and the insurance market structure and trends along three lines of analysis:

• Individual and household resilience: Six percent (6%) of Ghanaian adults report having insurance cover, and only 1% of Ghanaian adults report using insurance as a coping mechanism when experiencing a financial shock. Insurance thus contributes to the resilience of some Ghanaians, but many remain unserved. What scope is there for a more inclusive insurance market to enhance resilience?
• Enterprise development: Some of the main productive and growth industries rely on insurance (such as mining, oil and gas, construction and transport and storage), yet domestic insurers currently retain 35% of related non-life risks. How can it further encourage productive risk-taking by enterprises and diversify the economy?
• Capital intermediation: Insurers in Ghana mobilise a relatively small portion of total financial sector assets, most of which are short-term. Which development imperatives are necessary for insurance to enhance its intermediation function?

See our presentation below or engage with us on role that insurance can play in supporting sustainable development and economic growth.