Press release
17 October 2023

PRESS RELEASE: International Conference on Inclusive Insurance, Ghana 2023. A Call to Action for Cross-Sector Engagement

Accra, Ghana, 17 October 2023: The International Conference on Inclusive Insurance 2023 (ICII 2023) will take place from 23-27 October in Accra, Ghana. This year’s conference will be the 19th edition and is being hosted by the National Insurance Commission of Ghana (NIC), the Ghana Insurers Association (GIA) and the Insurance Brokers' Association of Ghana  (IBAG) in cooperation with Munich Re Foundation and the Microinsurance Network. 

The ICII 2023 is being convened to bring together experts from NGOs, development-aid organisations, regulatory bodies, policy experts, and the insurance industry to exchange experiences, discuss challenges, and agree risk management solutions to low-income households and MSMEs.

Over the course of the five days, the in-person event will host an impressive array of keynote speeches, plenary sessions, panel discussions, workshops and a field trip. In a packed agenda, the conference will feature speakers from more than 30 countries who will explore strategies and solutions aimed at accelerating growth and bolstering the economic viability of inclusive insurance within emerging markets. The Microinsurance Network will present initial results from its latest Landscape of Microinsurance study. The full agenda can be found here.

Following the opening of the event, there will be a press conference hosted by Michael Kofi Andoh, Acting Commissioner, NIC, Ghana; Dirk Reinhard, Vice Chair, Munich Re Foundation; and Lorenzo Chan, Chair of the Board of the Microinsurance Network. The press conference will be held at 10:30am local time / 12:30pm CEST on Tuesday 24 October in Breakout Room 3 and for those members of the local or international media who are not able to attend in person, the session can be accessed online through this link.     

Michael Kofi Andoh, Acting Commissioner, NIC, Ghana, commented: “We are delighted and honoured to be hosting the 2023 International Conference on Inclusive Insurance which will bring together insurance and development experts to discuss how financial resilience is a crucial element to survival, particularly for climate-vulnerable countries.

During the course of this year, we have once again seen yet more devastating natural catastrophes impact the lives of so many across the world and there is now an urgent need for a concerted effort by all stakeholders to find sustainable safety nets that enable the vulnerable to break out of poverty and live decent, safe lives. 

Ghana has been at the forefront of the ICII since 2009 and this year’s conference provides us with a vital platform where experts can agree measures and strategies to help close the insurance gap for the low-income earners and workers in the informal sector.”

Dirk Reinhard, Vice Chair, Munich Re Foundation and Chairman of the Steering Committee of the ICII 2023, said: “Access to risk management including insurance plays a key but still underestimated role for sustainable economic development. There are still an estimated 4+ billion emerging customers without adequate coverage and an affordable formal safety net putting them at risk of falling back into poverty. This must be a wake-up call for the insurance industry and governments.

To close the insurance gap, we need more national financial inclusion and disaster risk finance strategies and joint efforts by all stakeholders. We extend our warmest gratitude to our ICII 2023 hosts in Ghana for providing us with a platform where we can collectively work towards advancing inclusive insurance on a global scale.”

Lorenzo Chan, President and CEO of Pioneer Life Inc and Chair of the Board of the Microinsurance Network, commented: “The continued development of the global microinsurance market and its potential to support emerging economies is a clear long-term ambition, but we need to work together if we are to overcome the barriers which still persist.

As the MiN highlighted in our unique annual benchmark report, the 2022 Landscape of Microinsurance Study, microinsurance markets across Africa, Asia, Latin America and the Caribbean have an estimated value of over US$ 61.8 billion. This presents a huge opportunity for both the insurance industry and the public sector to move the needle by increasing the resilience of society as a whole.

We are delighted to partner with the Munich Re Foundation and our hosts in Ghana - one of the first pathfinder countries under the Global Shield against Climate Risks - for this significant event. We urgently need to accelerate growth and scale up the progress made thus far in inclusive insurance. ICII 2023 will enable insurance companies, policymakers, and other key stakeholders to further amplify their commitment and reaffirm their support for sustainable initiatives.”

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Notes to Editors:

National Insurance Commission of Ghana 

The National Insurance Commission (NIC) was established to ensure effective administration, supervision, regulation and control of the business of Insurance in Ghana. NIC is mandated to perform a wide spectrum of functions including licensing of entities, setting of standards and facilitating the setting of codes for practitioners. The Commission is also mandated to approve rates of insurance premiums and commissions, provide a bureau for the resolution of complaints and arbitrate insurance claims when disputes arise.

Ghana Insurance Association

The Ghana Insurers Association (GIA) is a prominent Trade Association for all companies registered and licensed to transact insurance business in Ghana. It serves as the collective voice and representative body for insurance companies, reinsurers, and other entities operating in the insurance sector. Established to promote the growth, development, and regulation of the insurance industry, GIA plays a crucial role in shaping policies, fostering collaboration, and advocating for the interests of its members.

Insurance Brokers' Association of Ghana

The Insurance Brokers' Association of Ghana is the Ghanaian national trade association for licensed Insurance Brokers in Ghana and is the national voice of Insurance Brokers and an advocate for insurance consumers.

Munich Re Foundation

People are ultimately at the core of what the Munich Re Foundation’s work is all about. The foundation’s task is to minimise the risks to which they are exposed. It clarifies issues and provides support, also in developing countries. The Foundation's work addresses major global challenges: the fight against poverty, environmental and climate change, water as a resource and risk factor, demographic development and disaster prevention – and supports people in risk situations.    

The Microinsurance Network 

The Microinsurance Network is the global multi-stakeholder platform for professionals and organisations that are committed to making insurance inclusive. Membership-based, we bring together diverse stakeholders from across the value chain who share our vision of a world where people of all income levels are more resilient and less vulnerable to daily and catastrophic risks. We encourage peer-to-peer exchange and learning, facilitate the generation of knowledge and research, and act as advocates, promoting the role that effective risk management tools, including insurance, play in supporting the broader development agenda.

Media Contacts:

Dirk Reinhard

Munich Re Foundation 

dreinhard@munichre-foundation.org

+49 160 704 6016

Helen Wright

Lysander PR

helen@lysanderpr.com

+44 7842 729 579

Steve Colton

Lysander PR

steve@lysanderpr.com

+44 7554 889 056