The research project presented in this chapter can be seen as a follow-up to the supplyside
assessment conducted by the Deutsche Gesellschaft für Internationale
Zusammenarbeit (GIZ) and the National Insurance Commission (NIC). While the
supply-side assessment provides an overview and analysis of the different microinsurance
products available in Ghana, this survey seeks to describe the knowledge, attitudes and
risk exposure of clients who have purchased these products. As discussed in Chapter 1,
the NIC is currently working on a revised legal and regulatory framework for insurance
in Ghana, which will include specific provisions for microinsurance. The proposed
Insurance Code states that a microinsurance contract:
“must be designed and developed with the intention of meeting the needs of, and being marketed
and sold to low-income persons generally; specific types or descriptions of low-income persons; or
low-income persons in a particular geographic area.”
In addition, the code stipulates that a microinsurance product should be both affordable
and accessible to low-income persons. In order to comply with these provisions,
insurers need reliable data on the microinsurance target group. Unfortunately,
quantitative data on (potential) microinsurance clients in Ghana is very limited. For
example, little is known about their socio-economic background, their risk perceptions
and views on insurance, or whether they feel that current products serve their needs.
Against this background GIZ and the NIC decided to undertake a client survey to help
close the information gap.