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Initial market assessment : country scoping note - Ghana (English)

Donors could assist in clarifying the role, building the capacity, and potentially helping to secure funding of key disaster risk management organizations in Ghana. Engagement in Ghana to develop private sector property catastrophe risk and agriculture insurance should be seen as a medium term engagement. Banking penetration is low, as is insurance and micro-insurance penetration, even when compared to regional countries. That said, Ghana has seen rapid growth in the micro-insurance market with the number of people covered doubling in the last 3 years. The insurance industry, while competitive, has struggled in recent years with profitability, indicating there could be need for insurance capacity building and improved governance. There may be however opportunities for targeted investments in the northern part of the country more prone to drought, aimed at increasing disaster resilience among vulnerable population using market-mediated solutions. Links could be explored between social welfare programs and market-mediated insurance solutions. For example, the government plans to expand the coverage of the Livelihood Empowerment against Poverty Program (LEAP) by over ten-fold in the next three years. These mechanisms could scale up programs against post flood events or drought events in the north. Donors could support the integration of market-mediated insurance solutions within the social welfare programs. Using local insurance capacity to bear some of the risk and develop the insurance products could also be investigated. Such mechanisms delivered through social welfare programs will create a critical mass of policyholders, which could spur the development of commercial agriculture insurance.

Details

  • Document Date

    2013/09/22

  • Document Type

    Working Paper

  • Report Number

    98013

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Ghana,

  • Region

    Africa,

  • Disclosure Date

    2015/07/13

  • Disclosure Status

    Disclosed

  • Doc Name

    Initial market assessment : country scoping note - Ghana

  • Keywords

    insurance penetration;natural disaster;Agriculture;disaster risk financing and insurance;flood;social safety net program;adaption to climate change;social welfare program;agricultural insurance;disaster risk management;loss of life;technical assistance program;Disaster Risk Reduction;early warning system;budget execution process;crop insurance;total government spending;demand for insurance;national health insurance;Catastrophe Risk Insurance;management of risk;risk management strategy;social security scheme;rural bank branch;social security system;private sector insurance;credit guarantee scheme;catastrophe risk transfer;human capital development;extremely poor household;cash transfer program;public finance system;legal sector reform;integration market;division of labor;division of labour;private insurance market;managing water resource;Public Financial Management;small scale farmer;response to disaster;dominant market position;investments in agriculture;access to health-care;lack of awareness;local insurance company;Sustainable Economic Development;insurance industry;vulnerable population;insurance scheme;insurance solutions;disaster resilience;living standard;financial package;pension scheme;reinsurance capacity;vulnerable household;capital requirement;risk market;agricultural sector;market infrastructure;insurance product;public intervention;insurance sector;Insurance Law;emergency response;reinsurance market;

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Citation

Initial market assessment : country scoping note - Ghana (English). Political Champions Group country note Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/109711467986249550/Initial-market-assessment-country-scoping-note-Ghana