Fire tops business risks as traders indicate willingness to pay GH¢25 weekly for insurance
Fire is the most commonly cited threat to informal businesses in Ghana, according to a National Insurance Commission (NIC) survey, which also found that market traders were willing to spend a median of GH¢25 a week on insurance.
Fire tops the list of business risks for traders in Ghana, according to a new survey by the National Insurance Commission (NIC). The NIC-YEA Insurance Awareness and Risk Perception Report found that market traders are prepared to pay an average of GH¢25 per week for insurance coverage. Fire was identified as the most common risk, cited by 10,850 respondents (41%) in the study of 26,493 completed responses gathered across 10 regions between January and March 2026.
Theft and robbery were the second most commonly cited risk, mentioned by 36% of respondents. Illness followed as the third most significant threat, mentioned by 34% of participants. The report identified opportunities for insurers to offer policies tailored to the incomes and business risks of informal-sector workers. Drivers indicated the highest median weekly payment willingness at GH¢30, followed by market traders at GH¢25, artisans at GH¢20, and store owners and youth entrepreneurs all at GH¢15.
The median weekly payment across the sample was GH¢20, with the middle half of responses ranging from GH¢10 to GH¢50. The report proposed three premium bands: GH¢10–15 for basic protection, GH¢20–30 for standard policies, and GH¢40–60 for comprehensive coverage. Payment preferences varied by region, with higher willingness to pay in the Ashanti, Greater Accra, and Bono regions compared to the Northern and Volta regions.
The findings suggest that insurers must consider both the threats businesses face and the amounts they are willing to pay when designing insurance products for the informal sector. To improve access, the report recommends offering weekly premium payments through mobile money, simplifying claims processes, and digital policy issuance.
However, respondents' stated willingness to pay does not guarantee insurance purchases; affordable products, clear policy conditions, and dependable claims payments will be crucial for converting interest into lasting participation.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
